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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nabis Holdings Inc | CSE:NAB | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.305 | 0.275 | 0.30 | 0 | 01:00:00 |
“We continue to make progress on our strategic plan by diligently working on building out our investments in both Arizona and Michigan. Although we are only reporting 21 days of operations from our dispensary in AZ this quarter, we are beginning to see improvements in operational efficiencies and profitability now that the dispensary is under Nabis management," said Shay Shnet, CEO and Director of Nabis. “In parallel with our buildout of our Camp Verde hub, we are also moving full-steam ahead with our dispensary build-outs in Michigan and plan on capitalizing on the newly legalized recreational market by the first half of 2020”.
Fourth Quarter 2019 Highlights and Subsequent Events
Expanded U.S. Footprint:
Arizona
Michigan
Capital Markets:
Financial Results for the Fourth Quarter Ended October 31, 2019
Retail and wholesale revenues for the three-month period ended October 31, 2019 was $644K. Cost of goods sold and the corresponding gross profit from the dispensary operations from October 11 to October 31, 2019 were $444K and $201K or 31% respectively.
Management expects to see increased revenues and higher profit margins in subsequent quarters now that the dispensary is under Nabis management. The Company has also undergone a recent cost containment exercise which resulted in an expected annualized savings of $1.04M, largely due to the termination or non-renewal of non-essential contracts. As a result of this exercise, the Company expects to report significant cost reductions in their SG&A expenses in fiscal 2020.
Net loss for the three-month period ended October 31, 2019 was $4.3M or ($0.04) loss per share compared to a net loss of $4.0 million or ($0.16) loss per share in the same quarter of fiscal 2018.
Balance Sheet and Liquidity
As of October 31, 2019, the Company had total assets of $45.3 million, including cash and cash equivalents of $4.8 million.
As of December 30, 2019, there were 116,129,435 common shares outstanding.
About Nabis Holdings Inc.Nabis Holdings is a Canadian investment issuer that invests in high quality cash flowing assets across multiple industries, including real property, securities, cryptocurrency, and all aspects of the U.S. and international cannabis sector. The Company is focused on investing across the entire vertically integrated aspects of the space with a focus on revenue generation, EBITDA and growth. For more information, please visit https://www.nabisholdings.com/.
Forward-Looking StatementsAll statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The risks are without limitations: that the acquisitions will be completed by the Company or completed upon the terms disclosed; the price for cannabis and related products will remain consistent and the consumer demand remains strong; availability of financing to the Company to develop the retail locations; retention of key employees and management; changes in State and/or municipal regulations of retail operations and changes in government regulations generally. Important factors that could cause actual results to differ, materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
For inquiries, please contact: Shay Shnet, CEO and Director PH: 416-223-2248 info@nabisholdings.com
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