MJardin Reports Q3 Earnings

Cannabis management platform MJardin Group, Inc. MJAR MJARF reported Monday third-quarter revenue of CA$7.6 million, down from CA$9.2 million in the same period of 2019.

The company achieved a positive adjusted EBITDA of CA$507,377, which compares to adjusted EBITDA of CA$1.71 million in the third quarter of 2018.

MJardin disclosed a net loss for the quarter of CA$12.43 million, versus a net loss of CA$613,993 in the corresponding period of the prior year.

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”The third quarter results reflect another period of building out size and scale across our operational platform, which as expected comes with challenges in any business, however we continue to successfully tackle these issues as we execute against our strategic plans which are centred around growth and profitability in 2020,” Pat Witcher, CEO of MJardin said in a statement.

“We further reduced SG&A and have decreased those costs by 45% compared to Q2 2019. This allows us to focus on and effectively allocate resources to developing our product lines within Health Canada’s upcoming regulations around extraction, edibles and topicals.”

The company projects positive EBITDA in the fiscal year 2020, starting with the third quarter.