Cannabis management platform MJardin Group Inc. MJAR reported Monday its financial results for the fourth quarter and fiscal year 2019.
The company achieved a total full-year revenue of CA$26.7 million (US$19.6 million) — slightly less than the CA$27.5 million in revenue for 2018.
MJardin disclosed a net loss for 2019 financial year of CA$267.5 million. A chunk of that amount, CA$234 million, belongs to the fourth quarter.
In the fourth quarter, the company totaled revenue of $1.4 million, with an adjusted EBITDA loss of CA$13.2 million, compared to CA$5.7 million for the same period of 2018.
Pat Witcher, who was named CEO of MJardin in November 2019, noted that the company was in a transition period at the time. Since then, MJardin has narrowed the focus of its operations and doubled-down on "core competencies," including the cultivation of THC cannabis.
"We have completed the necessary clean up and refocus of our operations and can move into 2020 as a much more narrowly focused organization,” Witcher said. “With construction completed at the majority of the Canadian facilities and right-sized operations, we are well positioned to focus on a strong entry to the Canadian recreational market in the second half of 2020 and turn the corner as a business."
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