The Green Organic Dutchman Holdings Ltd. said it had a net loss of C$45.2 million ($33.9 million), or 21 cents a share, for 2018, wider than the C$13.5 million loss, or 12 cents a share, posted in the year-earlier period. Revenue came to C$1.9 million, as the company booked its first quarterly revenue following the acquisition of HemPoland on Oct. 1 and the full legalization of cannabis in Canada on Oct. 17. The company did not provide a net loss for the quarter, but said its loss from operations came to C$18.1 million due to the costs of ramping up operations, consumer research and administration related to gearing up for commercial production in 2019. The company ended the year with C$263.5 million of cash, which will be used to fund expansion and international growth. Jefferies analyst Owen Bennett said costs came in "significantly below estimates. You could take a positive or negative view of this (encouraging re route to profitability or not spending much around brand awareness)," he wrote in a note to clients. "First real financial catalyst will be next quarter with further re-rating potential if they execute." Bennett rates the stock a buy with a price target of C$6.10, compared with its current trading level of C$5.48. U.S.-listed shares were down 0.5% in premarket trade, but have gained 128% in 2019 so far, while the S&P 500 has gained 4%.