MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) announced on Monday its financial results for the three months ended Sept. 30, 2022.
The Canadian cannabis company grew its third-quarter sales quarter-over-quarter while reducing working capital. Subsequent to the quarter MediPharm completed the previously announced sale of MediPharm Labs Australia Pty Ltd for AUD$7.25 million ($4.85 million).
“We grew sales on a sequential basis, reduced working capital, and will begin realizing meaningful operating cost benefits from our recent restructuring and the sale of our Australian operations during Q4,” David Pidduck, the company’s CEO, said.
Q3 2022 Financial Highlights
- Quarterly net revenue of CA$7.3 million ($5.5 million), an increase of 66% on a sequential basis from CA$4.4 million in the second quarter and a 35% increase …