B.C.-based cannabis producer “Tantalus Labs”shares quarterly sales and production numbers exceeding projections
VANCOUVER, Aug. 8, 2019 /CNW/ – Tantalus Labs Ltd., a B.C.-based licensed cannabis producer celebrated as a leading Canadian cannabis brand, announced today a profitable second quarter with record revenues for the three months ended June 30, 2019. The privately-owned company showcased strong financial results for the second quarter of 2019 due to successful sales and production numbers exceeding targets.
“This quarter demonstrates the financial stability of Tantalus Labs even at an early scale,” says it’s CEO, Dan Sutton. He further states that “Tantalus is positioned for consistent growth over the next three years, maturing with the market while enhancing revenue and margin concurrently. Brand leadership has led to increasing demand for our products, and our company looks forward to growing our supply chain profitably.”
· Gross revenue of $3.23 million for the three months ended June 30, 2019, with a net revenue of $2.65 million – which is a 360% increase from Q1 of 2019; and
· Net income of $2.45 million and adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, share-based compensation and IFRS fair value adjustments) of $0.73 million for the three months ended June 30, 2019.
All amounts are expressed in Canadian dollars, unless otherwise noted.
This news follows partnership agreements announced by Tantalus Labs during their second quarter. Valens Groworks has been established as an extraction partner for future products including vape pens and ingestible oils, and Tantalus Labs intends to launch a line of cannabis-infused beverages with Postmark Brewing and Craft Collective Beerworks when legally permitted.
Tantalus Labs operates the first federally licensed cannabis-tailored greenhouse of its kind in North America, SunLab¹, and continues its commitment to leading best practices in sustainable cannabis cultivation. For more information on Tantalus Labs, visit tantaluslabs.com.
Tantalus Labs is committed to Sungrown cultivation of world class cannabis products. Owned and operated in British Columbia, the Tantalus Labs team is a group of specialized scientists, engineers, and designers committed to the advancement of agricultural science. They believe that passion for natural, Sungrown cultivation methods will usher in a brighter future for clean cannabis. For more information, visit tantaluslabs.com.