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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Delta 9 Cannabis Inc | TSXV:NINE | TSX Venture | 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% | 1.03 | 1.03 | 1.05 | 0 | 00:00:00 |
WINNIPEG, May 30, 2019 /CNW/ - DELTA 9 CANNABIS INC. (TSXV: NINE) (OTCQX: VRNDF) ("Delta 9" or the "Company"), is pleased to announce financial and operating results for the first quarter of 2019.
Financial Highlights for Q1, 2019
"Delta 9 is well positioned with high growth revenue streams from our wholesale, retail and business-to-business operations to continue to provide strong financial results to shareholders this year," said John Arbuthnot, CEO of Delta 9. "2019 will continue to be an exciting year for the Company as we focus on expand our operations to eventually yield 16,000 kg of cannabis per year and begin selling our cannabis products in Saskatchewan and Alberta.
Selected Quarterly Information:
Consolidated Statement of Net Income | Q1 2019 | Q1 2018 |
Revenue | $5,632,184 | $332,107 |
Cost of Sales | 3,815,930 | 223,169 |
Gross Profit Before Unrealized Gain from Changes In Biological Assets | 1,816,254 | 108,938 |
Unrealized gain from changes in fair value of biological assets | 4,060,823 | 93,757 |
Gross Profit | $4,222,989 | $202,695 |
Expenses | ||
General and Administrative | 3,451,900 | 1,381,122 |
Sales and Marketing | 969,202 | 123,646 |
Share based Compensation | 748,067 | 621,190 |
Total Operating Expenses | $5,169,169 | $2,125,958 |
Loss from Operations | $(946,180) | $(1,923,263) |
Other Income/ Expenses | ||
Finance Income (cost) | (157,619) | (5,209) |
Rental and other income | 17,144 | 4,712 |
Gain on derecognition Westleaf investment | 12,193,000 | -- |
Net Income | 11,106,345 | (1,923,760) |
Other comprehensive Income | ||
Fair value change in Westleaf Investment | (2,240,000) | -- |
Net Income and Comprehensive Income | $8,866,345 | $(1,923,760) |
Earnings per Share (basic) | $0.13 | $(0.02) |
Weighted average number of shares outstanding | 86,759,632 | 79,348,934 |
Operational Highlights for Q1, 2019
Subsequent second quarter events
Discussion of Operations:
Key Performance Indicators | For the three-month period ending |
Production/ Wholesale Unit | |
Total Grams Produced | 418,901 |
Cash Production Cost Per Gram | $1.44 |
Total Cash Cost Per Gram | $1.60 |
Total Grams Released for Sale | 185,626 |
Total Grams Sold (Recreational Wholesale) | 386,387 |
Total Grams Sold (Medical) | 13,400 |
Avg Selling Price per Gram | $7.58 |
Retail Unit | |
Total Grams Sold (Retail) | 189,796 |
Avg Selling Price per Gram | $12.84 |
Number of Transactions Processed | 44,885 |
Avg Transaction Size | $58.27 |
Unique Website Visitors (delta9.ca) | 180,774 |
A comprehensive discussion of Delta 9's financial position and results of operations is provided in the Company's Management Discussion & Analysis for the first quarter ended March 31, 2019 filed on SEDAR, which can be found at www.sedar.com.
Q1 Results 2019 Conference Call
Delta 9 has scheduled a conference call to discuss the results for its first quarter ended March 31, 2019. The conference call will be hosted May 31, 2019 at 9:00 a.m. Eastern Time by John Arbuthnot, Chief Executive Officer, and Jim Lawson, Chief Financial Officer, followed by a question and answer period.
Date | May 31, 2019 |
Time | 9:00 EST |
Dial in # | 1-888-886-7786 - Toll free North America |
Replay information: | 1-877-674-6060 |
Replay Password | 982130 |
Available until August 31, 2019 |
About Delta 9 Cannabis Inc.
Delta 9 Cannabis is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical marijuana pursuant to the ACMPR and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the TSX Venture Exchange under the symbol "NINE" and on the OTC under the symbol VRNDF. For more information, please visit delta9.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to: (i) Delta 9's expansion plans, including expansion of cannabis production capacity; and (ii) Delta 9's plans to sell cannabis in new jurisdictions. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including the Company not being able to expand its cannabis production capacity as planned as well as all risk factors set forth in the annual information form of Delta 9 dated April 30, 2019 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
View original content to download multimedia:http://www.prnewswire.com/news-releases/delta-9-reports-record-revenue-for-q1-2019-300859459.html
SOURCE Delta 9 Cannabis Inc.
Copyright 2019 Canada NewsWire
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