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Mettrum (MQTRF) Grows Client Base by 67% & Reports $4.2M in Revenue

Ryan Allway

August 23rd, 2016

News, Top News

[stockchart symbol=MQTRF]

Mettrum Health Corp. [stockquote symbol=MQTRF] (TSX-V: MT), a licensed producer of medical marijuana under Canada’s MMPR program, recently announced fiscal first quarter revenues that increased 54% to $4,170,514 and adjusted EBITDA that improved by 58% to a loss of $346,280. The strong performance was driven by a 67% increase in registered clients to 12,000 and gross margins that improved from 73% to 80% of sales.

“We are off to a very strong start in the year with all of our key operational and financial metrics continuing to move in the right direction,” said Michael Haines, CEO of Mettrum. “The combination of the momentum in our business driven by a rapidly growing client base, superior products and financial strength has Mettrum extremely well positioned for a great year ahead as we maintain our focus on growth, profitability and ultimately, delivering shareholder value.”

In addition to its strong financial performance, the company reached a number of operational milestones throughout the quarter. In June, the company received an export permit from Health Canada to send starter material to the Victorian Government in Australia. The company also secured an amended license from Health Canada for the sale of dried marijuana and cannabis extracts at its Bennett Road South facility in May.

The company’s cash position remains strong with $12.1 million in net cash on its balance sheet, which does not include the impact of the ‘bought deal’ announced in August that further improves its cash position moving forward. These funds should help the company continue to expand its operations and grow its client base following the Allard ruling.

Mettrum Health Corp. holds three licenses for medical cannabis facilities in Canada under the MMPR program, as well as a license to produce industrial hemp products, including a functional food line called Mettrum Originals.

For more information, visit the company’s website at www.mettrum.com.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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