As another busy month unfolds, several cannabis companies released their quarterly earnings reports.
Here’s a summary:
Terrace Global Takes Measures In Response To COVID-19, Focuses On Portugal
Terrace Global Inc. (TSXV: TRCE) reported highlights from its interim unaudited financial report for the second quarter and first six months of 2020.
During the quarter, the board of directors considerably reduced all non-essential capital expenditures and operating costs in response to the current health crisis.
The Toronto–based company announced that it had cash and cash equivalents of roughly $13 million on June 30.
Terrace Global partnered with The Flowr Corporation (TSXV: FLWR) in mid-May to secure financing for the operations at the Aljustrel outdoor site in Portugal.
In exchange, Flowr issued its common shares and warrants to Terrace and granted it 25% of the net proceeds from medical cannabis sales from the 2020 season.
“Our operations this year have focused on Portugal,” explained Francisco Ortiz von Bismarck, CEO, adding that this deal is an “opportunity to operate a large-scale medical cannabis operation in the E.U. with significant first production to be expected in 2020.”
Sproutly Implements Business Transformation Plan
Sproutly Canada, Inc. (CSE: SPR) (OTCQB: SRUTF) shared highlights from its financial report for the year ended Feb. 29.
The company’s CEO Dr. Arup Sen said Monday that even though their CALIBER indoor-grown Berry White and Lemon Z strains are sold within …