happyglass
3 years ago
Anyone know the details about this planned new share class? 1000 votes per share that can then be converted to 1000 shares sounds like a boondoggle to me unless each of those special shares costs 1000x what mine do… I have heard of special voting shares to keep founders in control, I watched Aphria be manipulated in Canada and if it is just rich connected guys serving themselves at my expense no thank you! I am interested in anyone else’s take on this please. Will be calling the company as soon as I can for their rationale. Have yet to recieve the voting material.
Hollister Announces Receipt of Decision from Ontario Securities Commission
Canada NewsWire
VANCOUVER, BC, Nov. 2, 2021
Nov 02, 2021 (CNW Group) -- VANCOUVER, BC, Nov. 2, 2021 /CNW/ - Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) (FRANKFURT: HOB) (the "Company", "Hollister Cannabis Co." or "Hollister") is pleased to announce that in connection with its upcoming annual general and special meeting of shareholders (the "AGM"), the Company has received an order from the Ontario Securities Commission granting Hollister an exemption from certain provisions governing disclosure and other matters applicable to issuers with outstanding "restricted securities".
Nov 02, 2021 (CNW Group) --
As further described in the Company's management information circular dated October 18, 2021, if the shareholders of the Company approve the creation of a new class of shares designated as proportionate voting shares, the common shares of the Company will become "restricted securities" upon filing a notice of alteration to Hollister's articles in accordance with the provisions of the Business Corporations Act (British Columbia). While the proportionate voting shares will have more voting rights, on a per share basis, than the common shares, the voting rights will be proportionate with the economic rights of such class.
If approved at the AGM, holders of proportionate voting shares will be entitled to 1,000 votes in respect of each proportionate voting share held. No dividend will be declared or paid on the proportionate voting shares unless the Company simultaneously declares or pays, as applicable, equivalent dividends (on an as converted to common share basis) on the common shares. In addition, each proportionate voting share will be convertible into 1,000 common shares.
About Hollister Biosciences Inc.
Hollister Biosciences Inc. is a multi-state cannabis house of brands with a portfolio of innovative, high-quality consumer packaged products. The Company produces its own branded products and provides white-labeling manufacturing for other leading brands. The Company's products are sold in 370 dispensaries across Arizona and California. Venom Extracts, a wholly-owned subsidiary of the Company is a category-leader which sold over 4 million grams of cannabis in 2020, accounting for up to 30% of dabbable concentrate category sales in Arizona.
Products of the Company include Venom Extracts branded concentrates; shatter, budder, crumble, distillates, and HashBone, a premier artisanal hash-infused pre-roll, along with solvent-free bubble hash, branded and white-label pre-rolls, tinctures, vape products and full-spectrum high CBD pet tinctures.
Website: www.hollisterbiosciences.co
happyglass
3 years ago
Interesting developments at the operational level….
Hollister Biosciences Inc. Announces strategic initiatives including a planned rebrand, executive and board updates
10/12/2021 08:01 AM ET
VANCOUVER, BC, Oct. 12, 2021 /PRNewswire via COMTEX News Network/ -- -- Jake Cohen appointed as CEO
-- Eula Adams, MBA, CPA appointed as Interim CFO and a nominated Board Member
-- Chris Lund appointed as Chief Commercial officer
-- Corporate rebrand initiated
-- Operations enhancements internalizing finance, administration and marketing
-- Appointment of new board members
Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) (FRANKFURT: HOB) (the "Company", "Hollister Cannabis Co." or "Hollister") is pleased to announce a series of operational and strategic updates to create shareholder value, enhance; governance, operations and market positioning while preparing the Company for the next phase of its growth.
Background
In November 2019, the Company completed its initial public offering and listed its shares on the Canadian Securities Exchange. At the time of the offering, Hollister was pre-revenue; its business plan was focused on the California market, it was an ambitious start-up in an emerging industry. The Company launched with administration and management primarily consisting of third party providers to enable focus on the rapid advancement of its operational and financial objectives while keeping costs in line with capitalization and profitability goals.
In March 2020, the Company completed its acquisition of Labtronix, Inc. d/b/a Venom Extracts ("Venom Extracts") which transformed the Company into a multi-state operator and substantially enhanced its revenue, capabilities and reach. Hollister has since transformed from its pre-revenue position in late 2019 into a profitable multi-state cannabis operator. The Company has garnered a leadership position and deep penetration in a high growth limited market. The Company is among the leaders in operational efficiency, return on invested capital and has built a platform designed to scale. Most recently, the company announced revenue guidance for 2021, a Brand Campus to enhance its presence and profitability in Arizona, and two new members to the Board of Directors (the "Board") as catalysts to lead the next phase of growth. The Company has a strong balance sheet with approximately US$12 million in working capital and no long term debt.
In advance of the upcoming annual general and special meeting of shareholders (the "AGM"), the Company has made a number of strategic enhancements to align governance, leadership, operations, management and infrastructure with its refocused strategy. The refocused corporate and brand strategy is primarily centered on the growth and distribution of owned and partner brands into new states and product categories.
"We plan to internalize functions that were previously outsourced including; communications, finance, accounting, management, investor relations, public relations, marketing, sales and strategy. Building internal capabilities for these functions will enable us to effectively communicate with stakeholders and market influencers, enhance governance and accelerate growth." said Jakob Ripshtein, Chairman of the Board.
Brand and Communications Strategy
The Company has initiated a rebrand, including seeking a new corporate name and visual identity. The brand is being created to represent a focused vision towards becoming a leading house of brands with a mission to empower consumers with access and a variety of trusted cannabis packaged goods. The Company is planning a robust marketing and communications strategy to increase awareness throughout the investor community and for increased distribution of products and brands.
"As Chairman of the Board, I am pleased to announce the "house of brands" focused strategy and enhanced marketing efforts. I have a long history working in similar environments in the cannabis and the spirits industry during my time with Aphria (now Tilray) and Diageo. We possess the attributes of a leading player; profitable, low operating costs, strong balance sheet and hold extensive capabilities and brand equity in high growth categories. I look forward to accelerating the expansion of our owned and partner brands throughout the U.S. and eventually globally" said Jakob Ripshtein.
