makinezmoney
3 años hace
$ETRGF: Great call.............. excellent earnings here.
Very nicely done !
Now 0.05.... pretty low but this market is CRAP right now
GO $ETRGF
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Entourage Reports Record Fiscal Year 2021 Financial Results with $55.2 Million in Total Revenue for a 56% Year-Over-Year Increase and Preliminary Q1 2022 Record Revenue of $17.4 Million
10:49 AM ET 5/9/22 | GlobeNewswire
Entourage Reports Record Fiscal Year 2021 Financial Results with $55.2 Million in Total Revenue for a 56% Year-Over-Year Increase and Preliminary Q1 2022 Record Revenue of $17.4 Million
-- Net revenue increased to $42.2 million for the full year ended December
31, 2021
-- Preliminary unaudited Q1 2022 total revenue $17.4 million(1) representing
35% YOY growth
-- Upsized credit facility with LiUNA Pension Fund further improves
liquidity position
TORONTO, May 09, 2022 (GLOBE NEWSWIRE) -- Entourage Health Corp. (formerly WeedMD Inc.) (TSX-V:ENTG) (OTCQX:ETRGF) (FSE:4WE) ("Entourage" or the "Company"), a Canadian producer and distributor of award-winning cannabis products, announced today its financial results for the fiscal year ended December 31, 2021. The Company also announced preliminary unaudited first quarter 2022 total revenue of $17.4 million(1) , which represents a direct-to-consumer and patient record increase of approximately 35% on a year-over-year basis. The Company expects to report its first quarter 2022 financial results on or before May 31, 2022.
"Entourage achieved impressive growth in 2021 including expanded market share and increased retail brand recognition with Color Cannabis as a top 10 performer for the year, which drove 56% growth in revenues. Strong consumer sales in our main product categories included notable increases in premium flower & pre-roll market segments, with a 535%((2) () sales increase over the prior year," said George Scorsis, CEO and Executive Chair, Entourage. "This was also a breakout year for our medical business, with 20% patient growth and an expanded product portfolio of over 40 SKUs. Our preliminary Q1 results are noting another record increase with $17.4(1) million in total revenue representing a milestone achievement for Entourage. Based on our strong early-year momentum, we expect these favourable trends will continue through 2022 even as we realize the benefits of expanding our tissue culture business with the acquisition of CannTx Life Sciences."
Summary of Results
For the Year-Ended Dec. 31, 2021 Dec. 31, 2020
($000's) ($000's)
Total revenue 55,229 35,484
Net revenue (less Excise Tax) 42,272 29,434
Gross (loss) before changes in fair
value (3,592 (21,991)
Gross margin % before changes in fair
value (-8.0%) (-75%)
Loss and comprehensive loss (78,935 (89,607)
Adjusted EBITDA* (9,293) 7,658
---------------------------------------- ------ ------------- -------------
As at Dec. 31, 2021 Dec. 31, 2020
--------------------------------------- --- ----------------- -------------
($000's) ($000's)
Cash and cash equivalents 21,416 22,322
Inventory 29,641 30,665
Biological assets 607 1,956
Working Capital (54,967) 44,575
---------------------------------------- ------ ------------- -------------
*Adjusted EBITDA is not a recognized measurement under International Financial Reporting Standards ("IFRS") and this data may not be comparable to data presented by other companies. Management defines Adjusted EBITDA as EBITDA adjusted to exclude interest, tax, and depreciation, stock compensation, fair value changes and other non-cash items, and non-recurring items. This data is furnished to provide additional information and does not have any standardized meaning prescribed by IFRS. The Company uses this non-IFRS measure to provide shareholders and others with supplemental measures of its operating performance. The Company also believes that securities analysts, investors and other interested parties, frequently use this non-IFRS measure in the evaluation of companies, many of which present similar metrics when reporting their results. As other companies may calculate Adjusted EBITDA differently than the Company, this metric may not be comparable to similarly titled measures reported by other companies. We caution readers that Adjusted EBITDA should not be substituted for determining net loss as an indicator of operating results, or as a substitute for cash flows from operating and investing activities. See the Company's management's discussion and analysis for the 12 months ended December 31, 2021 (the "2021 MD&A") for a detailed reconciliation of Adjusted EBITDA to Net Income / (Loss). The Company's financial statements for the 12 months ended December 31, 2021 and the 2021 MD&A are available on SEDAR at www.sedar.com
Full Year 2021 Financial Highlights
-- For the fiscal year ended December 31, 2021, Entourage recorded sales of
$55.2 million, compared to approximately $35.4 million for the fiscal
year ended December 31, 2020, a 56% increase year-over-year.
