RAMM Pharma Corp., an innovator in plant-derived cannabinoid pharmaceutical products and medical product business, is pleased to announce second quarter financial results for the three and six months ended April 30, 2020. The interim consolidated financial statements and management’s discussion and analysis for the period will be available on SEDAR and on www.rammpharma.com.
“We have had a respectable quarter considering the circumstances. Sales of our Pharma products have been negatively impacted by the closure of the borders with our neighbours to the north and south, Brazil and Argentina, however sales of our sanitary and medical device products saw increased sales as hospitals, clinics and pharmacies stocked up to meet the demand imposed by Covid 19, resulting in quarterly growth and improved operating results. We are also successfully continuing our expansion into other jurisdictions,” stated Jack Burnett, Chief Executive Officer.
Key Q2 2020 Financial
- Revenue of $1.9 million for the quarter
- Gross profit of $0.8 million for the quarter
- Gross margin of 44% for the quarter
- Net working capital of approximately $33.7 million ($0.33 per share) including $31.2 million ($0.31 per share) of cash and no debt.
Key Operational Q2 2020 Highlights
- Received approval from Ministry of Health of Uruguay and registration for XALEX™ 10 (cannabidiol) oral solution, a prescription pharmaceutical formulation of highly purified, plant-derived cannabidiol free of tetrahydrocannabinol, for the treatment of refractory epilepsy.
- Commenced a normal course issuer bid, under which it may purchase up to 5% of the current number of issued and outstanding common shares of the company.
Lead by renowned cannabis industry experts and backed by successful pioneers in the cannabis sector, RAMM is a leader in the field of cannabinoid pharmacology and product formulation for cannabis-based pharmaceuticals and other cannabis-based products. Additional information about the Company is available at www.rammpharma.com.