Canadian cannabis producer VIVO Cannabis Inc. (TSE: VIVO) (OTCMKTS: VVCIF) continues to expand its international presence as it aims to serve emerging markets in Europe and Asia.
On Tuesday, the company released its first quarter 2022 financial results, posting net revenue of $6.9 million, which is unchanged from the previous quarter and represents a 25 per cent increase compared to the first quarter of 2021.
The company’s adjusted EBITDA for the first quarter resulted in a loss of $3 million, a 19 per cent increase after a loss of $3.7 million during the previous quarter.
General and administrative expenses totalled $4 million during the first quarter, up 32 per cent from $3.1 million during the fourth quarter of 2021.
VIVO continues to pursue its international expansion strategy, which now represents more than 50 per cent of its cannabis revenue.
“In the first quarter, we focused on continuing to integrate our manufacturing operations and expanding our international footprint,” VIVO CEO Ray Laflamme said in a statement.
“We achieved a significant inflection point wherein international cannabis sales now exceed our domestic cannabis sales and we look forward to ongoing international growth.”
The company aims to enter new high-growth markets, with an initial focus on the German and Australian markets.
In October 2021 the company exported EU-GMP dry flower to Germany through its ABcann Medicinals subsidiary. In December 2021 VIVO successfully completed its first sale of dry flower in the German market.
The company’s Canna Farms operation started in 2013 as the first licensed producer in British Columbia, featuring an industry-leading online medical cannabis platform.
Canna Farms operations focus on indoor cannabis cultivation, packaging, solventless extraction and concentrate production.
During the first quarter Canna Farms partnered with HelloMD to offer complimentary virtual consultation services directly to potential Canna Farms website visitors seeking medical guidance from a licensed healthcare practitioner.
Company stock was unchanged Wednesday, trading at $0.05 on the Toronto Stock Exchange.