-- The weighted average cost per gram from clone to harvest of plants on
hand was $0.68 in Q4 2021 compared to $0.89 in the comparable 2020
period. Weighted average cost per gram of inventory on hand increased to
$0.61 in Q4 2021 compared to $0.46 in the comparable 2020 period mainly
due to inventory write-downs recorded in 2021.
-- Gross loss before changes in fair value was $3.6 million for full year
2021 versus gross loss of $22.0 million for full year 2020. The
improvements were mainly due to lower cost to produce higher grade
products, sold at higher margins across expanded distribution channels.
-- Gross margins of (-8%) improved 66% over prior year also a result of
lower cost to produce higher grade products, sold at higher margins. The
preliminary number of 7% initially reported was adjusted as a result of
an inventory provision in Q4 2021.
-- EBITDA improved by $1.8 million to $(39.8) million for full year 2021
from $(41.6) million for full year 2020, also primarily driven by
business transformation initiatives to lower costs and partly due to
generating higher-margin revenue and spending lower selling, general and
administrative expenses.
Preliminary Q1 2022 Revenue(1)
Entourage also announced preliminary unaudited revenue highlights for the three months ended March 31, 2022. First quarter 2022 record total revenues of $17.4 million represent 35% growth year-over-year, reflecting continued increased sales of higher-margin, direct-to-consumer and direct-to-patient products. Revenue from adult-use and medical channels increased substantially quarter-over-quarter, driven by expanded product availability across retail outlets, broader distribution channels and customer acquisition initiatives.
Revenue Highlights
Q1 2022(1) Q1 2021 Change
($000's) ($000's) %
Net Revenue by Channel
-----------------------
Medical 8,538 5,779 47%
Adult-Use 8,606 7,110 21%
Bulk 217 100%
Total Revenue 17,361(1) 12,889 35%
------------------------ ---------- -------- ------
Corporate Highlights During and Subsequent to 2021
Leadership Appointments and Corporate News
-- In 2021, the Company announced a corporate name change and rebranding
from "WeedMD Inc." to "Entourage Health Corp." The Company's common
shares are publicly traded on the TSX Venture Exchange under the new
ticker symbol "ENTG" and U.S.-based OTC market under "ETRGF".
-- Appointed Executive Chairman, George Scorsis, as interim Chief Executive
Officer in January 2021, and subsequently named permanent CEO in 2022.
-- Also in January 2021, Jason Alexander was appointed to the Company's
Board of Directors and named Chair of Governance Committee and SVP of
Legal Affairs Vincent Doré named Corporate Secretary.
-- In November 2021, the Company announced the appointments of: Joseph Mele
to Chief Commercial Officer; James Afara (formerly Chief Operation
Officer of CannTx Life Sciences) to SVP of Strategic Sourcing and Quality
Assurance; and Pat Scanlon (co-founder of CannTx Life Sciences) as Head
of Cultivation.
-- Following the closing of the CannTx acquisition, Entourage announced on
November 1, 2021 the appointments of new Board directors Andrew Bulmer
and S. Randall Smallbone.
-- In December 2021, the Company confirmed its certification as an Ontario
Living Wage Employer, becoming one of only three cannabis cultivators
with this distinction.
-- In April 2022, Entourage announced the appointment of veteran finance
executive Vaani Maharaj as CFO, succeeding Beth Carreon, effective May 4,
2022.