Executive Updates
Chief Executive Officer
Effective immediately, Carl Saling has resigned as Chief Executive Officer and Director of the Company and has been appointed Senior Advisor to the Board. The Company thanks Carl for his leadership and vision and looks forward to his continued participation and friendship with the Company.
Jake Cohen, the Chief Operations Officer of the Company has been appointed as Chief Executive Officer and a member of the Board effective immediately. Jake is the founder of Venom Extracts, one of the industry's premier award-winning cannabis concentrate brands. Venom Extracts sales were consolidated with Hollister's sales starting after the closing in March 2020 and contributed approximately 95% of the Company's overall sales. Venom Extracts' product suite is a category leader in Arizona with over 4 million grams of cannabis sold in 2020, accounting for up to 30% of category sales state-wide (per BDS Analytics). Venom Extracts has strong brand recognition and distribution, with products in the vast majority of dispensaries in Arizona.
"I'm humbled and excited to take on this challenge. I have great respect and admiration for Carl as an individual and business leader. He IPO'd Hollister at a very challenging time in the public markets, managed expenses unlike any other public company I've seen, and ensured the platform was capitalized and had a team ready for rapid growth. Since the acquisition of Venom Extracts, Carl has been invaluable to the growth of both Venom Extracts and myself individually - I'm proud to now take the torch and execute the strategy going forward. I look forward to Carl's continued support as an advisor, he's done a great job preparing for the evolution of the Company" said Jake Cohen, Chief Executive Officer of Hollister.
"This is an exciting time for me as a founder. I've seen the transformation of an idea that started at my family's kitchen table develop into a leading multi-state cannabis company going from no sales in 2019 to USD$70 million projected for 2021. Over the course of several months we have been preparing for these changes, and I'm pleased to have recruited the team that will lead its next phase, most notably with "passing the baton" to Jake Cohen. While supporting Venom Extracts' growth, Jake and I had the opportunity to work closely. Throughout my 30 years in business I've worked with many great entrepreneurs, none have the tenacity, drive and natural capabilities that I've seen in Jake. He is a winner and I look forward to continuing to support him in my new role as senior advisor" said Carl Saling, former Chief Executive Officer of the Company.
Chief Financial Officer
Eula Adams, MBA, CPA has been appointed as Interim Chief Financial Officer effective immediately and will be nominated for election at the AGM to serve as a member of the Board. In conjunction with his appointment, Mr. Adams plans to temporarily relocate to Phoenix to ready the financial and operational systems of the Company for expansion. As a priority, Mr. Adams will oversee recruiting a permanent Chief Financial Officer and Chief Operations Officer for the Company.
Eula has had a highly accomplished career spanning five decades across a variety of industries serving public, private, government and philanthropic causes. He has an extensive history in executive leadership and governance roles of large, diverse organizations. Most recently, Eula served as a member of the board of directors and Chairman of the Audit Committee for Harvest Health & Recreation Inc. from December of 2019 through the recent completion of its acquisition by Trulieve Cannabis Corp. (CSE:TRUL), which formed the world's largest legal seller of cannabis by revenue.
Eula is a graduate of Morris Brown College with a Bachelor of Science degree in accounting, a Master of Business Administration from Harvard Business School, and is a Certified Public Accountant. He spent 20 years with Deloitte (Public Accounting, Taxation and Management Consulting), was the former Executive Vice President of First Data Corporation (Payments and Money Transfer); the former Senior Vice President of Sun Microsystems (Computer Servers, Storage Devices, Software and Services); and a former member of board of directors of MasterCard (U.S. Region). His corporate rise led him to be named one of the 50 most powerful black executives by Fortune in July of 2002.
He serves a number of public sector and non-profit positions and his memberships include: American Institute of CPAs; White House Historical Association National Council; Colorado Society of CPAs; United Way of Colorado; Board of Directors Grow Generation; Congressional Black Caucus Foundation; Sigma Pi Phi Fraternity; Kappa Alpha Psi Fraternity; CareerWise Colorado Board; Volunteers of America Board; Denver International Airport Advisory Board; Colorado Department of Transportation; and New Hope Baptist Church Board of Trustees.
Chief Commercial Officer
Mr Chris Lund has been appointed as the Chief Commercial Officer of the Company effective immediately. He will lead all communications, sales, marketing and branding for the Company and its subsidiaries. As his first initiative, Chris will oversee the rebrand and prepare a strategy for owned and partner brand expansion.
Chris brings more than 30 years experience of comprehensive brand building to the organization. He has played a hands-on role in guiding brand strategy, creative development, product commercialization and go-to-market execution of innovative products and services. As founder and Chief Executive Officer of Perennial Design, Chris played a key role consulting to and acting in advisory roles with iconic brands such as RBC, Loblaw Companies Ltd., McKesson, Home Depot, Bauer, Coca-Cola, Morrisons and Ahold Delhaize, and extended the reach of Perennial's influence by establishing an office in Bangalore, India, serving clients such as Spencer's, Easyday, and HyperCity.
"I am super-excited to be working on the rebranding project, and leading commercial strategy going forward. This industry is growing fast, globally, and the Company has the foundation to become a formidable house of brands." says Chris Lund
Senior Vice President of Finance & Administration
Jill Karpe has been promoted to Senior Vice President of Finance and Administration of the Company effective immediately. Since 2017, Jill has led the finance, administration and compliance oversight functions for Venom Extracts. She has been responsible for all bookkeeping duties, including cash verifications, payments to vendors and payroll. Jill also maintains all human resource, office management and administrative functions for Venom Extracts. She brings 20 years of experience in the financial industry, specifically 10 years in banking and underwriting. Jill's vast knowledge in finance combined with her Bachelors Degree in Organizational Leadership from Bethel University have made her a powerhouse for managing and organizing both people and numbers.
Board of Directors
In connection with the Company's efforts to improve governance, investor confidence and market performance, the Board has been refreshed and is now comprised of primarily independent directors, each having leadership and governance experience with relevant attributes to assist in the continued growth of the Company.
In addition to Mr. Jake Cohen, the Company has appointed Ms. Lily Dash and Mr. Brett Mecum to the Board, each of whom will be nominated for election at the AGM along with Mr. Eula Adams. These new appointments supplement the recent appointment of Mr. Jakob Ripshtein and Mr. Kevin Harrington to the Board last month.
Mr. Jakob Ripshtein, CPAJakob is the Chairman of the Board. Jakob served as the President of Aphria Inc. ("Aphria"), which was acquired by Tilray, Inc. (NASDAQ: TLRY), one of the largest cannabis companies in the world, and played an instrumental role in its growth throughout Canada, global product innovation and the integration of global supply networks. He joined Aphria after spending years as the Chief Financial Officer of Diageo North America ("Diageo") (NYSE:DEO) and President of Diageo Canada, the multinational beverage giant behind such global brands as Johnnie Walker, Don Julio, Guinness, Baileys, Smirnoff and Captain Morgan. Prior to Diageo, Mr. Ripshtein held a variety of roles in finance, sales and strategy in various global companies and has been based in Canada, the U.S. and the U.K. Earlier in his career, Mr. Ripshtein oversaw business, sales and tax functions in the Canadian spirits, pharmaceutical and financial sectors. Mr. Ripshtein holds a Bachelor of Business Administration from York University, as well as a CPA and International Tax designation. Mr. Ripshtein is currently the Chief Executive Officer of Perennial Brands Inc, a full life-cycle brand strategy organization.
Mr. Kevin Harrington Kevin is a veteran CEO, bestselling author and platform-building entrepreneur known to millions as one of the original "sharks" on the 4x Emmy-winning ABC series Shark Tank. His many landmark achievements include inventing the infomercial, pioneering the As Seen on TV brand, co-founding the Electronic Retailers Association (ERA), serving as a co-founding board member of the Entrepreneurs' Organization (EO) and creating HSN Direct as a joint venture with the Home Shopping Network. Twenty of his companies have each topped $100 million in revenue, and his behind-the-scenes work has helped produce billions more in global sales. He's launched massively successful products like The Food Saver, Ginsu Knives, The Great Wok of China, The Flying Lure, and many more. He has worked with amazing celebrities like Billie Mays, Tony Little, Jack Lalanne, and George Foreman to name a few. Kevin then built on that success to help pioneer the As Seen on TV brand.
In 2013 after divesting of the As Seen on TV brand, Kevin joined the board of directors of an emerging start-up in the functional beverage space; Celsius Holdings Inc. (NASDAQ: CELH) ("Celsius"), which at the time had a share value of $0.22 and a total market cap of less than $10 million. Since then, Celsius grew into a leading brand in the functional and energy beverage categories. Kevin served on the board of directors of Celsius until August 19th, 2021. Today, Celsius is valued at greater than $7.2 billion, and the share price is greater than $94 per share.
Lily Dash, ESQLily has been appointed as a member of the Board effective immediately. Her background includes extensive governance, legal, transactional and emerging markets experience. Lily is a practicing lawyer, a dynamic entrepreneur with global experience, and a visionary technology and ESG founder. Lily's vast experience and perspective will support the Company's growth and expansion. Lily is a Chairwoman of the Board of Directors of Polymath Inc, Member of the Board of Directors of Earth Wallet, and Founder of Villabound Inc., Rexy Inc., and Co-Founder of WiFetch Inc.
Brett MecumBrett has been appointed as a member of the Board effective immediately. He is an innovative and seasoned government relations professional with a record of success at the federal, state, and local level throughout the country. He is known for an ability to build long term relationships, collaborate with stakeholders, and engage organizational grassroots to ensure legislative policy goals are met. He is an expert at understanding legislative processes, bill drafting, and budget appropriations at all levels of government, and is an experienced political operative and fundraiser with expertise running high energy and high-profile political campaigns, political action committees, and independent expenditure committees.
Brett is the Chief Executive Officer of a full-service government relations firm representing corporate, association, and non-profit sector clients in 12 state legislatures through policy development of short and long-term legislative objectives. He has managed 20+ programs that provide meaningful engagement for association members with lawmakers, successfully ended increased taxation schemes on Premium Cigars in Minnesota, Nebraska and New York; curbed new over-regulation of the premium cigar industry in Oklahoma and was the only lobbyist to successfully amend the Arizona Medical Marijuana Act with implementation of testing protocols and new regulatory enforcement of the industry by the Arizona Department of Health Services. Brett is also regarded as a policy expert in the Blockchain and Cryptocurrency space and was the catalyst behind the state of Arizona creating it's first Blockchain and Cryptocurrency task force.
Additional Information
The Company's AGM will take place on November 22, 2021. Further details related to the AGM will be provided in a management information circular to be mailed to shareholders and filed on the Company's profile on SEDAR at www.sedar.com. In connection with the appointments the Board, the Company also accepted the resignation of Mr. Anthony Zelen and Ms. Amasa Lacy from the Board and wishes to thank each for their service.
In connection with the various new appointments, the Company issued 4,375,000 stock options to acquire common shares (the "Shares") with an exercise price equal to C$0.22 expiring on October 11, 2026. In addition, pursuant to an employment agreement with Mr. Jake Cohen, the Company has agreed to make certain bonus payments in the event of the successful expansion of the Company's business into new states. Such bonus payments will be satisfied by the issuance of Shares at then current market prices upon achievement of the various milestones.
Amasa Lacy has resigned as Vice President of Production and Director and has been appointed Senior Advisor to the Board. We thank Ms. Lacy for her support and vision in getting the company to where it is today.
As a result of the management changes, the Company has discontinued the services provided by 2710989 Ontario Limited. Alex Somjen and Geoff Balderson have also resigned as President and Chief Financial Officer, respectively. The Company thanks Alex and Geoff for their service. In September, the Company also suspended activities at Dreamy Delivery in Oakland and Sacramento in an effort to reduce costs and align operations with the refocused corporate strategy.
About Hollister Biosciences Inc.
Hollister Biosciences Inc. is a multi-state cannabis house of brands with a portfolio of innovative, high-quality consumer packaged products. The Company produces its own branded products and provides white-labeling manufacturing for other leading brands. The Company's products are sold in 370 dispensaries across Arizona and California. Venom Extracts, a wholly-owned subsidiary of the Company is a category-leader which sold over 4 million grams of cannabis in 2020, accounting for up to 30% of dabbable concentrate category sales in Arizona.
Products of the Company include Venom Extracts branded concentrates; shatter, budder, crumble, distillates, and HashBone, a premier artisanal hash-infused pre-roll, along with solvent-free bubble hash, branded and white-label pre-rolls, tinctures, vape products and full-spectrum high CBD pet tinctures.
