Greenhouse Facility Expansion Complete: Eve & Co Inc. (“Eve”, “company”) announced the completion of its 0.78 million square feet expansion, bringing the company’s total greenhouse facility to one million square feet.
Q2-2019 Revenue Decline: The company reported Q2-2019 revenue of $0.45 million, a QoQ decrease of 73.63%. Revenue was negatively impacted by a sales channel that was oversupplied with dried cannabis from other licensed producers.
Strong Sales Channel: The company’s German supply contract, the company’s launch of dried cannabis products in Newfoundland, and approval by the Manitoba Liquor and Lotteries Corporation for the company to list non-medical adult-use cannabis in Manitoba are expected to contribute to strong growth in revenue for the coming quarters. In addition, the company has secured two additional German supply contracts, which are to be accretive to revenue starting Q4-2019.
Completion of Capital Raise: Eve completed a significant capital raise, bringing the cash position at the end of Q2-2019 to $14.89 million. In addition, the company reported working capital and current ratio of $11.06 million and 1.84x, respectively.
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