CanniMed Therapeutics reports financial results for Q3 2017

CanniMed Therapeutics Inc. (TSX:CMED) today released its financial results for the three and nine months ended July 31, 2017.

Highlights

  • Sales of $4.8 million in the quarter were 80 per cent higher than in the comparable period of the prior year and were 29 per cent higher than the second quarter of 2017. Year-to-date sales of $11.9 million were 79 per cent higher than the first nine months of the prior year and have surpassed full year fiscal 2016 sales.
  • Concentrated cannabis oils sales revenues were approximately 57 per cent of total revenues for the current quarter.
  • Higher sales revenues were driven by rising demand, as dried equivalent medical cannabis sales in the third quarter increased 82 per cent from the comparable period in 2016 to 463 kg, at an average selling price of $9.89 per gram equivalent (sales of 1,177 kg at an average selling price of
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