Business Transformation Initiatives and CannTx Life Sciences Acquisition
-- In early 2021, the Company relocated its medical packaging, labelling and
distribution activities from Bowmanville, to its Aylmer, Ontario facility
which also houses the Company's extraction hub. The move improved
operational efficiencies and aligned its cost structure, following the
subsequent news in June 2021 that Entourage sold its fully licensed
Bowmanville operating assets to Final Bell Canada Inc.
-- Entourage announced in July 2021, it had signed an acquisition agreement
to purchase Guelph-based craft cultivator CannTx Life Sciences Inc. The
acquisition closed on November 1, 2021.
(MORE TO FOLLOW) Dow Jones Newswires
May 09, 2022 10:49 ET (14:49 GMT)
JohnCM
3 años hace
WeedMD Reports First Quarter 2021 Financial Results with 102% Record Increase in Sequential Net Revenue Growth
Jun. 29, 2021
Total revenue (before excise duties) of $12.9 million in Q1 2021, represents over 7% favourability over the $12.0 million Q1 2021 guidance previously provided
Net revenue of $10.3 million in Q1 2021, represents a 102% sequential increase over Q4 2020, reflecting record sales of higher-margin, direct-to-consumer, and direct-to-patient products
Reports significant improvement in SG&A expenses, down 66% from previous quarter
Gross Profit Before Fair Value Changes improved over $22 million sequentially from Q4 2020
Adjusted EBITDA sequential improvement of over $31 million versus Q4 2020, reflecting improved gross profit and reduced expenses resulting from optimization initiatives
Outstanding Shares 246,624,214 05/31/2021
TORONTO, June 29, 2021 (GLOBE NEWSWIRE) -- WeedMD Inc. (WDDMF) (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally licensed producer and distributor of medical-grade cannabis, announced today its financial results for the three months ended March 31, 2021. The Company recorded net revenues of $10.3 million (gross revenues of $12.9 million), a 102% sequential quarter increase compared with net revenues of $5.1 million for Q4 2020. This also represents a direct-to-consumer and patient record increase of over 40% year-over-year, after removing a one-time bulk sale revenue recorded in Q1 2020. The Company will host its annual general and special meeting of shareholders (the “AGM”) on June 30, 2021 where it will highlight details for the period.
“Our year-to-date, record-breaking growth reflects our robust sales strategy rooted in our optimization initiatives that drove product innovation, brand recognition, retail engagement, and a 30% increase in grade A production to consistently meet our targets and fill rates – all of which contributed to record revenues from our direct-to-consumer channels in both adult-use and medical sales,” said George Scorsis, Interim CEO and Executive Chair, WeedMD. “Our Starseed Medicinal patient activations increased meaningfully during Q1 2021, contributing to a 125% sequential increase in medical revenue growth from Q4 2020. Additionally, our expanded product availability across new distribution and retail channels saw impressive growth in the Province of Quebec – quickly growing into one of our top-selling provinces for Color Cannabis. Moreover, both our Color and Saturday Cannabis storefront presence in Canada increased 375% over the prior year, and we are now in over 75% of the 700 retail stores in Ontario. Our products are taking top billing at many provincial retail outlets, with Ontario recently adding three of our Color cultivars as ‘Core Strains’ due to their consistent availability and 100% fill rates. With the pending addition of craft cultivation brand Royal City Cannabis Co. and parent CannTx, we will continue our channel expansion – all of which will provide ongoing sustainable revenue growth.”
