Quinsam Capital Corporation (OTCMKTS:QCAAF) announced a turnaround in Q2 2020 after posting a $2.7 million loss in 2019. The company reported a net income of $2.4 million in Q2 2020. It is on the backdrop of adopting several cost-cutting measures, including downsizing the board to 4 members from 7, terminating the market maker, and eliminating the president post.
CEO of Quinsam, Roger Dent, said the company holds net assets of $0.29 for each outstanding share as of June 30, 2020. He said the company made a turnaround this quarter after experiencing difficult market conditions in several quarters.
Quinsam faced a difficult market condition in Q1 2020, because of ongoing coronavirus. However, it marked a strong rebound for its investments in Q2 2020. The strong performances put in by IM Cannabis, Pharmadrug, Sixth Wave, and CityView Green helped the company to stage a rebound.
Good performance in edibles business plan
The two largest investments of Quinsam in Budd Hutt and City View Green performed well. A new management team is in place at City View Green and demonstrating a better performance in its edibles business. ALGC (Alberta Liquor and Gaming Commission) approved Budd Hutt to begin the operations. The company expects to open its stores soon.
Liquidity plans of investee companies
Quinsam’s investee companies like Embark, Molecule, and Eden Empire announced RTO transactions and will commence trade in 2020. According to Quinsam, they could announce additional liquidity transactions by the end of this year.
Newlox Gold, a non-cannabis company in the portfolio of Quinsam, reported strong performance to trade recently at $0.17 from $0.04 at the end of Q1 2020. PMML, an e-sports betting Investment firm of Quinsam, completed an investment round of $3 million at a 50% premium to the previous carrying value. Quinsam will report this performance in its Q3 2020 results. PMML expects public listing next year.
Quinsam recently made investments in its existing issuers like Nutritional High mortgage debentures, Pharmadrug debentures, and additional funding to Budd Hutts.
Adam Szweras resigns
Director, Adam Szweras stepped from the company with effect from August 20, 2020. Roger said, Adam, guided the company during his tenure and would like to work with him in the future for more business opportunities.
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