Emerald Health Therapeutics Inc. (OTCMKTS: EMHTF) has announced its Q2 2021 and 1H 2021 financial results and offered business highlights.
Net sales in Q2 were $3.04 million
Net sales during the quarter were up 23% YoY to $3.04 million and increased 35% QoQ. However average selling price per gram dropped to $3.28 in Q2 2021 from $3.65 in the first quarter. Emerald reported a net loss of $13.97 million, including a non-cash impairment of $10.97 million of assets held for sale. The company reported a negative EBITDA of $2.69 million in Q2 and improved from Q1’s EBITDA loss of $2.84 million.
CEO Riaz Bandali said, “In the second quarter we started to see incremental progress in executing on our renewed business strategy, resulting in a 42% sequential quarterly increase in gross revenue to $3.8M, with a concurrent significant improvement to just a small negative gross margin. Our net operating loss and cash flow utilization have improved and we ended the quarter with over $32M in working capital, providing us with significant runway. We also made key additions to our team with the appointment of Moe Jiwan as Chief Operating Officer and, recently, Nick Mosgrove as VP Sales & Marketing, both experienced leaders.”
Emerald launched SYNC tablets
In April, the company launched a new sublingual tablet, SYNC Tabs, under its wellness brand. The tablet is a naturally-flavored ingestible that offers a controlled 10mg THC dose. SYNC will be available to customers at licensed retailers and online across Canada.
Bandali added, “With our commitment to science-based innovation and our Defined Dose focus to offer health, wellness and medical consumers more precise and predictable dosing and a more consistent cannabis consumption experience, our R&D efforts resulted in the launch of our new SYNCTM Tabs and, in July, FUSE Nano Shots. Our SYNC medical product sales are robust and our Quebec Souvenir brand, which now includes a Souvenir-branded strain-specific oil, has started to establish additional sales momentum in Quebec.”
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