Summary of Results
For the Quarter-Ended Mar. 31, 2021 Dec. 31, 2020
($000’s ) ($000’s )
Total revenue 12,900 6,962
Net revenue 10,278 5,077
Gross (loss) profit before changes in fair value 251 (22,533 )
Gross margin % before changes in fair value 2.4 % (-444% )
Income (loss) and comprehensive (loss) (7,008 ) (45,545 )
Adjusted EBITDA* ($432,000) 000's added (31,655 )
As at Mar. 31, 2021 Dec. 31, 2020
($000’s ) ($000’s )
Cash and cash equivalents 20,513 22,322
Inventory 30,353 30,665
Biological assets 4,395 1,956
Working Capital 52,174 45,060
“During the first quarter, we continued to leverage our transformation initiatives in the areas of growth, efficiency, optimization, quality and talent – all major contributors to our solid performance that led to 102% sequential net revenue growth and over $31 million sequential margin improvement,” said Beth Carreon, CFO. “With our continued emphasis on increasing our market share, securing lower cultivation costs, reducing expenses – down 66% from fourth quarter 2020 - paying down debt, and prudently managing our cash flow, we have strengthened our balance sheet to support our commercial growth into new product segments and distribution channels. We remain on track to driving further revenue growth and achieving profitability.”
Key Financial Highlights
For the first quarter ended March 31, 2021, WeedMD recorded net sales of $10.3 million, compared to $5.1 million in Q4 2020 and $12.2 million in Q1 2020 (Q1 2020 included a $5.0 million one-time bulk sale). Gross revenues for the first quarter ended March 31, 2021 were $12.9 million.
Gross profit before changes in fair value was $0.25 million for Q1 2021, compared to a gross loss of $22.5 million for Q4 2020 and gross profit of $1.4 million . Excluding impact of inventory adjustment, Q1 2021 gross profit improved versus Q4 2020 and Q1 2020, reflecting management’s continued focus on optimization.
Average yield per plant was 104 grams during Q1 2021, compared to 76 grams in Q1 2020.
Total dried cannabis sold in Q1 2021 was 3,878 kgs, compared to 5,084 kgs in Q1 2020. The decrease was mainly driven by bulk, partly offset by the growth in medical and adult-use channels.
Weighted average cost per gram of inventory on hand was $0.51 for the three months ending March 31, 2021, compared to $2.54 for the same period in 2020.
As at March 31, 2021, WeedMD held $34.7 million in inventory and biological assets with total assets of $176 million.
Selling, General & Administrative Expenses for Q1 2021 was $6.0 million, compared to $11.0 million in Q4 2020 and $6.5 million in Q1 2020.
Adjusted EBITDA improved to $(0.4) million for Q1 2021, up from $(31.6) million in Q4 2020 and $(2.5) million in Q1 2020, primarily driven by growth in high-margin, direct-to-consumer and patient sales as well as the Company’s optimization initiatives.
Corporate Highlights During First Quarter 2021 and Subsequent Events
In January 2021, WeedMD appointed executive chairman, George Scorsis, as interim Chief Executive Officer. Concurrent with this, WeedMD’s Chief Legal Officer, Jason Alexander, was appointed to the Board.
The Company announced the reallocation of its medical packaging, labeling and distribution activities from its Bowmanville, Ontario site to its Aylmer, Ontario facility which also houses the Company’s extraction hub. This strategic reallocation reflects WeedMD’s ongoing progress to maximize the utilization of its facilities, improve operational efficiencies, and further align its cost structure. The Company subsequently sold the Bowmanville operating assets and licence to a third-party buyer in June 2021.
WeedMD signed the sixth LiUNA local with the addition of Manitoba Local 1258 to Starseed’s medical cannabis program.
In February 2021, the Company announced the expansion of its Color Cannabis products into the Province of Quebec which makes it accessible to over 85% of Canada’s retail market. Consumers in Quebec, one of Canada’s largest markets, may purchase Color products via the Société québécoise du cannabis (SQDC) in partnership with local producer ROSE LifeScience.
WeedMD significantly increased its adult-use offerings during the first quarter of 2021, including: "Top Selling Vape Cart" in Ontario with Saturday Cannabis terpene-infused, one-gram carts in Sour Pineapple and Lemon Haze (data: Ontario Cannabis Store “OCS”); one-gram, strain-specific Saturday pre-rolls in Ghost Train Haze (GTH); Color Cannabis dried flower in 15 gram pouches; following its release in March 2021, Color Cannabis, Live Resin vape carts in Pedro Sweet Sativa reached #2 top selling unit sales in Ontario (data: OCS); introduced Color's strain-specific single-session pre-roll products in Mango Haze, GTH and Pedro's Sweet Sativa; and Color Cannabis GTH pre-roll multi-packs landed #4 top-seller in BC (data: BC Liquor Distribution Branch).
