- Cannabis company Althea Group (AGH) achieves a record quarter with $6.5 million in receipts for customers, a 130 per cent increase from the previous corresponding period
- This means that over FY22, AGH tabled $22 million in receipts from customers, a 113 per cent increase from this time last year
- AGH’s net cash used in operating activities during the quarter dropped 50 per cent, down to an all-time low of $1.1 million
- CEO Josh Fegan says that both the quarterly and FY22 results “were the best yet for AGH”
- Company shares are trading 17.5 per cent higher at 9.4 cents each at 1:03 pm AEST
Cannabis company Althea Group (AGH) has achieved a record quarter with $6.5 million in receipts for customers, a 130 per cent increase from the previous corresponding period.
This means that over FY22, AGH tabled $22 million in receipts from customers, a 113 per cent increase from this time last year.
AGH’s net cash used in operating activities during the quarter dropped 50 per cent, down to an all-time low of $1.1 million. The company said this result was due to the increased sales and strict cost controls.
The company’s recreational cannabis subsidiary, Peak Processing Solutions, achieved a record $3.6 million in receipts from customers for the reporting period.
While its pharmaceutical cannabis business achieved $2.9 million in receipts for customers over the quarter.
At the end of the period, AGH remains fully funded with $6.6 million of cash on hand with no debt.
CEO Josh Fegan said that both the quarterly and FY22 results “were the best yet for AGH.”
“With too many headwinds to mention this past year, we are very pleased to now be approaching a cash flow positive position. Peak is proving to be one of the most promising recreational cannabis businesses in North America, quickly establishing itself as the leading supplier of cannabis beverages in Canada within a year of commencing operations,” he said.
“At the same time, Althea managed to grow in all territories despite sub-optimal trading conditions over the last 12 months, with our sales team’s access to doctors limited due to COVID-19 restrictions, impacting sales. Althea continues to see very strong underlying demand for its cannabis-based medicines and aims this financial year to return to
pre COVID-19 growth rates.”
AGH was trading 17.5 per cent higher at 9.4 cents each at 1:03 pm AEST.