Website: www.hollisterbiosciences.co
happyglass
3 years ago
This was from last month but I am very impressed with the moves Hollister is making
CNW Group
Hollister Biosciences Inc. Announces 30-Acre Arizona Brand Campus with planned 700,000 square feet of cultivation area and an existing 28,500-square-foot processing and manufacturing facility
August 25, 2021·7 min read
In this article:
HSTRF
0.00%
Provides the Company with the ability to enhance gross margins
Hiring of Damian Solomon as Executive Vice President of Cultivation to lead production
The capital costs will be funded with cash on hand
Expands Arizona revenue growth opportunities for owned and white-label brands
VANCOUVER, BC, Aug. 25, 2021 /CNW/ - Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) (FRANKFURT: HOB) (the "Company", "Hollister Cannabis Co." or "Hollister"), has completed a series of agreements designed to provide expanded revenue, capacity and margins, while offering a diversity of inputs for branded products. The transactions are intended to capitalize on the Company's existing operating footprint and leading position in the rapidly growing Arizona market. This project and associated seed to shelf management systems will be used to support the expansion of owned and partner brands and products, input quality and variety.
Hollister Biosciences Inc. Logo (CNW Group/Hollister Biosciences Inc.)
Hollister Biosciences Inc. Logo (CNW Group/Hollister Biosciences Inc.)
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The campus (the "Hollister Brand Campus") includes 700,000+ square feet of canopy for cultivation and a 28,500-square foot processing and manufacturing facility. In addition, the Company is adding a world-renowned expert to implement advanced cultivation practices and infrastructure. All figures are presented in U.S. dollars unless otherwise indicated.
Transaction Details:
A wholly owned subsidiary of the Company has entered a 5-year lease with 3 subsequent options to renew and the option to purchase the Hollister Brand Campus, including the surrounding ~30 acres of land;
The Hollister Brand Campus will provide low-cost inputs for the Venom Extracts suite of products and provide ample opportunities to expand product diversity;
The annual base rent is $420,000 with an additional $150,000 to $250,000 based on the percentage of the property's 27.5 acres of undeveloped land (the "Undeveloped Land") utilized by the Company;
Hollister will have the opportunity to purchase the Hollister Brand Campus throughout the duration of the lease;
The estimated capital costs associated with phase one will be $3,000,000 and will be funded with cash on hand;
Phase one is planned to be completed in Q2 of 2022, consisting of 4 acres of cultivation area;
The project is designed to provide expanded capacity and margins and offer a diversity of inputs for branded products. This transformational transaction empowers the company to capitalize on its existing operating footprint and leading position in the rapidly growing Arizona market.
Hollister will use the Hollister Brand Campus as a hub to introduce its lineup of California-based brands to the Arizona market. The Hollister Brand Campus will house cultivation, manufacturing and distribution facilities that will enable Hollister to expand capacity for Venom and white-labeling operations for future-focused and mission-aligned brands and products.
The Hollister Brand Campus previously served as a high-security military contractor facility and then as a hemp API manufacturing facility that met the United States Food and Drug Administration's Current Good Manufacturing Practices standard. The Hollister Brand Campus is zoned favorably for the cultivation and processing of cannabis and has been ISO 9001:2015 certi?ed. Substantial utility infrastructure is already onsite, including 6,000 amps of power and a solar array. The building on the Hollister Brand Campus includes approximately 2,500 square feet of o?ce space and 26,000 square feet of warehousing and manufacturing space that will be customized to produce for Hollister and third-party brands.
Key Benefits
Targeted >50% reduction of raw material input costs
Strengthens seed to shelf supply chain control, minimizes limitations, disruptions and risk
Enhances product quality, efficiency of existing operations and diversity of inputs
Flexibility to expand into new product lines, form factors and market segments
Expand distribution of innovative third-party brands in Arizona with white-label capacity
Enhances capacity of Venom operations and product mix
Provides higher cannabinoid starting materials improving existing operational throughput
Reinforces mission of acquiring, developing and powering leading cannabis consumer products and the strategy of expanding margins by controlling supply chain elements
Enables product diversity with the focus on increasing same-store sales and distribution e?ciency
The Hollister Brand Campus dramatically increases the Company's position in Arizona and epitomizes its continued focus on acquiring, developing and powering leading cannabis consumer products. With the new facility, Hollister can partner with like-minded brands and aspiring entrepreneurs to support the development and distribution of their products throughout Arizona. The outdoor Undeveloped Land will be developed in phases, including various low-cost cultivation methods and additional processing buildings. The Company currently produces Concentrates, Pre-Rolls and Tinctures, and is analyzing new product segments.
Strategic Cultivation Expertise
The Company has appointed Damian Solomon as the Executive Vice President of Cultivation to lead the design, development, and oversight of cultivation operations.
"I'm excited to be working on another Arizona project. I have spent many years developing and overseeing projects in this region. The cultivation environment in this specific area is predictable and proven for this type of cannabis operation," said Damian Solomon.
Damian has been involved in controlled-environment agriculture and hydroponics globally for more than 20 years with expertise in greenhouse and indoor vertical-farming systems. In 2014 he switched focus to the emerging cannabis industry by consulting the first two license holders in Canada: Tilray and Tweed. Since then, he has supported more than 30 projects in North America, Europe, Israel and Australia with notable companies like Harvest Health & Recreation, Glasshouse Farms, Grassroots Cannabis, Cronos, DOJA (now Canopy), Flower One, Global, Indus Holdings, Natura Life Sciences, Pacific Dutch Group, Raw Garden, TerrAscend, Caliva, The Pharm/Sunday Goods and Wonderbrett. He also served as a member of the advisory board for Node Labs/Compound Genetics, Calyx Peak Companies and LOBO Cannagar.
Carl Saling CEO stated "We have been working tirelessly behind the scenes on this project and we are very excited to announce it. The Hollister Brand Campus will have a direct impact on our gross margins as well as set Hollister up for future expansion in Arizona. Damian is a master at his craft, and I feel we are fortunate to have him as our EVP of Cultivation."