Company expanded its Starseed medical products extensively in Q1 2021 including: Mary's Medicinals Topical Balms in 1:1 (CBD/THC) and CBD compounds; Aurum 4 Indica in Juicy-Fruit strain; Strain-specific PAX Vapor Pods in Pedro Sweet Sativa, Mango Haze and Black Sugar Rose; CBD Softgel capsules in 1:1, THC and CBD formats; and new strains Lemon Z and Hybrid Reserve whole flower.
In February 2021, WeedMD introduced Boveda humidity control "terpene shield" packets into all dried flower products commencing with Color, Saturday and subsequent Starseed product lines.
Starseed added three partner clinics to its medical cannabis program, which now totals 24 clinics.
WeedMD announced and closed its oversubscribed $17.25 million bought deal equity financing.
In April 2021, the Company named Beth Carreon as Chief Financial Officer. Formerly of Tilray Canada and Nestlé Canada, Ms. Carreon is a seasoned financial executive with broad experience in corporate finance, mergers and acquisitions, banking and consumer-packaged goods.
In May 2021, WeedMD entered into an exclusive licensing and supply agreement with Ontario craft cannabis producer CannTx Life Sciences Inc. (“CannTx”) to release celebrated cultivars “Rockstar Tuna” and “Royal Goddess” for its Starseed medicinal patients.
Shortly after entering into the CannTx licensing and supply agreement, the Company signed a Letter of Intent to acquire all the issued and outstanding shares of CannTx in an all-stock transaction.
In June 2021, WeedMD announced the expansion of Color Cannabis products into the Province of New Brunswick with products expected to be available in July 2021.
Annual General & Special Meeting of Shareholders (AGM) Information:
WeedMD’s Annual General and Special Meeting of Shareholders will be held virtually from Toronto, Ontario on June 30, 2021 at 11:00 a.m. Eastern Time. George Scorsis, Interim CEO and Executive Chair, and Beth Carreon, CFO will be available for questions following opening remarks.
Conference Call Details:
Date: Wednesday, June 30, 2021
Time: 11 a.m. Eastern Time
Location: Virtual meeting link here.
Updated investor presentation and corporate deck can be found here. Access WeedMD’s 2021 Shareholder Newsletter here and information about upcoming corporate events here.
The Company’s financial statements and related management’s discussion and analysis for the first quarter ended March 31, 2021 are available under the Company’s profile on SEDAR at www.sedar.com. All amounts are expressed in Canadian dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
About WeedMD Inc.
WeedMD Inc. is the publicly traded parent company of WeedMD RX Inc., a licence holder producing and distributing cannabis products for both the medical and adult-use markets. The Company owns and operates a 158-acre state-of-the-art greenhouse, outdoor and processing facility located in Strathroy, ON as well as a fully-licensed 26,000 sq. ft. Aylmer, ON processing facility, specializing in cannabis extraction. With the addition of Starseed Medicinal, a medical-centric operator, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with employers and union groups complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships in the seniors’ market and supply agreements with Shoppers Drug Mart (SHDMF) as well as eight provincial distribution agencies where adult-use brands Color Cannabis and Saturday are sold. WeedMD is also the exclusive Canadian producer and distributor of award-winning U.S.-based wellness brand Mary’s Medicinals sold in both medical and adult-use channels.
