THC Global just made its first money from medicinal cannabis – $815
Health & Biotech
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THC Global (ASX:THC), the cannabis company formerly known as The Hydroponics Company, has finally made some money from medicinal cannabis.
Calling itself the “leading medicinal cannabis company”, THC reported $815 in external sales in its medicinal cannabis segment for the 2018 financial year, released late on Thursday.
That made up 0.03 per cent of the company’s total revenue for the year, which was $2.7 million, a 44 per cent increase on the prior year.
The rest of it came from sales of hydroponics equipment, materials and nutrients.
Still, $815 is better than nothing, as was the case back in August last year.
Not as good news was a full-year loss of $8.6 million, 237 per cent worse than 2017.
It says it made a total comprehensive profit for the year of $1.7 million, compared with last year’s $2.6 million loss, if one factors in “gain on revaluation of land and buildings, net of tax”, which it notes in “items that will not be reclassified subsequently to profit or loss”.
Its gross profit on sales also fell 2 per cent to $760k as costs of goods sold rose 79 per cent.
Shares in the company rose 2 per cent yesterday to as high as 51c.