/NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO UNITED
STATES WIRE SERVICES/
- Achieved a 343% increase in revenue
-
- Over $7-million in cash
on hand to support continued growth -
- Strong growth
and monetization of user-generated content on Lift.co web platform
-
TORONTO, Nov. 28, 2018 /CNW/ - Lift & Co. Corp. ("Lift
& Co." or the "Company") (TSXV:LIFT), a cannabis-focused
technology and media company, is pleased to report its results of
operations for the second fiscal quarter ended September 30, 2018. All amounts are in Canadian
dollars unless otherwise specified.
Management Commentary:
Lift & Co. has successfully
begun to transition its leadership position within the medical
cannabis industry to the larger adult recreational-use population.
As a result of the strong brand Lift & Co. has built through
their ongoing tradeshows, the Company is pleased to report progress
in its strategy to monetize its platform as a data-driven marketing
channel by delivering revenue of $237,251, up 343% from $53,604 compared to the same period last
year.
The focus on aggregating the industry's consumers, licensed
producers and retailers – the industry's most valuable stakeholders
– has allowed Lift & Co. to monetize the data collected through
lift.co and its retail solution suite, resulting in material growth
including a large increase in retail partnerships and key website
metrics like unique visitors and product reviews.
"As we continue to build out our platform in this emerging
industry, we have quickly established a strong brand and a unique
loyalty as a trusted leader delivering valuable information and
content as the bridge between the consumer, producer and retailer,"
said Matei Olaru, CEO, Lift &
Co. "The growth and monetization of user-generated content and
retail solutions this quarter speak to the incoming success of our
platform strategy as we look to leverage our brand leadership and
events business to position Lift & Co. as a leading data
aggregator and marketing platform."
Q2 2018 Financial Highlights:
- Lift & Co. had revenues of $237,251, up 343% from $53,604 for the same period in fiscal year 2018.
The majority of this revenue increase ($148,160) was driven by the retail training
contracts that Lift & Co. signed with provincially-run retail
corporations. Data insights, sold on a recurring monthly basis to
licensed producers, represented $73,548 in revenues earned in the quarter.
- The Company had a loss from operations for the three
months-ended September 30, 2018 of
$2,552,434 compared to a loss of
$741,790 for the same period last
year. This resulted in a loss per share of $0.05 in the quarter, compared to $0.02 in the same period last year. The variance
was driven primarily by an increase in headcount and investments in
technology to support the Company's accelerating growth.
- As at September 30, 2018, the
Company had cash on hand of $7,295,838 compared to $1,244,722 as at March 31,
2018.
Q2 2018 Operational Highlights
- The website benefitted from a significant increase in traffic,
driving growth to a total of 293,749 unique visitors and 72,720
total reviews, up 38% and 83% respectively, compared to the same
period last year.
- The Company launched the Cannabis Concierge for retailers, is a
tablet-based, product-discovery tool that leverages Lift &
Co.'s user-reported product data to empower retail staff and
patrons with product-specific knowledge about effects and quality,
which is to the Company's knowledge, the first of its kind in the
Canadian cannabis market.
- Lift & Co. signed contracts to supply its learning
management system and retail training certification program, built
in collaboration with MADD Canada, to two provincial retail bodies
and two private retailers, pushing the Company's coverage into 5
provinces. To the Company's knowledge, this is the most widely
adopted retail content and training solution in the Canadian
cannabis market.
-
- Nova Scotia (See news release
dated July 11, 2018)
- Prince Edward Island (See news
release dated September 11,
2018)
- Delta 9 Cannabis, Inc (See news release dated August 21, 2018)
- Spirit Holdings Ltd. (See news release dated September 26, 2018)
Strategic Business Initiatives:
- On October 10, the Company
announced a strategic multi-year partnership with the industry's
leading business association of licensed producers, the Cannabis
Council of Canada, to create the
Lift & Co. Retail Tradeshow.
- The Company launched the new recreational Lift & Co.
Rewards program which is, to the Company's knowledge, the world's
first rewards program for federally regulated, adult-recreational
cannabis.
- Lift & Co. added functionality for purchase-receipt
collection to the product-review process as part of its data
aggregation strategy.
- Further, on October 17, 2018, in
support of the recreational cannabis legalization, Lift & Co.
launched a user-driven recommendation tool on lift.co intended to
aid consumers in choosing the best cannabis products for their
personal preferences.
- Lift & Co. entered into an agreement with Think AHLOT
Corporation on October 23, 2018 to
license the Canadian Cannabis Award ("CCAs") brand and co-release a
sample-pack product of five winning strains from the 2018
CCAs.
- The Company agreed to supply the Yukon Liquor Corporation its
retail training certification program, marking the third government
contract and the sixth Canadian province or territory in which Lift
& Co. operates.
About Lift & Co.
Lift & Co. (TSXV:LIFT) is a
cannabis-focused technology and media company that monetizes a
platform of advertising solutions, events, and data insights to
enable cannabis businesses to better understand, target and
ultimately monetize cannabis consumers. Lift & Co. operates a
leading product-comparison resource of federally regulated cannabis
products; provides customized marketing solutions and data-backed
insights into consumer and product trends; and connects businesses
and consumers through its digital platform, and at its leading
events, the Retail Tradeshows, the Lift & Co. Expos and the
Canadian Cannabis Awards. The Lift & Co. Cannabis Retail
Training Certification, developed in an exclusive partnership with
MADD Canada, is available to both government and private clients.
Learn more at lift.co.
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 press release.
Forward-looking statements
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
Although the Company has attempted to identify important
factors that could cause actual results, performance or
achievements to differ materially from those contained in the
forward-looking statements, there can be other factors that cause
results, performance or achievements not to be as anticipated,
estimated or intended.
There can be no assurance that such forward-looking
statements will prove to be accurate or that management's
expectations or estimates of future developments, circumstances or
results will materialize. Accordingly, readers should not place
undue reliance on forward-looking statements. The forward-looking
statements in this news release are made as of the date of this
release. The Company disclaims any intention or obligation to
update or revise such information, except as required by applicable
law, and the Company does not assume any liability for disclosure
relating to any other company mentioned herein.
SOURCE Lift & Co. Corp.