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by Stockwatch Business Reporter
The Canadian Securities Exchange Composite Index lost 29.09 points to 839.24 Monday. Aleafia Health Inc. (ALEF) fell six cents to $1.69 on 2.04 million shares after releasing its financial results for the first quarter of 2019. Aleafia had revenue of $1.5-million in the first quarter, which does not include Emblem Corp.'s revenue from before March 14, the date on which Aleafia closed its acquisition of Emblem. To give some idea of where Aleafia stands when Emblem's results are included, Emblem had revenue of $8-million in 2018 with a net loss from operations of $24.3-million.
Aleafia had cash of $36.83-million at the end of the first quarter, which is more than it had when the quarter began. The company had positive cash flow in the quarter because of a $23.71-million gain in cash from the Emblem acquisition. Aleafia issued shares worth $173.2-million, or 41 per cent of the company, to Emblem shareholders.
Geoffrey Benic has been chief executive officer of Aleafia since June, 2018. Under his watch, Aleafia Health has climbed to $1.69 from about 60 cents. Before taking the helm at Aleafia, Mr. Benic was co-founder and co-chairman of Vertical Staffing Resources, a Toronto-based company that finds and provides temporary labour to companies. He spent five years, from 2013 to 2018, with Vertical Staffing. Mr. Benic does not own any shares of Aleafia but he has been granted options to acquire 2.5 million shares, half of which are in the money. His salary information is not yet available, but the company's former president and CEO, John Philpott, earned a salary of $150,000 plus an $84,375 bonus for the year ended Oct. 31, 2017.
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