One of the largest producers of cannabis in Canada has filed to go public. MedReleaf Corp. is a licensed producer of medical marijuana in Canada that reported sales of C$10.4 million ($7.6 million in today’s exchange rates) for the quarter ending December 31, 2016, and delivered annual sales of C$19.3 million ($14.1 million) for its year ending March 2016.
This compares to fellow Canadian cannabis producer Canopy Growth, which reported that it had revenue of C$9 million ($6.5 million) for its last quarter ending December 2016. Canopy did acquire another large player Mettrum Health in December so the race to be number one continues. MedReleaf said in its preliminary filing that it had a monthly market share of between 15% and 20% of total reported Canadian volume, and the company’s market share in August 2016 was approximately 19% of the total Canadian volume reported in that month.