Jacksam Corporation (OTCMKTS: JKSM) is moving in a range after the workflo9w automation firm announced operational and financial results for the year ending December 31, 2021.
Market Reaction
On Monday, JKSM stock ended flat at $0.0459 with more than 25K shares, compared to its average volume of 67K shares. The stock moved within a range of $0.0459 – 0.0459 after opening trade at $0.0430.
Jacksam Corporation Announces 2021 Financial Results Highlighted by 106% Revenue Growth to $6.7 Million
The company reported revenue of $6.7 million, representing a YoY increase of 106%. Gross profit was $1.9 million, up 26% YoY. Operating loss grew 34% to $0.6 million, and net income reduced from $3.1 million a year ago to $0.0 million.
For the year ended, the company expanded into flower and forayed into the infused pre-roll sector. In 2021 Jacksam unveiled the Convectium IFX-100, its first automated pre-roll infusion device. The company signed a partnership with Emerald Scientific LLC to enhance the distribution of Convectium workflow automation equipment and machinery for the CBD and cannabis industries. Also, the company raised $1 million through a Series B Preferred Stock.
CEO Mark Adams said that they ended the year highly with over 100% growth in revenue and continued to scale their operating infrastructure and unveil new products. So, JKSM is worth watching.
Key Quote
Mark Adams, Jacksam’s Chief Executive Officer, commented, “We concluded a highly successful year with greater than 100% revenue growth, continued scalability of our operating infrastructure and the introduction of new products. We are pleased to have attracted two new institutional shareholders in early 2022 who recognize what we have and share in our vision going forward. Our business pipeline is robust from both existing and new customers, as we evaluate multi-millions in potential new opportunities spanning across 36 states.”
Traders Review
JKSM stock is trading below the 20-Day and 50-Day Moving averages of $0.0536 and $0.0593 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0873.