Venom Extracts Highlights
In March 2020, Hollister completed the acquisition of Labtronix, Inc. d/b/a Venom Extracts ("Venom Extracts"), one of the industry's premier award-winning cannabis concentrate brands. Venom Extracts sales were consolidated with Hollister's sales starting after the closing in March and contributing approximately 95% of the Company's overall sales. Venom Extracts' product suite is a category leader in Arizona with over 4 million grams sold in 2020, accounting for up to 30% of category sales state-wide (per BDS Analytics). Venom Extracts is positioned for continued growth in Arizona, it has strong brand recognition and distribution network, with products in the vast majority of dispensaries statewide. Venom Extracts is actively supporting nearly 100 dispensary partners in preparation of the launch of additional locations.
Venom Extracts currently operates an 11,000 square foot facility located in Phoenix, Arizona. In 2020 Venom Extracts produced more than 4 million grams of product and in the first quarter of 2021, Venom Extracts produced more than 2 million grams of product.
This series of transactions support the Company's initiative to enhance its operational efficiency and profit margins throughout the supply chain by controlling inputs and manufacturing capacity by executing strategic agreements, acquisitions, and/or greenfield development. The Company looks forward to sharing additional details as the project develops. Development of the site is subject to conformance to state requirements and Board of County Supervisors approval of proposed site updates. The Company completed its community consideration meeting with full support to advance.
Arizona Market
Arizona is one of the largest medical marijuana markets in the world with over $1B in 2020 sales. Legal sales of adult-use cannabis in Arizona commenced midday on Friday January 22, 2021, several months ahead of industry expectations, and the fastest that any of the 15 states with recreational marijuana has gone from voter approval to actual sales. The state realized over $2.9M in recreational sales within 10 days of legalization. "Marijuana Business Daily projects that the state's recreational market could generate up to $400 million in revenue its first year and more than $700 million by 2024".
"Arizona transitioned to adult-use in late January, but this is the first month that BDSA included adult-use sales. Total cannabis sales grew 68% to $124.9 million, with adult-use representing $52.8 million. Medical cannabis sales fell 17% to $72.1 million. Growth was strong across all categories, but the highest growth by far was in pre-rolls, which gained 156%." - New Cannabis Ventures
About Hollister Biosciences Inc.
Hollister Biosciences Inc. is a multi-state company with a portfolio of innovative, high-quality cannabis & hemp branded consumer products and white-labeling manufacturing. Our products are sold in 370 dispensaries across Arizona and California. Hollister Biosciences wholly-owned brand, Venom Extracts, is a category-leading brand that sold more than 4 million grams in 2020, accounting for up to 30% of category sales in Arizona.
Products from Hollister Biosciences Inc. include HashBone, the brand's premier artisanal hash-infused pre-roll, along with concentrates (shatter, budder, crumble), distillates, solvent-free bubble hash, pre-packaged flower, pre-rolls, tinctures, vape products and full-spectrum high CBD pet tinctures. Our wholly-owned California subsidiary Hollister Cannabis Co is the 1st state and locally licensed cannabis company in the city of Hollister, CA, birthplace of the "American Biker".
Website: www.hollisterbiosciences.co
happyglass
4 years ago
https://markets.qtrade.ca/news/story?t=iKXJizM-dSY,RBgdWBB-F545YOUN9JC9ieY0DpkF1hgZ&article=6d2836291f51fa9e#6d2836291f51fa9e
Dow Jones
(PR) The First Round of Easyriders Products Hit Shops this Month
04/08/2021 09:00 AM ET
The motorcycle lifestyle brand kickstarts its Hollister collaboration with premium pre-rolls in collectible tins
VANCOUVER, BC, April 8, 2021 /PRNewswire/ - Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) (FRANKFURT: HOB) (the "Company", "Hollister Cannabis Co." or "Hollister") and Easyriders have come together to create high-quality cannabis products that embody the independent spirit and attitude of the modern biker. The collaboration officially hits the road this month with premium pre-roll packs in silver or black collectible tins featuring the iconic Easyriders logo.
Each pack contains 10 .2-gram pre-rolls designed for quick, socially discreet ways to medicate, microdose and elevate on the go or when sharing with friends. The silver tin features pre-rolls made with an artisan Sherbert strain (Girl Scout Cookies x Pink Panties genetics), while the pre-rolls in the black tin feature lush Ice Cream Cake flower (Wedding Cake x Gelato #33 genetics). Both are terpene-rich, indica-dominant hybrids that may promote stress release, physical relaxation and uplifting moods.
These initial products in the Easyriders line will be available at dispensaries throughout California. The line will expand later this summer with the introduction of a topical tattoo balm.
Hollister Biosciences was founded in the California town where an infamous 1947 biker rally birthed the outlaw biker image and inspired the Marlon Brandon film The Wild One, while Easyriders has been the definitive voice of motorcycle culture for more than half a century. Shared roots in a classic Americana culture made the companies natural ride partners from the start.
"My vision for Hollister has always been to pay homage to the amazing biker culture that has permeated the global landscape over the past few decades by combining it with amazing cannabis products," says Carl Saling, the Co-Founder, CEO and Director of Hollister Biosciences. "Easyriders is one of the most iconic and recognizable global biker brands. With the collaborative vision of Easyriders' Pepper Foster, we are proud to now be their exclusive cannabis partner, and we look forward to producing a truly authentic experience across the cannabis skus we develop and distribute across America."
About Easyriders
In 1970, Easyriders established itself as a platform for motorcycle enthusiasts to immerse in the rugged, on-the-road lifestyle championed by the counterculture movement and greats like Steve McQueen, Peter Fonda and Dennis Hopper. Issues of civil rights, the Vietnam War (and ensuing protests), political scandal and the emerging generation gap fueled our obsession with wind-swept freedom and ingrained Easyriders with its overarching sense of rebellion.
More than a magazine, Easyriders is a lifestyle.
In celebration of our 50th anniversary, we are shifting with the times and expanding the brand to encompass exclusive, major-label product collaborations; insider events and music festivals; and a quarterly coffee table--style book -- that's four thick issues per year jam-packed with gorgeous photography and feature stories.
With a nod to our roots in independence, passion and freedom, and with newfound emphasis on international travel, design and entertainment, Easyriders has flown full throttle into a new era. Join us as we embark on this next journey.
About Hollister Biosciences Inc.
