Eve & Co Announces Financial Results for the Year Ended December 31, 2020
April 30 2021 - 5:54PM
Eve & Co Incorporated (the “Company” or “Eve & Co”) (TSX-V:
EVE; OTCQX: EEVVF) is pleased to announce its financial results for
the year ended December 31, 2020. The financial statements and
management discussion and analysis for such period are available on
the System for Electronic Document Analysis and Retrieval ("SEDAR")
at www.sedar.com and on Eve & Co's website at
www.evecannabis.ca.
HIGHLIGHTS
The Company is pleased to provide the following
highlights of its progress over the year ended December 31, 2020
and subsequent events:
- The Company
recognized gross sales of cannabis to the adult-use and wholesale
markets of $3.8 million;
- On March 6,
2020, the Company announced that it had received its European Union
certificate of Good Manufacturing Practice (the
“EUGMP”);
- On April 2,
2020, the Company announced that it had made its initial sales to
Canadian medical cannabis patients through its agreement with
Cannalogue (1961627 Ontario Corp., doing business as Cannalogue)
entered into on March 9, 2020;
- On May 4, 2020,
the Company announced the amendment to its Licence by Health Canada
of a second processing area of 7,300 sq. ft. which will permit the
Company to create eleven additional processing rooms required to
dry and process the product from Flowering Area #3;
- On July 6,
2020, Health Canada extended the Licence term to July 6, 2023;
- On July 17,
2020, Health Canada approved an amendment to the Licence granting
the sale of cannabis extracts, edibles and topicals. This licensing
amendment will allow the Company to significantly expand its
product offering to consumer markets;
- On August 6,
2020, the Company announced a licensing agreement with Colio in
respect of its Girls’ Night Out brand, creating a partnership of
“sister brands”. The agreement contemplates developing a premium
cannabis-infused beverage for distribution by Eve & Co and
licensing of Colio’s Girls’ Night Out Brand. The term of the
agreement is for an initial three-year period with a two year
option in favour of NMC and contemplates licensing royalties;
- On August 11,
2020, the Company announced that it had entered into a supply
agreement with AMP for the purchase and export to Germany of
medical cannabis flower. The first export quantity of approximately
50 kilograms is expected – regulatory approvals dependent – during
the second quarter of 2021 and 50 kilograms quarterly
thereafter;
- On November 2,
2020, the Company announced the launch of its cannabis-infused bath
bombs, The Dreamer and The Boss, having made its first shipment of
The Dreamer Bath Bomb to Newfoundland and Labrador on October 30,
2020;
- On November 9,
2020, the Company announced that it had signed a cannabis
extraction agreement with Nextleaf. Pursuant to this agreement, the
Company will provide cannabis biomass to be processed into
distilled THC and CBD oils at Nextleaf’s extraction plant in
Vancouver, British Columbia;
- On November 10,
2020, the Company announced that it had successfully completed its
first significant commercial shipment of EUGMP certified cannabis
to Bavaria Weed GmbH, one of its European cannabis distribution
partners;
- On December 15,
2020, the Company announced that it had entered into a licensing
agreement with Dr. Kerklaan Therapeutics to establish the exclusive
right and license to manufacture, import and export, warehouse,
package, advertise, market, distribute and sell various products in
Canada under the Dr. Kerklaan Therapeutics brand, under the Eve
& Co brand, or as co-branded products under the Eve & Co
and Dr. Kerklaan Therapeutics brands.
- On February 11,
2021, the Company announced that it had successfully completed its
first shipment of cannabis products to New Brunswick. Its cannabis
products can be purchased at licensed New Brunswick retailers and
online; and
- On April 28, 2021, the Company
announced that it had successfully completed its first shipment of
cannabis products to Alberta. Its recreational cannabis products
will be available online and can be purchased by the province’s
privately owned licensed retailers.
ABOUT EVE & CO INCORPORATED
Eve & Co, through its wholly-owned
subsidiary Natural MedCo Ltd. (“NMC”), holds cultivation and
processing licences under the Cannabis Act (Canada) for the
production and sale of various cannabis products, including dried
cannabis, cannabis plants and extraction of cannabis oil and has
received European Union Good Manufacturing Practice certification.
NMC was Canada’s first female-founded licensed producer of
medicinal marijuana and received its cultivation licence from
Health Canada in 2016. Eve & Co is led by a team of
agricultural experts and has a licensed 1,000,000 sq. ft.
greenhouse located in Strathroy, Ontario.
CAUTIONARY NOTES
Certain statements in this press release
constitute forward-looking information. All statements other than
statements of historical fact contained in this press release,
including, without limitation, those regarding the Company’s
expansion, licensing, the expected increase in production capacity,
the expanded product lines, the commencement of shipments to
Germany, opportunities for growth, the effects of COVID-19, sales,
future strategy, plans, objectives, goals and targets, and any
statements preceded by, followed by or that include the words
“believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”,
“may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”,
“project”, “seek”, “should” or similar expressions or the negative
thereof, are forward-looking statements. These statements are not
historical facts but instead represent only the Company’s
expectations, estimates and projections regarding future events.
These statements are not guarantees of future performance and
involve assumptions, risks and uncertainties that are difficult to
predict, including those described in the Company’s management’s
discussion and analysis for the year ended December 31, 2020 which
is available on the Company’s SEDAR profile. Therefore, actual
results may differ materially from what is expressed, implied or
forecasted in such forward-looking statements. The forward-looking
information and forward-looking statements included in this news
release are made as of the date of this news release and the
Company does not undertake an obligation to publicly update such
forward-looking information or forward-looking information to
reflect new information, subsequent events or otherwise unless
required by applicable securities law.
Neither the TSX Venture Exchange nor its
regulation services provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For further information, please
contact:
Melinda RomboutsPresident and Chief Executive
OfficerEve & Co IncorporatedTelephone: (855) 628-6337
Rory TaylorInterim Chief Financial OfficerEve
& Co IncorporatedTelephone: (855) 628-6337
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