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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vibe Growth Corporation | CSE:VIBE | 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% | 0.06 | 0.05 | 0.085 | 0 | 21:00:03 |
“The first quarter of 2020 marked a significant milestone for Vibe,” stated Mark Waldron, Chief Executive Officer. “Not only did we achieve record dispensary sales volumes and positive adjusted EBITDA, Vibe was one of only a few public cannabis companies to achieve positive pre-tax net income during a challenging quarter. Our results reinforce our belief that providing exceptional experiences to our customers while aggressively managing costs positions Vibe to become a leading California retailer and creator of long-term value for our shareholders.”
First Quarter 2020 Financial Highlights (a)
Second Quarter 2020 Outlook
(a) This is a non-IFRS measure. Readers are cautioned that the amounts presented do not have standardized meanings prescribed by IFRS. Please see the non-GAAP Financial Measures Disclosure below.(b) This is a forward-looking statement. See “Forward-Looking Information”.
Significant Growth at California Dispensaries
First Quarter 2020 Operational Highlights
Financial Highlights
The Company’s core cannabis business commenced upon the acquisition of the U.S. Targets on February 18, 2019. Consequently, first quarter 2019 revenue, gross margin, G&A, selling and marketing expense and adjusted EBITDA amounts include results of; (i) the U.S. Targets from February 18, 2019 to March 31, 2019; and (ii) the Company’s head office for the entire three months ended March 31, 2019. The Company’s key financial results for the three months ended March 31, 2020 are as follows:
U.S. dollars | Three Months EndedMarch 31, 2020 | Three Months EndedMarch 31, 2019 | |||
Total revenue(a) | $4,272,598 | $1,313,726 | |||
Gross margin | $1,467,759 | $583,307 | |||
Gross margin %(a) | 34.4 | 44.4 | |||
Adjusted EBITDA(a) | $335,549 | $59,336 | |||
Adjusted EBITDA %(a) | 7.9 | 4.5 | |||
Adjusted funds flow(a) | 13,273 | (709,650 | ) |
(a) This is a non-IFRS measure. Readers are cautioned that the amounts presented do not have standardized meanings prescribed by IFRS. Please see the non-GAAP Financial Measures Disclosure below.
Additional Highlights
About Vibe Bioscience Ltd.
Vibe is a vertically integrated cannabis company delivering exceptional retail experiences with its Vibe by California brand and ethos, premier cultivation product and high-efficiency delivery, and online sales. The Company’s management team brings expertise in retail, cannabis cultivation and mergers and acquisitions to support its U.S. expansion through accretive acquisitions and organic growth. For more information, please visit www.vibebycalifornia.com.
Special Note Regarding non-GAAP Financial Measures
(a) This is a non-GAAP measure. Readers are cautioned that the amounts presented do not have standardized meanings prescribed by IFRS. See discussion of non-IFRS Measures in the MD&A for reconciliation to measures reported in the Company’s consolidated financial statements.
(b) Adjusted funds flow (previously referred to as funds flow from operations) is a non-GAAP measure that represents cash flows from operating activities as presented in the Company's Consolidated Statements of Cash Flows before the changes in non-cash working capital. The Company considers adjusted funds flow a key measure as it demonstrates the Company’s ability to generate the cash flow necessary to fund future growth through capital investment and to repay debt.
Forward-Looking Information
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 “anticipate”, “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 belief or assumptions as to the outcome and timing of such future events, and may be impacted as a result of general economic conditions or the ongoing COVID-19 pandemic. Actual future results may differ materially.
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. Risk factors related to the Company are described in the Company’s Management Discussion and Analysis, a copy of which is available under the Company’s profile on SEDAR.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any State securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable State securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.
Unlike in Canada which has Federal legislation uniformly governing the cultivation, distribution, sale and possession of medical cannabis under the Cannabis Act (Federal), readers are cautioned that in the U.S., cannabis is largely regulated at the State level. To the knowledge of Vibe Bioscience Ltd., there are to date a total of 33 states, plus the District of Columbia, that have legalized cannabis in some form. Notwithstanding the permissive regulatory environment of medical cannabis at the State level, cannabis continues to be categorized as a controlled substance under the Controlled Substances Act in the U.S. and as such, cannabis-related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. Federal law. Strict compliance with State laws with respect to cannabis will neither absolve Vibe Bioscience Ltd. of liability under the U.S. Federal law, nor will it provide a defense to any Federal proceeding, which may be brought against Vibe Bioscience Ltd. Any such proceedings brought against Vibe Bioscience Ltd. may adversely affect its operations and financial performance.
Contact Information | |
Company Contact: | |
Mark Waldron, CEO | |
Phone: +1 833-420-VIBE | |
Email: info@vibebycalifornia.com | |
Website: www.vibebycalifornia.com | |
Investor Relations Contact:Glen NelsonPhone: +1 833-420-VIBE x 107Email: ir@vibebycalifornia.com
1 Year Vibe Growth Chart |
1 Month Vibe Growth Chart |
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