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 quarterly foundation, GTEC’s adult-use product sales expanded steadily, closing the season with fourth-quarter CA$1.9 million in product sales for the 90 days finished Nov. 30, 2020.

GTEC’s Positive income that is net in contrast to many large-scale producers in Canada that have reported billions of dollars in losses in recent years as they struggled to adapt to an evolving market.

Some smaller producers, on the other hand, have been able to focus their businesses and pivot more gracefully.

In 2020, GTEC sold its last remaining asset that is retail a strategic review.

“The business doesn’t genuinely believe that it could attain 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 underneath the ticker expression GTEC.

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