Hollister Biosciences Inc. is a multi-state cannabis company with a vision to be the sought-after premium brand portfolio of innovative, high-quality cannabis & hemp products. Hollister uses a high-margin model that controls the whole process from manufacture to sales to distribution for what's best described as seed-to-shelf cannabis. Products from Hollister Biosciences Inc. include HashBone, the brand's premier artisanal hash-infused pre-roll, along with concentrates (shatter, budder, crumble), distillates, solvent-free bubble hash, pre-packaged flower, pre-rolls, tinctures, vape products and full-spectrum high CBD pet tinctures. Hollister Cannabis Co. additionally offers white-labeling manufacturing of cannabis products. Our wholly owned California subsidiary Hollister Cannabis Co is the first state and locally licensed cannabis company in the city of Hollister, California, birthplace of the "American Biker."
Website: https://hollisterbiosciences.co
The CSE, nor its regulation services provider, does not accept responsibility for the adequacy or accuracy of this release.
happyglass
4 years ago
This helps explain the softness in the price. They are stuck with predatory lending deals. I can not wait until the US gets out of its own way and stops sabotaging its businesses. When real companies employing real people and provide real products people want have to dilute to such crazy extremes just to get capital to operate. Any other business could just get a bank loan for this, but it is cannabis so you have to play a whole different game. For now....
Dow Jones
REPEAT - Hollister Biosciences Inc. Announces closing of $7.9M Private Placement of Special Warrants, Including Full Exercise of Agents' Option
03/04/2021 06:12 PM ET
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
VANCOUVER, BC, March 4, 2021 /CNW/ - Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) (FRANKFURT: HOB) ("Hollister" or the "Company") is pleased to announce, further to its news releases of January 21, 2021 and January 20, 2021, that the Company has now closed the brokered private placement of 21,635,094 Special Warrants of the Company (the "Special Warrants") at a price of $0.365 per Special Warrant and raised gross proceeds of 7,896,809.31 (the "Offering"), including 3,825,094 Special Warrants sold pursuant to the exercise in full of the agents' option granted to the Agents (as defined herein).
Eight Capital acted as sole bookrunner and lead agent, on behalf of a syndicate of agents including Haywood Securities Inc. and Paradigm Capital Inc. (together with Eight Capital, the "Agents") under the Offering.
Each Special Warrant will be automatically exercisable into units of the Company (the "Units"), as described below. Each Unit consists of one common share of the Company (a "Share") and one-half of one common share purchase warrant (each full warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Share at a price of $0.50 per Share on or before January 2, 2025, being 46 months following the date of closing of the Offering (the "Closing Date").
Each Special Warrant will be automatically exercisable, for no additional consideration, into Units on the date (the "Automatic Exercise Date") that is the earlier of: (i) the date that is three business days following the date on which the Company either (A) obtains a receipt from the applicable securities regulatory authorities (the "Securities Commissions") for a (final) short form prospectus qualifying distribution of the Units underlying the Special Warrants (the "Qualifying Prospectus"); or (B) files a supplement to a (final) short form base shelf prospectus qualifying the distribution of the Units underlying the Special Warrants (the "Qualifying Supplement"), and (ii) July 3, 2021, being the date that is four months and one day after the closing of the Offering.
Notwithstanding the foregoing, in the event the Company has not received a receipt from the Securities Commissions for the Qualifying Prospectus or filed a Qualifying Supplement on or before March 12, 2021, each holder of Special Warrants shall thereafter be entitled to acquire an additional one-half of one (0.5) Warrant for each Unit to be issued to such holder upon the automatic exercise of the Special Warrants, such that each Unit shall be comprised of one Share and one whole Warrant (collectively, the "Penalty Warrants"), without further payment or action on the part of the holder.
In connection with the Offering, the Company paid the Agents $651,084.20 in commissions and advisory fees and issued 1,441,580 special broker warrants (the "Special Broker Warrants") to the Agents. Each Special Broker Warrant is automatically exercisable into one broker warrant (a "Broker Warrant") for no additional payment on the Automatic Exercise Date. Each Broker Warrant will be exercisable into one Unit, subject to adjustment, at $0.365 per Unit for a period of 24 months from the closing of the Offering. Each Unit is comprised of one Share and one-half of one Warrant.
happyglass
4 years ago
Resumed and here is the news. I hope Biden opens up banking soon! This is the only industry on the planet burdened by such nonsense and it is challenging enough to try to build a business these days without added roadblocks
ET
VANCOUVER, British Columbia, Jan 21, 2021 (GLOBE NEWSWIRE via COMTEX News Network) -- ** THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.**
Hollister Biosciences Inc. (CSE:HOLL, OTC:HSTRF, FRANKFURT:HOB) ("Hollister" or the "Company") is pleased to announce that it has entered into an amended letter of engagement with Eight Capital, pursuant to which Eight Capital, acting as sole bookrunner and lead agent, has now agreed to offer for sale, together with a syndicate of agents (together with Eight Capital, the "Agents"), 17,810,000 Special Warrants of the Company (the "Special Warrants"), on a "best efforts" private placement basis, subject to all required regulatory approvals, at a price per Special Warrant of $0.365 (the "Issue Price") for total gross proceeds of up to $6,500,650 (the "Offering").
Each Special Warrant shall be automatically exercisable into units of the Company (the "Units"), as described below. Each Unit shall consist of one common share of the Company (a "Share") and one-half of one common share purchase warrant (each full warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one Share at a price of $0.50 per Share for a period of 46 months following the Closing Date.
Each Special Warrant shall be automatically exercisable, for no additional consideration, into Units on the date (the "Automatic Exercise Date") that is the earlier of: (i) the date that is three business days following the date on which the Company either (A) obtains a receipt from the applicable securities regulatory authorities (the "Securities Commissions") for a (final) short form prospectus qualifying distribution of the Units underlying the Special Warrants (the "Qualifying Prospectus"); or (B) files a supplement to a (final) short form base shelf prospectus qualifying the distribution of the Units underlying the Special Warrants (the "Qualifying Supplement"), and (ii) the date that is four months and one day after the Closing of the Offering.
The Company will use its commercially reasonable efforts to obtain a receipt from the Securities Commissions for the Qualifying Prospectus or to file a Qualifying Supplement before the date that is 30 days following closing of the Offering (not including the date of closing), provided, however, that there is no assurance that a Qualifying Prospectus or Qualifying Supplement will be filed or that a receipt therefor will be issued by the Securities Commissions prior to the expiry of the statutory four month hold period.
