Lift & Co. Reports First Quarter Fiscal 2020 Results
August 21 2019 - 4:30PM
Lift & Co. Corp. (“Lift & Co.” or the “Company”)
(TSXV:LIFT) (OTCQB:LFCOF) is pleased to announce results for the
first quarter of fiscal 2020 ended June 30, 2019. All amounts are
in Canadian dollars unless otherwise specified. Additional details
may be found in the Company’s financial statements and MD&A
filed on SEDAR.
MANAGEMENT COMMENTARY
The Company is pleased to report strong financial results during
the first quarter of fiscal 2020. Total revenue increased by 53% to
$3,369,799, compared to the same period in the prior year. The
increase for the three-month period is the result of growth across
all three of the Company’s segments: Trade Marketing, Data Insights
and Event Marketing.
“We are pleased with the growth we continue to achieve across
all revenue segments,” says Matei Olaru, CEO. “Specifically, the
success of the CannSell platform and developments in Data Insights
have positioned Lift & Co. to capture the ever-increasing spend
on brand building across the industry.”
During this quarter, Lift & Co. launched an innovative brand
building product – brand training modules – distributed to
CannSellTM certified budtenders through the Company’s Trade
Marketing platform. The brand training modules connect brands
directly to budtenders through interactive content, allowing for
direct brand-to-budtender communication while tracking budtender
engagement with the content. Organigram Holdings Inc. was the first
licensed producer to launch a module this quarter and the Company
in the process of developing five additional modules already sold
to various brands. The Company monetizes both the creation and the
distribution of the brand training modules.
FIRST QUARTER 2020 FINANCIAL HIGHLIGHTS
- Revenues for the three-month period ended June 30, 2019
increased by $1,164,235, an increase of 53% compared to the same
period in the prior year
- Trade Marketing revenues increased by $105,492, this revenue
stream did not exist in the same period in the prior year
- Data Insights revenues increased by $108,598, an increase of
162.6% compared to the same period in the prior year
- Event Marketing revenues increased by $950,145, an increase of
44.4% compared to the same period in the prior year
FIRST QUARTER 2020 OPERATIONAL HIGHLIGHTS
- Event Marketing, Another Record Expo: Over
20,000 visitors attended the Toronto Expo from June 6-9, 2019. This
year the floor space for the expo was expanded to make way for
additional booth space, increase visitor capacity and provide space
for the addition of four new consumer-focused features, including a
vape showcase, accessories zone, grow zone and wellness room. The
expansion was well received, both booth space at the Toronto Expo
and tickets to the Lift & Co. Cannabis Business Conference sold
out in advance of the event and the Company achieved record setting
attendance. Lift & Co.’s inaugural Canadian Cannabis Week
(“CCW”) welcomed a dozen events across Toronto in the week leading
up to the Toronto Expo. CCW reinforces Lift & Co. as a global
leader in connecting the industry’s preeminent thought leaders,
brands and consumers with our Event Marketing platform and brings
Toronto to the forefront as the global hub for the Cannabis
Industry.
- Trade Marketing, Continued Innovation and
Success: Lift & Co launched its first brand training
module accessible by CannSellTM certification holders. The product
provides brands assistance with their trade marketing efforts by
providing a measurable way of educating retail employees and
tracking brand retention through the interactive education module
by giving brands direct access to the majority of the country’s
budtender audience. The first brand training module in
collaboration with Organigram Holdings Inc. was recently announced
in July, 2019. The Company is in the process of developing another
five brand training modules that have already been sold to various
brands.
- Data Insights, Ongoing Value-Added
Development: During the quarter the Company
partnered with EY to conduct research on consumer and budtender
insights for the burgeoning cannabis CPG industry surrounding
edibles, extracts and topicals in anticipation of legalization 2.0
on October 17, 2019. The initial findings were presented at the
Toronto Expo this past June. The full report was released on August
15, 2019. The Company also executed a deal with Shoppers Drug Mart
for a custom-tailored feature on the lift.co website allowing
medical consumers in Ontario and Alberta to directly access medical
cannabis through the Medical Cannabis by Shoppers Drug Mart
website. Improvements to the mobile receipt submission process were
made during the quarter to increase review and receipt collection
rates by reducing submission time by more than 80%. Additionally,
the focus on growing analytics and insights quality and
capabilities continues with a new data dashboard expected to launch
sometime in the next quarter.
EARNINGS CONFERENCE CALL
Scheduled for August 22, 2019 at 8:30am eastern time. The local
and international participant dial-in numbers are as follows: Local
– (+1) 866-211-3050; International – (+1) 647-689-6572; enter the
conference ID: 4079639 to connect. Full details for the conference
call webcast and playback numbers are available by clicking:
here.
ABOUT LIFT &
CO.
Lift & Co. (TSXV: LIFT) is a publicly-traded technology company
modernizing the cannabis industry.
Forward-looking statements
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
Although the Company has attempted to identify important factors
that could cause actual results, performance or achievements to
differ materially from those contained in the forward-looking
statements, there can be other factors that cause results,
performance or achievements not to be as anticipated, estimated or
intended.
There can be no assurance that such forward-looking statements
will prove to be accurate or that management's expectations or
estimates of future developments, circumstances or results will
materialize. Accordingly, readers should not place undue reliance
on forward-looking statements. The forward-looking statements in
this news release are made as of the date of this release. The
Company disclaims any intention or obligation to update or revise
such information, except as required by applicable law, and the
Company does not assume any liability for disclosure relating to
any other company mentioned herein.
SOURCE Lift & Co. Corp.
For further information:
Lift & Co.Sara McMillen, Director of Communications,
416-220-9536, smcmillen@lift.co
Investor Relations:
Thesis CapitalPrit Singh, 905-510-7636,
psingh@thesiscapital.ca
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