TORONTO, Nov. 25, 2019 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV: NRTH), a leading licensed cannabis producer focused on low-cost cultivation, brand, and consumer-focused cannabis products, has released its financial and operating results for the first quarter ended September 30, 2019. The Company's financial statements and related management's 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 First-Quarter Fiscal 2020
Events Subsequent to First-Quarter Fiscal 2020
Good:Farm Harvest Update
"48North achieved all of the milestones it targeted in Q1. These included: increased revenue growth, the harvest at Good:Farm, continued strategic U.S expansion, and the announcement of additional licensing agreements for next-generation cannabis products," said Alison Gordon, CEO of 48North.
"Our strong business performance throughout the quarter increased revenue growth," Ms. Gordon continued. "That said, today's numbers do not include revenue from the sale of cannabis from the Company's outdoor cultivation facility. Next quarter, and in subsequent quarters, 48North expects to begin showing increased revenue from the sale of dried cannabis from Good:Farm and next-generation cannabis products. While 48North missed its projections at Good:Farm, the Company has taken the necessary action to optimize the Good:Farm for 2020, notwithstanding, the Company will soon begin showing significant revenue from the 2019 harvest. Without question, 48North's brand is taking hold in the Canadian marketplace, the Company's products, in multiple jurisdictions, have consistently been best-sellers and consumers look forward to purchasing 48North's innovative product suite."
Selected Financial Information
All amounts are expressed in Canadian dollars
3-months ended September 30, 2019 | 3-months ended September 30, 2018 | |
Revenue | 1,594,679 | 1,271,544 |
Net income (loss) | 2,201,354 | (1,011,154) |
Total assets | 99,237,470 | 26,339,495 |
Total liabilities | 8,332,257 | 1,176,925 |
Cash on hand | 40,392,298 | 9,815,083 |
First Quarter 2020 Results Conference Call
When: Tuesday, November 26, 2019 at 8:30 AM E.T.
Dial-in number: 1 (888) 231 8192
The conference ID is 8672507 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 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 which produces 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:House"), 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 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.
SOURCE 48North Cannabis Corp.
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