Notwithstanding the foregoing, in the event the Company has not received a receipt from the Securities Commissions for the Qualifying Prospectus or filed a Qualifying Supplement before the date that is 30 days following the closing of the Offering (not including the date of closing), each unexercised Special Warrant will thereafter entitle the holder to receive, upon the exercise thereof, for no additional consideration, instead of a Unit, a penalty unit (a "Penalty Unit"), with each Penalty Unit being comprised of one Share and one full Warrant.
The Company has granted the Agents an option to offer for sale up to an additional 15% of the Special Warrants, at the Issue Price, exercisable in whole or in part at any time for a period of up to 48 hours prior to the closing date of the Offering.
The net proceeds from the Offering will be used for working capital and general corporate purposes.
Prior to the filing of the Qualifying Prospectus and the automatic exercise of the Special Warrants, the securities issued under the Offering will be subject to a four month hold period from the date of closing of the Offering in addition to any other restrictions under applicable law.
The securities being offered have not been, nor will they be, registered under the United States Securities Act and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Hollister Biosiences Inc.
Hollister Biosciences Inc. is a multi-state cannabis company with a vision to be the sought-after premium brand portfolio of innovative, high-quality cannabis & hemp products. Hollister uses a high margin model, controlling the whole process from manufacture to sales to distribution or seed to shelf. Products from Hollister Biosciences Inc. include HashBone, the brand's premier artisanal hash-infused pre-roll, along with concentrates (shatter, budder, crumble), distillates, solvent-free bubble hash, pre-packaged flower, pre-rolls, tinctures, vape products, and full-spectrum high CBD pet tinctures. Hollister Cannabis Co. additionally offers white-labeling manufacturing of cannabis products. Our wholly-owned California subsidiary Hollister Cannabis Co is the 1st state and locally licensed cannabis company in the city of Hollister, CA birthplace of the "American Biker".
Website: www.hollistercannabisco.com
The CSE, nor its regulation services provider, does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
Forward-Looking Information: This news release includes certain statements that may be deemed "forward-looking statements". The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward-look
happyglass
4 years ago
This is the last of the cheapies!
Dow Jones
(PR) /C O R R E C T I O N from Source -- Hollister Biosciences Inc./
01/08/2021 01:06 AM ET
In the news release, Hollister Biosciences Inc. Provides Update on Q4 2020 Performance Including CDN $14.93 Million in Revenue With an Estimated CDN $5.53 Million in EBITDA a YoY Revenue Increase of 3215% from Q4 2019, issued 07-Jan-2021 by Hollister Biosciences Inc. over CNW, we are advised by the company that the title should read "CDN $2.53 Million in EBITDA " rather than "CDN $5.53 Million in EBITDA" as originally issued inadvertently. The complete, corrected release follows:
Hollister Biosciences Inc. Provides Update on Q4 2020 Performance Including CDN $14.93 Million in Revenue With an Estimated CDN $2.53 Million in EBITDA a YoY Revenue Increase of 3215% from Q4 2019
VANCOUVER, BC, Jan. 7, 2021 /PRNewswire/ - Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) (FRANKFURT: HOB) (the "Company", "Hollister Cannabis Co." or "Hollister") a diversified cannabis branding company with products in over 280 dispensaries throughout California, and over 90 dispensaries throughout Arizona, is pleased to provide an update on its Q4, 2020 performance.
Q4 2020 Update
For the period beginning October 1(st) , 2020 and ending December 31(st) , 2020, Hollister reports that it generated record quarterly revenue of CDN$14.93 million and CDN$2.53 million in EBITDA from its product line of pre-rolls, concentrates, distillates, solvent-free bubble hash, pre-packaged flower, tinctures and vape products. The Company cautions that revenue and EBITDA figures have not yet been audited and are based on reports prepared by management.
"We are very pleased with our ability to deliver record quarterly revenue in such a challenging market environment. We attribute our revenue growth to further penetration of the California and Arizona dispensary networks and successful new product launches with our joint venture partners. Sales of cannabis related products continue to show resilience throughout the COVID-19 pandemic. We hope to continue this positive momentum into 2021" stated Alex Somjen, President.
The Venom Extracts ("Venom") branded product suite distributed throughout Arizona has been the primary catalyst for revenue growth of the Company. As of March 26(th) , 2020 (see press release dated March 30th, 2020), Hollister Biosciences acquired Venom. Since the closing, in the three quarters following, Venom contributed approximately CDN$38 million to the company's 2020 revenue. In the entire year of 2020, Venom Extracts generated greater than CDN$ 40 million in revenue (and CDN$ 4.9 million in adjusted EBITDA), up from CDN$ 16.4 million in 2019 a 144% year over year revenue increase, and ending the year with a record month of sales for December totaling approximately CDN$5.5 million.
Venom Extracts sold over 4 million grams of product in 2020 accounting for up to 30 percent of category sales statewide in Arizona. The brand is positioned for continued growth in Arizona with the recently passed adult-use legislation, and endeavors to expand into California and benefit from the company's infrastructure and sales network of over 280 dispensaries. Marijuana Business Daily projects that Arizona's recreational market could generate up to $400 million in revenue its first year and more than $700 million by 2024.
In addition to Venom Extracts, Hollister's HashBone pre-rolls are the No. 1 hash-infused pre-roll in California and one of Hollister's signature products. The company recently received trademark approval for the HashBone brand in December. These premium hash-infused pre-rolls feature an artisan blend of 75 percent top-shelf flower and 25 percent cold water bubble hash. Hollister added a new HashBone Minis line in April of 2020. HashBone is now available in 280 dispensaries throughout California, a 40% increase since 2019.
In addition to record revenue growth, the company continued focus on core growth areas; enhancing existing product margins, expanding product penetration and same-store sales in California and Arizona, while continuing to diversify and expand its branded product portfolio. Some highlights of these efforts include completed agreements with Tommy Chong's Cannabis (See press release dated February 7th, 2020) and EasyRiders (See press release dated December 15(th) , 2020) to add to the company's brand suite as well as the launch of the Dreamy Delivery direct-to-consumer platform (see press release dated December 22(nd) , 2020 ) in San Francisco and Sacramento, and ongoing supply chain enhancements are in-review to improve operational efficiency and profit margins by controlling inputs and manufacturing.
