Medical marijuana firm Supreme Pharmaceuticals Inc (CSE:SL) increased its cash position and narrowed the loss in the nine months to end March - a period in which it made considerable progress, it told investors.
The net loss for the period was $3.08mln against a loss of $4.76mln in the same period last year, it said.
Meanwhile, the group ended the period with $2.75mln compared to $107,000 at the end of March last year.
Several milestones have been toppled by the group this year and it opened a seven acre hybrid greenhouse facility in Kincardine, Ontario at the end of March, where first seeds were then sown.
That came after the firm obtained the key Marijuana for Medical Purposes (MMPR) licence, which was also granted in March.
The plants are now progressing nicely towards an initial harvest which is expected in the third quarter, 2016.
Supreme also raised additional capital through the use of two warrant incentive programmes generating total proceeds of over $3.1mln.
The cash will be used for general working capital purposes as the firm moves through the cultivation stage in advance of expected revenues in the fourth quarter of 2016, it said.
Earlier this month, the group said it had secured letters of intent (LOIs) with five licenced producers over the long term supply of marijuana.
If they turn into definite agreements, it would mean the sale of more than 250kg of dried marijuana and 70 kg of dried marijuana trim in 2016, representing pretty much all of the group subsidiary's anticipated production for 2016, the firm told investors.
In addition, the agreements will be renewable for successive one-year periods.