High-end cannabis producer GTEC states good income that is net

Kelowna, British Columbia-based GTEC Holdings reported net income from operations of 282,000 Canadian dollars ($223,600), reversing a net loss of CA$8.3 million in the previous year, according to full-year and fourth-quarter results released Wednesday.

GTEC’s net revenue for the year was CA$7.9 million, a increase that is substantial 2019’s CA$2.4 million.

On A basis that is quarterly GTEC’s adult-use sales grew steadily, ending the year with fourth-quarter CA$1.9 million in sales for the three months ended Nov. 30, 2020.

GTEC’s Positive income that is net in comparison to a lot of large-scale manufacturers in Canada which have reported vast amounts of bucks in losings in modern times because they struggled to conform to an evolving market.

Some smaller manufacturers, in the other side, happen in a position to concentrate their companies and pivot more gracefully.

In 2020, GTEC offered its final staying asset that is retail a strategic review.

“The company does not believe that it can achieve sustainable advantage that is competitive the retail cannabis area, contending against bigger rivals with a stronger existence in this sector,” GTEC noted in a disclosure.

The company’s shares are exchanged in the TSX Venture Exchange beneath the ticker icon GTEC.

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