Sproutly Subsidiary Obtains Canadian Flower Sales License In Q3

Sproutly Canada, Inc. SPR SRUTF reported third-quarter financial results and operational highlights Wednesday.

Sproutly's wholly owned licensed cannabis producer Toronto Herbal Remedies obtained a Health Canada sales license for cannabis flower, according to the company. The license enables the subsidiary to sell dried cannabis flower products across Canada.

"Our third quarter saw us receive our Flower Sales Licence from Health Canada effective October 16, 2019. That was a key milestone for us as a Company, and we quickly followed that up by signing supply agreements with Alberta and New Brunswick,” CEO Keith Dolo said in a statement.

“We were able to execute on shipments to both provinces prior to the end of calendar 2019, providing adult recreational cannabis consumers in both provinces the opportunity to enjoy CALIBER’s craft, indoor-grown Berry White and Lemon Z strains.”

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During the third quarter, Sproutly said it expanded its activities with a new production facility.

After the quarter ended, Toronto Herbal Remedies signed a supply agreement with Alberta’s only legal online adult-use cannabis store for its dried flower products under its premium cannabis brand Caliber. 

The company entered another supply agreement in the New Brunswick via Cannabis NB.

Sproutly said it made some management changes, reduced its staff and costs in an effort to reach positive cash flow.

Sproutly shares were down 0.35% at 14 cents at the time of publication Thursday.

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