Canada NewsWire
TORONTO, May 25, 2020
TORONTO, May 25, 2020 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV:NRTH), a vertically integrated Licensed Producer focused on manufacturing high-quality cannabis products, building progressive and thought-provoking brands, and low-cost cultivation, has released its financial and operating results for the third quarter ended March 31, 2020. The Company's financial statements and related management discussion and analysis for the period are available on the Company's SEDAR profile at www.sedar.com and on the Company's website at www.48nrth.com/investors.
Financial and Operating Highlights for Fiscal Q3 2020
Events Subsequent to Q3 Fiscal 2020
"This quarter marked an important turning point for 48North," said Charles Vennat, CEO of 48North Cannabis Corp. "When appointed as the Company's CEO, I inherited a strong brand with significant consumer demand, however the organization required operational and structural improvements to satisfy this demand.
We have now laid the groundwork for sustained, accelerated and future growth, and done so while increasing quarterly revenue by 55%. Our strategy is built around a commitment to manufacturing high-quality cannabis products for our own brand and other leading brands, as well as our commitment to low-cost cultivation practices that result in consistent biomass.
In the coming quarters, 48North will continue to respond to consumer demand with additional products and brands in the Canadian adult-use market, announce additional contract manufacturing partnerships, and remains committed to the vision of the company: that natural and high-quality products can create thought-provoking experiences that nurture well-being. And that good cannabis can give people the latitude to live well," continued Charles.
To that end, in addition, the Company announced the appointment of Susan Nickle to the Company's Board of Directors. Susan is an accomplished and strategic executive, committed to operational and governance excellence. Currently, Susan is the Executive Vice President, Chief People Officer and General Counsel at London Health Sciences Centre. Further, the Company announced the departure of Alan Gertner from 48North's Board of Directors, effective immediately. The Company thanks Alan for his contribution.
48North has granted an aggregate of 1,119,000 stock options (each an "Option") to certain directors, officers, and employees of the Company. The Options and RSU's vest through the passage of time or the achievement of specific goals. The specific goals for the Options and RSU's vary based upon the duties and responsibility of the recipient. Each Option is exercisable into one common share ("Share") of the Company at a price of $0.255 per Share for a period of three years from the date of grant. Each RSU is exercisable into one Share for a period of up to three years from the date of grant. All of the Options and RSU's have been granted pursuant to the Company's Stock Option Plan and Restricted Share Unit Plan which has been previously approved by the Company's shareholders and the TSX Venture Exchange.
Selected Financial Information
All amounts are expressed in Canadian dollars
3-months ended | 9-months ended | |
Revenue | 2,805,875 | 6,208,656 |
Net loss | 17,796,148 | 21,587,336 |
Total assets | 77,935,787 | 77,935,787 |
Total liabilities | 9,367,328 | 9,367,328 |
Cash and cash equivalents | 17,821,274 | 17,821,274 |
Third Quarter 2020 Results Conference Call
When: May 26, 2020 at 8:30 AM (ET)
Dial-in number: 1-888-231-8191
The conference ID is 3192859 and you will be prompted to provide your name and company.
About 48North
48North Cannabis Corp. (TSXV: NRTH) is a vertically integrated cannabis company focused on manufacturing high-quality products, building progressive and thought-provoking brands, and low-cost cultivation. 48North is developing formulations and manufacturing capabilities for its own proprietary products, as well as positioning itself to contract manufacture similar products for third parties. 48North operates Good:Farm, a 100-acre organic cannabis farm which produces organically grown cannabis, securing a significant first-mover advantage in the production of low-cost, next-generation, extract-based cannabis products. In addition, 48North operates two indoor-licensed cannabis production sites in Ontario. 48North cultivates unique genetics at its wholly owned subsidiary, DelShen Therapeutics Corp. ("DelShen") and processes cannabis and manufactures next-generation cannabis products at Good & Green Corp. ("Good & Green"), both Licensed Producers under the Cannabis Act.
DISCLAIMER & READER ADVISORY
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could," "intend," "expect," "believe," "will," "projected," "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties' current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Please refer to the Company's SEDAR filings for further details concerning the risks associated with the Company's business. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. Public health crises, including the ongoing novel coronavirus (COVID-19) pandemic, could have significant economic and geopolitical impacts that may adversely affect the Company's business, financial condition and/or results of operations.
SOURCE 48North Cannabis Corp.
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