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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 | 01:00:00 |
WINNIPEG, April 22, 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 year ending December 31, 2018.
2018 Year End Financial Highlights
4th Quarter, 2018 Versus 3rd Quarter, 2018 Results
Operational Highlights
"2018 was a transformation year for Delta 9 as we proved our business model of using retrofitted shipping containers (Grow Pods) to grow cannabis successfully and produced a consistent high-quality cannabis product," said John Arbuthnot, CEO. "Our strategy of being one of Canada's only vertically integrated cannabis companies with licences for production, processing, distribution and retail operations is paying off and now producing significant financial results. The legalization of the adult consumer recreational market in October last year is only the beginning of many new and exciting opportunities for the Company."
Selected Annual Information:
Consolidated Statement of Net Loss | 2018 | 2017 |
Revenue | $7,569,283 | $944,114 |
Cost of Sales | 5,558,066 | 627,376 |
Gross Profit Before Unrealized Gain from Changes In Biological Assets | 2,011,217 | 316,738 |
Unrealized gain from changes in fair value of biological assets | 3,727,595 | 125,943 |
Gross Profit | $5,738,812 | $442,681 |
Expenses | ||
General and Administrative | 10,566,669 | 2,514,621 |
Sales and Marketing | 1,069,014 | 383,797 |
Share based Compensation | 2,622,228 | 257,189 |
Total Operating Expenses | $14,257,911 | $3,155,607 |
Loss from Operations | $(8,500,997) | $(2,712,926) |
Other Income/ Expenses | ||
Other Income/ Expenses (Other Income, Rental Income, Disposal of Assets) | (84,228) | 7,751 |
Public Listing Costs | 0 | (5,219,055) |
Net Loss and Comprehensive Loss | $(8,608,350) | $(7,924,230) |
Loss per Share (basic) | $(0.10) | $(0.16) |
Weighted average number of shares outstanding | 81,277,702 | 48,732,913 |
Consolidated Statement of Financial Position | 2018 | 2017 |
Current Assets | $26,394,143 | $24,760,610 |
Property, Plant, and Equipment | 16,839,328 | 275,192 |
Total Assets | $45,992,471 | $25,035,802 |
Current Liabilities | $5,689,300 | $479,404 |
Long Term Liabilities | 4,940,836 | 0 |
Total Liabilities | $10,630,135 | $479,404 |
Shareholder Equity/ (Deficiency) | $35,362,336 | $24,556,398 |
Summary of Quarterly Results:
Consolidated Statement of Net Loss | Q4 2018 | Q3 2018 | Q2 2018 | Q1 2018 |
Revenue | $5,270,217 | $1,251,213 | $715,746 | $332,107 |
Cost of Sales | $4,015,644 | $938,733 | $380,520 | $223,169 |
Gross Profit Before Unrealized Gain From Changes In Biological Assets | $1,254,573 | $312,480 | $335,226 | $108,938 |
Unrealized gain from changes in fair value of biological assets | $2,087,367 | $1,218,257 | $328,214 | $93,757 |
Gross Profit (Loss) | $3,341,940 | $1,530,737 | $663,440 | $202,695 |
Expenses | ||||
General and Administrative | $4,323,796 | $2,790,227 | $2,064,333 | $1,388,313 |
Sales and Marketing | $379,898 | $300,138 | $265,332 | $123,646 |
Share Based Compensation | $807,834 | $671,606 | $521,598 | $621,190 |
Total Operating Expenses | $5,511,528 | $3,761,971 | $2,851,263 | $2,133,149 |
Income (Loss) from Operations | $(2,169,588) | $(2,231,234) | $(2,187,823) | $(1,930,454) |
Basic and Diluted Earnings (Loss) Per Share | $(0.02) | $(0.03) | $(0.03) | $(0.02) |
Consolidated Statement of Net Loss | Q4 2017 | Q3 2017 | Q2 2017 | Q1 2017 |
Revenue | $302,284 | $303,877 | $190,099 | $147,854 |
Cost of Sales | $42,137 | $269,815 | $155,354 | $159,970 |
Gross Profit Before Unrealized Gain From Changes In Biological Assets | $260,147 | $34,062 | $34,745 | $(12,116) |
Unrealized gain from changes in fair value of biological assets | - | - | $208,850 | $43,578 |
Gross Profit (Loss) | $260,147 | $34,062 | $243,595 | $31,462 |
Expenses | ||||
General and Administrative | $908,458 | $689,612 | $1,207,954 | $385,225 |
Sales and Marketing | $133,893 | $69,309 | $108,797 | $71,798 |
Share Based Compensation | - | - | - | - |
Total Operating Expenses | $1,042,351 | $758,921 | $1,316,751 | $457,023 |
Income (Loss) from Operations | $(782,204) | $(716,015) | $(1,073,156) | $(425,561) |
Basic and Diluted Earnings (Loss) Per Share | $(0.01) | $(0.02) | $(0.02) | $(0.01) |
A comprehensive discussion of Delta 9's financial position and results of operations is provided in the Company's Management Discussion & Analysis for the year ended December 31, 2018 filed on SEDAR and can be found at www.sedar.com.
Year-End Results 2018 Conference Call
Delta 9 has scheduled a conference call to discuss the results for its fourth quarter and year ended December 31, 2018. The conference call will be hosted April 23, 2018 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 | April 23, 2019 |
Time | 9:00 EST |
Dial in # | 1-888-886-7786 - Toll free North America |
Conference ID: | 30846572 |
Replay information: | 1-877-674-6060 |
Replay Password | 846572# |
Available until July 23, 2019 |
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. 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 and recreational cannabis 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 OTCQX under the symbol VRNDF. For more information, please visit www.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) increases in Delta 9's cannabis production capacity; (ii) Delta 9's intentions to supply cannabis; and (iii) Delta 9's retail store expansion. 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's actual financial results being different from its estimates as well as all risk factors set forth in the annual information form of Delta 9 dated May 31, 2018 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:http://www.prnewswire.com/news-releases/delta-9-reports-record-revenue-for-year-end-2018-300836020.html
SOURCE Delta 9 Cannabis Inc.
Copyright 2019 Canada NewsWire
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