TORONTO, Sept. 30, 2019 /CNW/ - 48North Cannabis Corp.
("48North" or the "Company") (TSXV: NRTH), a leading licensed
cannabis producer focused on next-generation cannabis products,
low-cost cultivation and brand, has released its financial and
operating results for the fiscal year ended June 30, 2019.
"The past 12-months have been foundational for 48North, the year
was spent successfully laying the building blocks for what will
result in a leading consumer-focused Canadian cannabis company
focused on the development of next-generation cannabis products
made possible and reinforced by low-cost cultivation and beloved
brands," said Alison Gordon, CEO of
48North.
"Currently, at Good:Farm, 48North is harvesting approximately
200,000 cannabis plants, with some of the harvest being
earmarked for the provincial distributors as dried flower, and the
remainder being processed for extraction destined for
next-generation cannabis products, 48North expects to start
showing significant revenues from its outdoor cultivation in
upcoming quarters."
Financial and Operating Highlights for Full Year Fiscal
2019:
- Net revenue of $4,820,000,
marking 48North's first full year of revenue.
- Inventory increased from $2,481,000 at March 30,
2019 to $4,730,000 at
June 30, 2019 as the Company
positions for next-generation products available for retail sale in
2020.
- Acquisition of Good & Green Cannabis Corp, bringing
additional production facilities and outdoor cultivation
opportunities on its 100 acre farm.
- In fiscal 2019, the Company raised over $48 million and at the end of the year had
$52.7 million in cash and cash
equivalents on hand. As a result, 48North believes it is well
capitalized to execute on its business plan.
- 48North delivered on all of the commitments it set out for
itself, including:
-
- receiving its outdoor cultivation license from Health Canada
for Good:Farm
- successfully capitalizing the Company;
- building out a state-of-the-art cannabis extraction facility at
Good:House with the capacity to process all of the cannabis harvest
at Good:Farm;
- entered the adult-use recreational cannabis market with supply
agreements in three of Canada's
largest provinces;
- made strategic retail investments;
- and expanded meaningfully into the
United States through the acquisition of Quill and
procurement of significant supply of CBD oil.
Selected Financial Information for Fiscal 2019
All
amounts are expressed in Canadian dollars
|
|
Year Ended June 30,
2019
|
Year Ended June 30,
2018
|
Revenue
(1)
|
4,832,150
|
Nil
|
|
|
|
Net comprehensive
loss
|
(8,127,074)
|
(12,420,331)
|
Basic and diluted
loss per share
|
(0.072)
|
(0.21)
|
Total
assets
|
91,922,901
|
25,862,870
|
Total
liabilities
|
5,221,564
|
1,439,292
|
Cash and cash
equivalents on hand
|
52,765,566
|
12,231,484
|
(1)
|
During the year ended
June 30, 2018, the Company did not generate revenues as its license
to sell cannabis was granted on June 22, 2018.
|
48North has granted an aggregate of 100,000 restricted share
units ("RSU") to certain directors, officers, and employees of the
Company. Each RSU is exercisable into one common share for a
period of up to three years from the date of grant. All of
the RSU's have been granted pursuant to the Company's Restricted
Share Unit Plan which has been previously approved by the Company's
shareholders and the TSX Venture Exchange.
ABOUT 48NORTH
48North Cannabis Corp. (TSXV: NRTH) is a
vertically integrated cannabis company focused on the health and
wellness market through cultivation and extraction, as well as the
creation of innovative, authentic brands for next-generation
cannabis products. 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 that is expected to produce more than 40,000 kg of
organic, sun-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. 48North has a growing
portfolio of brands that include Latitude, a women's cannabis
platform (explorelatitude.com); Mother & Clone, a rapid-acting
sublingual cannabis nanospray (momandclone.com); Avitas, a
single-strain vaporizer cartridge (avitasgrown.com) and Quill, a
leader in the manufacturing of beautifully designed,
lifestyle-focused and sleek vape products (quill.me).
DISCLAIMER & READER ADVISORY
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.
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.
SOURCE 48North Cannabis Corp.