Follow WeedMD and its brands on LinkedIn
Twitter: WeedMD, Color Cannabis, Saturday Cannabis & Starseed
Instagram: WeedMD, Color Cannabis, Saturday Cannabis & Starseed
For further information, please contact:
For Investor Enquiries:
Valter Pinto or Scott Eckstein
KCSA Strategic Communications
1-212-896-1254
weedmd@kcsa.com
JohnCM
3 años hace
WeedMD Reports Fiscal Year 2020 Financial Results and First Quarter 2021 Preliminary Gross Revenue of $12 Million
05/31/2021
Net revenue increased 41% YOY to $29.4 million for the full year ended December 31, 2020
Kilograms harvested in 2020 grew 88% over prior year to 33,751 with more Grade A flower
Weighted average cost per gram of $0.46 in 2020 decreased by 42% from $0.79 in 2019 partly due to cost efficiencies implemented
Preliminary unaudited Q1 2021 gross revenue of $12 million (1) represents 40% growth in high-margin, direct-to-consumer/patient sales when compared to prior year, up 72% from Q4 2020
Outstanding Shares
246,624,214
05/31/2021
Management to host conference call on Monday, May 31st at 10:00 a.m. Eastern Time
TORONTO, May 31, 2021 (GLOBE NEWSWIRE) -- WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally licensed producer and distributor of medical-grade cannabis, announced today its financial results for the fiscal year ended December 31, 2020. The Company also announced preliminary unaudited first quarter 2021 gross revenue of $12 million, which represents a direct-to-consumer and patient record increase of approximately 40% when compared to prior year period, after removing a one-time bulk sale revenue recorded in the prior year period. The Company expects to file its first quarter 2021 financial results on or before June 30, 2021.
“We kicked off this year having accomplished several important milestones aligned with our 2020 business transformation initiatives whereby we realized the benefits of our cultivation efficiencies and production capabilities that drove increased brand recognition, retail outreach of our premium adult-use brands, and engagement with new partners positioning us for strategic growth,” said George Scorsis, Interim CEO and Executive Chair, WeedMD. “We are seeing steady growth in consumer demand across Canada for our top-selling Color Cannabis dried flower, pre-rolls, vapes and live resin products, as well as our Saturday Cannabis multi-pack pre-rolls and vapes. This is reflective in our products expanding into over 1,100 national retail locations this year, a 350% year-over-year increase from previous year which is a testament to our marketing strategy and quality of products. Likewise, our Starseed Medicinal brand reached a milestone of 36 new product SKUs over this past year and 20% increase in patient activations to date - all trends that we expect to continue throughout the remainder of 2021.”
Summary of Results
For the Year-Ended Dec. 31, 2020 Dec. 31, 2019
($000’s) ($000’s)
Net revenue 29,434 20,820
Gross (loss) profit before changes in fair value (21,991 ) 4,049
Income (loss) and comprehensive (loss) (89,607 ) (10,392 )
Adjusted EBITDA* (43,584 ) (11,883 )
As at Dec. 30, 2020
Dec. 31, 2019
($000’s) ($000’s)
Cash and cash equivalents 22,322 8,184
Inventory 30,665 31,287
Biological assets 1,956 7,666
Working Capital 45,060 30,618
*Adjusted EBITDA is not a recognized measurement under International Financial Reporting Standards (“IFRS”) and this data may not be comparable to data presented by other companies. Management defines Adjusted EBITDA as EBITDA adjusted to exclude interest, tax, and depreciation, stock compensation, fair value changes and other non-cash items, and non-recurring items. This data is furnished to provide additional information and does not have any standardized meaning prescribed by IFRS. The Company uses this non-IFRS measure to provide shareholders and others with supplemental measures of its operating performance. The Company also believes that securities analysts, investors and other interested parties, frequently use this non-IFRS measure in the evaluation of companies, many of which present similar metrics when reporting their results. As other companies may calculate Adjusted EBITDA differently than the Company, this metric may not be comparable to similarly titled measures reported by other companies. We caution readers that Adjusted EBITDA should not be substituted for determining net loss as an indicator of operating results, or as a substitute for cash flows from operating and investing activities. See the Company’s management’s discussion and analysis for the 12 months ended December 31, 2020 (the “2020 MD&A”) for a detailed reconciliation of Adjusted EBITDA to Net Income / (Loss). The Company’s financial statements for the 12 months ended December 31, 2020 and the 2020 MD&A are available on SEDAR at www.sedar.com
Preliminary Q1 2021 Revenue(1)
WeedMD also provided preliminary unaudited revenue highlights for the three-month period ended March 31, 2021. First quarter 2021 gross revenues of $12 million represents 72% growth sequential Q1 2021 versus Q4 2020, reflecting the Company’s record sales increase of higher-margin, direct-to-consumer and direct-to-patient products. Revenue from Adult-Use and Medical channels increased meaningfully quarter-over-quarter to record high sales in the first quarter 2021 driven by expanded product availability across retail outlets, new distribution channels including the addition of the Province of Quebec, and customer acquisition initiatives.
