Yes, we need to get our expenses (research quite high but a necessary expense) and costs of sales under control. We did burn through approximately $1mil pretty quickly.
On that note, at least the team have taken big pay cuts which will remain in place.
$832k in sales for the quarter is a really good sign of growth - this number will keep growing. From the ONIX deal alone we will be bringing in a 'minimum order volume of 20,000 units for year one, with an estimated value of at least A$1.65 million'.
In addition to our products, our supply agreement with THC Global will continue to grow, with their Canndeo brand hitting pharmacies next month. Already decent orders received.
These numbers, and yet our commercial agreement in Poland (NGO Cannabis House Association) and Peru/Bolivia (Anden Bio Naturals S.A) are yet to come into play - temporary hault due to being in lockdown.
Hopefully we receive other non-pharma related revenue to add to the till i.e. government grants and MGC Derma supply agreement (who knows when that will be lol).
Get our bloody expenses under control and we will be in a better position.
MXC Price at posting:
2.7¢ Sentiment: Hold Disclosure: Held
