PCLOF - Cannabis Extracts Producer PharmaCielo Narrows Loss Cuts Expenses In Q3 CEO Projects Higher Profitability | Benzinga
PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF) the Canadian parent of Colombia's cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., announced its financial results on Wednesday for the third quarter ended Sept. 30, 2023.
The company narrowed its net loss and selling, general and administrative expenses significantly year-over-year as well as an adjusted EBITDA loss, the report showed.
"Our team has built a focused and lean organization over the past twelve months, and effectively re-positioned the product portfolio on higher margin products,” Marc Lustig, chairman and CEO said. "With total SG&A expenses down over 40% from Q3 of last year, and no meaningful capital expenditures necessary to get to full commercial scale, we are even better placed to generate higher profitability and cash flows as our sales efforts pay off."
Q3 2023 Financial Results
- Total revenue amounted to CA$351,688 ($258,777), down from CA$475,323 in ...