Revenue Highlights
Q4 2020 Q1 2021(1)
($000’s) ($000’s)
Revenue by Channel
Medical 2,577 5,500
Adult-Use 4,386 6,500
Total Gross Revenue 6,963 12,000
“With the $30 million credit facility we closed with LiUNA Pension Fund in the fourth quarter of 2020, and the $17.25 million bought deal equity financing secured in March 2021, we have improved our liquidity and secured the capital resources to further execute on our strategic growth plans,” said Beth Carreon, CFO. “We are on track for continued revenue growth while we continue to improve our internal cost structure with production efficiencies implemented in 2020 and now being realized along with improved margins during the remainder of 2021 and beyond.”
Key Financial Highlights
For the fiscal year ended December 31, 2020, WeedMD recorded net sales of $29.4 million, compared to approximately $20.8 million for the fiscal year ended December 31, 2019, an increase of 41% year-over-year.
Gross loss before changes in fair value was $22.0 million for full year 2020 versus gross profit of $4.0 million for full year 2019. The decline was mainly driven by inventory write-down.
Kilograms harvested for full year 2020 increased by 15,763 kg or 88% to 33,751 kg compared to full year 2019 partly due to additional flowering rooms becoming operational at Strathroy.
Weighted average cost per gram of inventory on hand was $0.46 for period ending December 31, 2020, compared to $0.79 for the same period in 2019.
Adjusted EBITDA decreased by $31.7 million to $(43.6) million for full year 2020 from $(11.9) million for full year 2019, primarily driven by the full-year impact of the Starseed integration, as well as commercial costs incurred in order to drive overall Company growth.
Corporate Highlights During Fiscal Year Ended December 31, 2020
During the period, WeedMD entered into a Cannabis 2.0 supply partnership with Pax Labs, Inc., a leader in premium cannabis vaporizer technology, with award-winning devices for both oil concentrates and flower. Most recently in 2021, the Company began selling Pedro’s Sweet Sativa, strain-specific PAX® ERA® products to its Starseed Medicinal clients.
WeedMD also entered into a commercial arrangement with leading Canadian retailer, Fire & Flower Inc. to manufacture, package and ship the retailer’s Revity CBD™ product line, which is now available at Fire & Flower stores in the province of Saskatchewan.
The same year, WeedMD entered into an exclusive licensing agreement with Mary’s Medicinals to bring its award-winning, premium line of self-care products to Canada, including adult-use and direct-to-consumer medical channels. The products kicked off its initial release with Starseed Medicinal in February 2021, followed by expansion in Ontario retail markets via the Ontario Cannabis Store in May 2021.
Also in 2020, WeedMD expanded access to its Starseed Medicinal products into Atlantic Canada under the purview of New Brunswick-based physician, Dr. Julie Hildebrand. Dr. Hildebrand is widely recognized for specializing in cannabis medicine and education, and is working with patients and benefits providers in New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland.
On the medical side, during the course of 2020, the Company signed four strategic partners and their benefits providers to exclusive supply arrangements.
In 2020, the Company’s shareholders elected Bruce Croxon, a prominent Canadian entrepreneur and venture capitalist and co-founder of Lavalife, to WeedMD’s board of directors (the “Board”).
