Business Wire, October 26, 2020
Merida portfolio company Premium 5 Ltd. announced financial results for its fiscal 2020 third quarter ending September 30th, 2020. The leading Canadian cannabis concentrate products company has successfully navigated complex product development and regulatory challenges to offer a portfolio of innovative concentrate products.
Currently, Premium 5 has 22 SKU offerings across Canada, available to the recreational market in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, and the Northwest Territories. For medical cannabis users, Premium 5 is listed through Shelter Market and Shoppers Drug Mart’s online cannabis platform, Medical Cannabis by Shoppers.
The large SKU offering across Canada has allowed for cannabis users to have more variety and an easier access to product. Premium 5 believes that the concentrate category has an incredible promise for continued success because it provides convenience, higher potency, cleaner flavor, and a better value overall.
Financial and operating highlights for fiscal Q3 2020 (in CAD) include unaudited gross sales of approximately $4.4 million, a 22% increase in recreational sales supported by brand expansion and the introduction of new SKU’s across Canada, expansion into medical sales supported by new SKU availability and supply to both Medical Cannabis by Shoppers and Shelter Market medical platforms, and numerous improvements in efficiency and in-house handling of all aspects of labelling and package preparation contributing to increased margins.
Based on a market report from AdCann, Premium 5 has garnered 55% of the non-vape concentrate market, the largest market share by far even against some of the largest companies in cannabis.
To date, the Company has sold approximately 180,000 units while maintaining an asset light business model that has allowed for the Company to reach profitability in six months.
Since successfully launching the first hydrocarbon products in the Canadian recreational and medical markets and becoming the first to launch live resin vapes, Premium 5 has taken bold actions to position itself for future growth and success, and remains on track to achieve a sequential increase in profitability in Q4 and through 2021.
Read the full Business Wire release here.