Gala Global Inc (OTCMKTS:GLAG) recently released its financial statements for the period ending November 30, 2015. During the said period, the company’s total revenues came in at $2,000 while its Gross Profit stood at $1,000.
Net Loss lowers on quarterly basis
The company’s operating loss came down to $52,000 from $208,000 quarter-on-quarter. However, the company continued to report the net loss from continuing operations, which was $116,000 for the reported quarter.
Earlier this year, the company had announced the expansion of its special advisory board, which will consist of seven people, with the objective of spearheading its business following the marijuana legislation, passed in California. It is to be noted that the company has recently begun its operations in the hemp and cannabis industries. With this announcement, the advisory board, formed in October 2015, represented by two members has been expanded by the addition of five new members.
California hemp law
The goal of the new board will be to focus on the individualized needs of the company’s affiliated companies as well as its subsidiaries. These subsidiaries include Cannabis Ventures Inc, CBD Livin and Cloneville (CCSC). Each member of the board has specialised knowledge and relevant experience to come with a suitable recommendation for each of the company’s affiliates and subsidiaries.
The clearance of medical marijuana bills in California led Gala Global to believe that the State is positioned to become one of the cannabis and hemp economic leaders. Thus, the formation of the new board was imperative to ensure the company’s progress in business under the new regulatory framework.
According to James M. Haas, one of the eminent member of the board and CEO of GreenGro Technologies Inc. (OTCMKTS:GRNH), California is the eighth largest economy in the globe. Thus, the formation of the board will place the Gala Global at the center of this market, which is prepared to benefit the most from the economic growth.
The stock of Gala Global soared by as much as 53.85% to $0.0200 during the previous trading session.