/EINPresswire.com/ -- TORONTO, ONTARIO -- (Marketwired) -- 08/22/16 -- Q1 2017 versus Q4 2016 Financial Highlights:

--  Revenues increased 54% to $4,170,514
--  Grams sold increased 43% to 436,570 grams
--  Gross profit increased 67% to $3,320,828
--  Adjusted EDITDA loss improved by 58% to a loss of $346,280
--  Registered clients increased by 67% to 12,000

Mettrum Health Corp. ("Mettrum" or the "Company") (TSX VENTURE: MT), a fully integrated provider of cannabis products, announced today its first quarter 2017 financial results for the period ended June 30, 2016.

----------------------------------------------------------------------------
                          For the three     For the three
                                months            months      For the three
                         ended June 30,   ended March 31,      months ended
Figures in CDN $                   2016              2016     June 30, 2015
----------------------------------------------------------------------------
Grams sold                      436,570           305,950           160,560
----------------------------------------------------------------------------
Revenue                       4,170,514         2,714,468         1,249,171
----------------------------------------------------------------------------
Gross profit                  3,320,828         1,993,109           686,124
----------------------------------------------------------------------------
Adjusted EBITDA(1)             (346,280)         (823,066)       (1,611,861)
----------------------------------------------------------------------------
Loss from operations           (977,155)       (1,379,200)       (1,956,367)
----------------------------------------------------------------------------
Net loss                     (1,014,300)       (1,421,201)       (1,913,948)
----------------------------------------------------------------------------
Net loss per share
 basic and diluted                (0.03)            (0.04)            (0.06)
----------------------------------------------------------------------------
Note (1) Adjusted EBITDA is defined as earnings before interest,
depreciation, amortization, share-based compensation and income taxes.

Recent Developments

--  On August 8, 2016, Mettrum announced that it had entered into a "bought
    deal" share offering agreement with a syndicate of underwriters to issue
    5,661,000 shares at a price of $2.65 per common share, for aggregate
    gross proceeds of $15,001,650.
--  In June 2016, the Company received an export permit from Health Canada
    to export a limited amount of starter material pursuant to an agreement
    the Company entered into with Agriculture Victoria (Department of
    Economic Development, Jobs, Transport and Resources), on behalf of the
    Victorian Government in Australia. Pursuant to the agreement, the
    Company also agreed to provide advisory and consulting services to
    Agriculture Victoria State Government in its development of a medicinal
    cannabis regime. This arrangement is for the cannabis horticultural
    research trial being undertaken by Agriculture Victoria.
--  On May 10, 2016, Mettrum completed a syndicated "bought deal' share
    offering which resulted in the issuance of 5,750,000 shares at a price
    of $1.50 per common share, for aggregate gross proceeds of $8,625,000.
--  On May 9, 2016, Mettrum Ltd. Announced that the Company was in receipt
    of an amended license from Health Canada for the sale of dried medical
    cannabis as well as cannabis extracts at its Bennett Road South
    facility.

First Quarter ended June 30, 2016 Review

--  Revenues increased 54% to $4,170,514 versus $2,714,468 during the fourth
    quarter ended March 31, 2016.
--  Average selling price per gram increased to $8.88 during the first
    quarter ended June 30, 2016 from $8.23 during the fourth quarter ended
    March 31, 2016.
--  Gross profit increased by 67% to $3,320,828 or 80% of sales, from
    $1,993,109 or 73% of sales during the fourth quarter of fiscal 2016.
--  Cash growing costs were reduced to $2.00 per gram for the quarter ended
    June 30, 2016 from $2.49 for the fourth quarter ended March 31, 2016.
--  Adjusted EBITDA loss significantly improved by 58% to a loss of $346,280
    for the quarter ended June 30, 2016 versus a loss of $823,066 for the
    fourth quarter ended March 31, 2016.
--  As at June 30, 2016, Mettrum's registered client count increased to
    12,100 registered clients, representing a 67% increase in customer
    registration. Client count at August 22, 2016 is 13,300.
--  Balance sheet remains solid with a $12.1 million net cash position,
    excluding the impact of the "bought deal" offering announced on August
    8, 2016, which further strengthens the Company's cash position.

To view graphs associated with this release, visit the following link: http://media3.marketwire.com/docs/MettrumGraphs.pdf

"We are off to a very strong start in the year with all of our key operational and financial metrics continuing to move in the right direction," noted Michael Haines, CEO of Mettrum. "The combination of the momentum in our business driven by a rapidly growing client base, superior products and financial strength has Mettrum extremely well positioned for a great year ahead as we maintain our focus on growth, profitability and ultimately, delivering shareholder value."

About Mettrum Health Corp.

Mettrum Health Corp. is a Tier 1 Industry Issuer listed on TSX Venture Exchange. Mettrum Ltd., a wholly owned subsidiary of the Company, is a Toronto-based company and a licensed producer of medical cannabis under the MMPR, which came into effect on October 1, 2013. Mettrum received its first license from Health Canada under the MMPR on November 1, 2013 and began production of medical cannabis at its first production facility in Bowmanville, Ontario. Mettrum received its second license from Health Canada under the MMPR on December 11, 2014 for its Mettrum Creemore facility in Clearview, Ontario. Mettrum received its third license from Health Canada under the MMPR on December 17, 2015 for its new 60,000 square foot production and distribution facility in Bowmanville, Ontario. With the Company's three licenses, Mettrum is a leading producer and vendor of medical cannabis under the MMPR system. In addition, through its wholly owned subsidiary Mettrum Hempworks, Mettrum also is a licensed producer and distribution of industrial cannabis (hemp) products, including Mettrum's functional food line, Mettrum Originals, under the Industrial Hemp Regulations (Canada) issued pursuant to the Controlled Drugs and Substances Act (Canada). For more information, visit: www.mettrumoriginals.com and www.mettrum.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the results of operations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company and Mettrum disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

Contacts:
Mettrum Health Corp.
Ali Mahdavi
Director, Investor Relations
416.962.3300
amahdavi@mettrum.com

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.