Le Lézard
Classified in: Business
Subjects: ERN, MAT

MTL Cannabis Corp. Reports Second Quarter Results with $23.1 Million of Revenue, $2.4 Million of Net Income, and $2.8M of Positive Cash Flows

PICKERING, ON, Nov. 30, 2023 /CNW/ - MTL Cannabis Corp. (CSE: MTLC) ("MTL" or the "Company") is pleased to report it has filed the financial statements as at and for the three-month and six-month periods ending September 30, 2023, and 2022, the first consolidated financial statements after the completion of the business combination between Montréal Cannabis Médical Inc. ("MTL Cannabis") and Canada House Cannabis Group Inc. on July 28, 2023. Complete details may be found at www.sedarplus.ca.

Second Quarter 2023 Consolidated Financial Highlights for MTL:

Income Statement:

Statement of Cash Flows:

Year to Date Highlights (6 months):

Management Commentary:

"We are incredibly proud to report the first consolidation financials for MTL" commented Michael Perron, CEO of MTL. "Our focus on quality and dedication to providing the best products and services to our recreational customers and medical patients has been the foundation for our business, and we are seeing that focus being reflected in our financial results."

Richard Clement, Chair of the Board, commented "The results represent an incredible effort from our team, and we look forward to the continued integration of our business units, expansion activities at all our production locations, and leveraging cash flows from operations to accelerate our growth and further improve our balance sheet. We are very excited for the future at MTL."

About MTL Cannabis Corp.

MTL is the parent company of  MTL Cannabis, a licensed producer operating from a 57,000 sq ft licensed indoor grow facility in Pointe Claire, Québec; Abba Medix Corp., a licensed producer in Pickering, Ontario that operates a leading medical cannabis marketplace; IsoCanMed Inc., a licensed producer in Louiseville, Québec growing best-in-class indoor cannabis, in its 64,000 sq. ft. production facility; and Canada House Clinics Inc., operating clinics across Canada that work directly with primary care teams to provide specialized cannabinoid therapy services to patients suffering from simple and complex medical conditions.

As a flower-first company built for the modern street, MTL Cannabis uses proprietary hydroponic growing methodologies supported by handcrafted techniques to produce products that are truly craft for the masses. MTL Cannabis focuses on craft quality cannabis products, including lines of dried flower, pre-rolls and hash marketed under the "MTL Cannabis", "Low Key by MTL" and "R'belle" brands for the Canadian market through nine distribution arrangements with various provincial cannabis distributors. MTL Cannabis  has also developed several export channels for bulk and unbranded GACP quality cannabis.

It is MTL's goal for Abba Medix Corp. to become the leading distributor of medical cannabis in Canada and for Canada House Clinics to be the leading Canadian provider of medical cannabis clinic services.

For further information, please visit www.mtlcannabis.ca, www.isocanmed.com, www.abbamedix.com, www.canadahouse.ca, or the Company's public filings at www.sedarplus.ca.

Cautionary Statement Regarding Forward-Looking Information.

This press release contains forward- looking statements, including statements that relate to, among other things, the Company's clinic, production and technology businesses, its future plans, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of  words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Material assumptions used to develop forward-looking information in this news release include, the regulations related to cannabis use under the Cannabis Act (Canada); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities and repay its outstanding indebtedness; level of competition; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; the ability to execute strategic plans; continued integration of business unit, expansion activities at all our operating locations; and the leveraging of cash flow from operations to accelerate growth and further improve the Company's balance sheet. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's Listing Statement dated August 14, 2023 and its most recent annual and interim Management's Discussion and Analysis under "Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE MTL Cannabis Corp.

These press releases may also interest you

at 14:15
North American Bancard, LLC, (NAB) a U.S.-based leader in fintech solutions, is proud to be honored by TSG (The Strawhecker Group) in its 2024 API Best of Breed Report. The annual assessment is powered by TSG's Global Experience Monitoring (GEM)...

at 14:09
Pushly, the leading push notification platform, announced a strategic partnership with Future, a global leader in specialist media, to deliver advanced web push notifications to millions of readers across various sectors. Pushly's best-in-class...

at 14:07
Employees are raising their voices and expectations, but organizations are not always effectively listening, according to the latest research...

at 14:04
Hebrew SeniorLife's Jack Satter House held ceremonies on June 10th to announce the receipt of an up to $20 million grant to its Revere supportive housing community to provide efficiency and climate resilience improvements. The U.S....

at 14:00
The Opportunity Calgary Investment Fund ("OCIF") will provide up to $400,000 over 28 months to Platform Calgary for the National Bank Investor Hub to unlock capital for underrepresented Calgary-based founders. The National Bank Investor Hub helps...

at 14:00
"Get ready for CBC Summit 2024 - the premier industry event for crypto banking and compliance executives and professionals." The...

News published on and distributed by: