The Globe and Mail reports in its Tuesday edition Tweed Marijuana has posted its first profitable quarter since receiving a federal licence to produce and sell medical cannabis. A Canadian Press dispatch to The Globe says the Smiths Falls, Ont., company earned a net profit of $1-million in the three months ended June 30. A year earlier, it had a net loss of $1.16-million. Revenue for the first quarter of its financial year was $1.7-million, up 39 per cent from the previous quarter and nine times the year-ago quarter, when commercial shipments began. Tweed, which completed a friendly merger with Bedrocan Cannabis on Aug. 28, said Monday it sold 215,929 grams at an average price of $7.74 per gram as a stand-alone company during the quarter. That was up from 166,657 grams at an average of price of $7.25 per gram in the previous quarter and up from 26,205 grams sold in the same quarter last year at an average price of $6.90 per gram. "We have established the clear market leader, and are driving the evolution of the cannabis sector in Canada," Tweed chief executive officer Bruce Linton said in a statement. "The acquisition of Bedrocan is the first step, and we intend to continue to take the initiative."