The company looks forward to continuing to execute on its business plan and growth targets in 2021 and ahead.
About Hollister Biosciences Inc.
Hollister Biosciences Inc. is a multi-state cannabis company with a vision to be the sought-after premium brand portfolio of innovative, high-quality cannabis & hemp products. Hollister uses a high margin model, controlling the whole process from manufacture to sales to distribution or seed to shelf. Products from Hollister Biosciences Inc. include HashBone, the brand's premier artisanal hash-infused pre-roll, along with concentrates (shatter, budder, crumble), distillates, solvent-free bubble hash, pre-packaged flower, pre-rolls, tinctures, vape products, and full-spectrum high CBD pet tinctures. Hollister Cannabis Co. additionally offers white-labeling manufacturing of cannabis products. Our wholly-owned California subsidiary Hollister Cannabis Co is the 1st state and locally licensed cannabis company in the city of Hollister, CA birthplace of the "American Biker".
Website: www.hollistercannabisco.com
The CSE, nor its regulation services provider, does not accept responsibility for the adequacy or accuracy of this release.
happyglass
4 years ago
This just came up on the news tab in my investment account
http://www.newswire.ca/en/releases/archive/October2020/27/c1574.html
Hollister Biosciences Inc. Provides Update on Q3 2020 Performance
Canada NewsWire
VANCOUVER, BC, Oct. 27, 2020
VANCOUVER, BC, Oct. 27, 2020 /CNW/ - Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) (FRANKFURT: HOB) (the "Company", "Hollister Cannabis Co." or "Hollister") a diversified cannabis branding company with products in over 280 dispensaries throughout California, and over 80 dispensaries throughout Arizona, is pleased to provide an update on its Q3, 2020 performance.
Q3 2020 Update
For the period beginning July 1(st) , 2020 and ending September 30(th) , 2020, Hollister reports that it generated record quarterly revenue of CDN$ 12.5 million and CDN$ 1.265 million in EBITDA from its product line of pre-rolls, concentrates, distillates, solvent-free bubble hash, pre-packaged flower, tinctures and vape products. The Company cautions that revenue and EBITDA figures have not yet been audited and are based on reports prepared by management.
"We are very pleased with our ability to deliver record quarterly revenue in such a challenging market environment. We attribute our revenue growth to further penetration of the California and Arizona dispensary networks and successful new product launches with our joint venture partners. We hope to continue this positive momentum into year-end" stated Carl Saling, CEO.
About Hollister Biosciences Inc.
Hollister Biosciences Inc. is a multi-state cannabis company with a vision to be the sought-after premium brand portfolio of innovative, high-quality cannabis & hemp products. Hollister uses a high margin model, controlling the whole process from manufacture to sales to distribution or seed to shelf. Products from Hollister Biosciences Inc. include HashBone, the brand's premier artisanal hash-infused pre-roll, along with concentrates (shatter, budder, crumble), distillates, solvent-free bubble hash, pre-packaged flower, pre-rolls, tinctures, vape products, and full-spectrum high CBD pet tinctures. Hollister Cannabis Co. additionally offers white-labeling manufacturing of cannabis products. Our wholly-owned California subsidiary Hollister Cannabis Co is the 1st state and locally licensed cannabis company in the city of Hollister, CA birthplace of the "American Biker".
Website: www.hollistercannabisco.com
The CSE, nor its regulation services provider, does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This news release includes certain statements that may be deemed "forward-looking statements". The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the
happyglass
4 years ago
They bought a company that gave them over $600,000 in 8 days! I think the party is about to begin :)
This stands out for me from the MD&A published July 16, 2020. Venom extracts is a company they acquired for .20 cents a share! At today’s price it is like we got a 60% discount at today’s rate. The previous owners of Venom can sell their shares after a voluntary hold at May30, June 30 and August 30. The revenue from Venom that ended up on the books for Hollister was $667,513 for EIGHT DAYS!!! This is very very very big in my mind.... how about yours? That and Hashbone sales increased greatly also. Throw in Tommy Chong branding and Alpha Mind mushrooms and I would say... as long as these reports are on the up and up we have a winner! Ding! Ding! Ding! Quoted from the MD&A material
“ Gross revenue for the three months ended March 31, 2020, increased by approximately $949,000 or 350% compared to the prior year, as the Company increased sales of existing products (pre-rolls and vape cartridges) and realized the revenues from Venom Extracts from the date of acquisition to the end of the quarter which resulted in the company recognizing $667,513 revenue from March 24, 2020 to March 31, 2020.
The composition of revenue for the three months ended March 31, 2020, included the following:
• $692,875 – concentrates
• $158,603 – Hash Bone (as described in “Corporate Outlook” above)
• $86,847 – contract manufacturing services
• $10,573 – other product sales
Comparatively, the composition of revenue for the three months ended March 31, 2019, was substantially comprised of sales of hash
bone, pre-rolls and vape cartridges which totaled $69,727, $64,188 and $$62,386, respectively, for a combined 95% of revenue.
Gross profit remained negative for the three months ended March 31, 2020, compared to the prior year, primarily due to certain increases in cost of sales. Specifically, the $1,015,434 increase was driven by increased sales of Hollister Cannabis Company and the newly acquired Venom Extracts, which was supplemented by a one-time increased rent charge of $245,928 recorded within cost of sales. The increase in cost of sales was also attributable to increases in most other cost components of inventory.
The portion of cost of sales that related specifically to inventory (product, labour, testing, and supplies) amounted to $349,979 during the three months ended March 31, 2020 (2019 - $57,202), or 89% (2019 - 20%) of revenue. Key drivers in percentage fluctuations of cost of sales relative to revenue is driven by fluctuating market prices of biomass inputs (product), as well as the addition of new production employees during the quarter and the acquisition of Venom Extracts.
Operating expenses increased during the three months ended March 31, 2020, relative to the three months ended March 31, 2019 by $1,623,129 driven by increases in all components of operating expenses except accretion expense, licenses and permits and travel and meals. The increase in expenses represented the continual evolution of the Company’s activities and expansion of sales efforts including its increasing its sales mix and customer acquisition efforts. The most significant changes in operating expenses and other expenses....” you can find the whole list of most recent filings at sedar.com
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