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Share Name | Share Symbol | Market | Type |
---|---|---|---|
48North Cannabis Corp | TSXV:NRTH | 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% | 0.07 | 0.07 | 0.075 | 0 | 01:00:00 |
TORONTO, March 1, 2021 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV: NRTH), a vertically integrated Licensed Producer focused on manufacturing high-quality cannabis products, building progressive and thought-provoking brands, and low-cost cultivation, has released its financial and operating results for the second quarter ended December 31, 2020. The Company's financial statements and related management discussion and analysis for the period are available on the Company's SEDAR profile at www.sedar.com and on the Company's website at www.48nrth.com/investors.
Financial and Operating Highlights for Fiscal Q2 2021
1 Adjusted EBITDA is a Non-IFRS financial measures. Refer to the Non-IFRS Measures section in the MD&A for the definition. |
"48North's Q2 Fiscal 2021 results provide us with another strong demonstration that our strategy is working. The Company was successful in driving an increase in revenue while dramatically decreasing its cash burn. Looking ahead, there are additional efficiencies to leverage and significant organic growth opportunities to be capitalized upon, including increasing the reach of the Company's newest brands Trail Mix and Latitude, introducing new product formats, and maximizing retail penetration," said Charles Vennat, CEO of 48North.
"As a brand-led, consumer obsessed cannabis producer, 48North has never lost sight of the big picture. Our strategy of putting consumers first, working hand in glove with wholesalers and retailers to commercialize our products, and investing in a leading supply chain that is flexible to evolving market conditions has positioned us for continued success," continue Charles.
"The plan is simple: drive revenue for our products and significantly lower fixed costs. We expect our focus on increased margins, stronger cash flows, and shortening our cash conversion cycle to generate lasting shareholder value. We continue to expand our product pipeline with well-defined and trusted brands, and we are staying on our path to profitability by doing what we do best: bringing flower to the people," finished Charles.
Selected Financial Information
All amounts are expressed in thousands of Canadian dollars unless where indicated
3-months ended | 6-months ended | |
Revenue | 7,607 | 14,420 |
Net (loss) income | (7,149) | (11,017) |
Basic and diluted (loss) earnings per share – | (0.037) | (0.060) |
Total assets | 58,042 | 58,806 |
Total liabilities | 15,098 | 15,862 |
Cash and cash equivalents | 4,053 | 4,053 |
First Quarter Financial Statements
The Company announces that concurrent with the filing of the second quarter 2021 condensed interim financial statements, the condensed interim financial statements for the three-months ended September 30, 2020 have been re-filed. The Company determined that the gross amount of certain revenues were recognized rather than the net amount. As a result, the Company has reduced net revenues by $690,017 and increased accounts payable and accrued liabilities by the same amount. The Company believes that these changes do not impact the Company's operations or financial position.
Second Quarter 2021 Results Conference Call
March 2, 2021 at 8:30 AM (ET)
Dial-in number: 1-888-231-8191
The conference ID is 9567686 and you will be prompted to provide your name and company.
About 48North
48North Cannabis Corp. (TSXV: NRTH) is a vertically integrated cannabis company focused on manufacturing high-quality products, building progressive and thought-provoking brands, and low-cost cultivation. 48North is developing formulations and manufacturing capabilities for its own proprietary products, as well as positioning itself to contract manufacture similar products for third parties. 48North operates Good:Farm, a 100-acre organic cannabis farm which produces organically grown cannabis, securing a significant first-mover advantage in the production of low-cost, next-generation, extract-based cannabis products. In addition, 48North operates two indoor-licensed cannabis production sites in Ontario. 48North cultivates unique genetics at its wholly owned subsidiary, DelShen Therapeutics Corp. ("DelShen") and processes cannabis and manufactures next-generation cannabis products at Good & Green Corp. ("Good & Green"), both Licensed Producers under the Cannabis Act.
DISCLAIMER & READER ADVISORY
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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 "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 beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Please refer to the Company's SEDAR filings for further details concerning the risks associated with the Company's business. 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. Public health crises, including the ongoing novel coronavirus (COVID-19) pandemic, could have significant economic and geopolitical impacts that may adversely affect the Company's business, financial condition and/or results of operations.
SOURCE 48North Cannabis Corp.
Copyright 2021 Canada NewsWire
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