In the fourth quarter of 2020, WeedMD appointed veteran finance executive and former Deloitte partner, Lu Cacioppo, FCPA, CA, to the Board as an independent director and chair of WeedMD’s Audit Committee.
Also in the fourth quarter of 2020, the Company appointed seasoned human resources executive Deborah Sikkema as its Chief People Officer. Ms. Sikkema was also appointed to WeedMD’s Compensation Committee alongside its Board.
During the course of 2020 and subsequent to year-end, WeedMD’s Starseed Medicinal signed six LiUNA locals to medical cannabis programs, while expanding coverage to Manitoba in early 2021.
Preliminary First Quarter 2021 Highlights & Subsequent Events
Starting in January 2021, WeedMD appointed executive chairman, George Scorsis, as interim Chief Executive Officer. Concurrent with this, WeedMD’s Chief Legal Officer, Jason Alexander, was appointed to the Board.
Also in January 2021, the Company reallocated its medical packaging, labelling and distribution activities from its Bowmanville, Ontario site to its Aylmer, Ontario facility which also houses the Company’s extraction hub. These strategic steps are part of WeedMD’s ongoing plan to maximize the utilization of its facilities, improve operational efficiencies and further align its cost structure.
In February 2021, the Company announced the expansion of its Color Cannabis products into the Province of Quebec which makes it accessible to over 85 per cent of Canada’s retail market. Consumers in Quebec, one of Canada’s largest markets, may purchase Color products via the Société québécoise du cannabis (SQDC) in partnership with local producer ROSE LifeScience..
In March 2021, WeedMD announced and closed its oversubscribed $17.25 million bought deal equity financing.
In April 2021, the Company named Beth Carreon as Chief Financial Officer. Formerly of Tilray Canada and Nestlé Canada, Ms. Carreon is a seasoned financial executive with broad experience in corporate finance, mergers and acquisitions, banking and consumer-packaged goods,.
In May 2021, WeedMD entered into an exclusive licensing and supply agreement with Ontario craft cannabis producer CannTx Life Sciences Inc. to release celebrated cultivars “Rockstar Tuna” and “Royal Goddess” for its Starseed Medicinal patients.
JohnCM
4 años hace
Is there some reason why they do not make it clear Canadian dollar or U.S. dollar??
$0.48C or $0.48US ???????????????????????????????
WeedMD Announces Closing of $17.25 Million Bought Deal Offering
Fri March 12, 2021
GlobeNewswire
TORONTO, March 12, 2021 (GLOBE NEWSWIRE) -- WeedMD Inc. (WDDMF) (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally licensed producer and distributor of medical-grade cannabis, is pleased to announce it has closed its previously announced bought deal short-form prospectus offering of 35,937,500 units (“Units”) at a price of $0.48 per Unit for aggregate gross proceeds of $17,250,000, including full exercise of the over-allotment (the “Offering”). The syndicate of underwriters was led by Eight Capital and Canaccord Genuity Corp. as the co-lead underwriters, along with INFOR Financial Inc. (collectively, the “Underwriters”). The Units were offered and sold by way of a short-form prospectus filed with the securities commissions in each of the provinces of Canada, other than Quebec and Newfoundland.
Each Unit is comprised of one common share of the Company (a “Common Share”) and one half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.60 per Common Share until March 12, 2023. If after the one-year anniversary of the closing of the Offering the daily volume weighted average trading price of the Common Shares on the TSX Venture Exchange (“TSXV”) is equal to or greater than $0.96 per Common Share for the preceding 10 consecutive trading days, the Company shall have the right to accelerate the expiry date of the Warrants to a date that is 30 trading days following the date of the Company issues a press release disclosing such acceleration.
The TSXV has conditionally approved the listing of: (i) the Common Shares and the Warrants issued pursuant to the Offering, (ii) the Common Shares issuable upon exercise of the Warrants, and (iii) the Common Shares and Warrants forming part of the compensation units issued to the Underwriters in connection with the Offering. Listing will be subject to the Company fulfilling all of the listing requirements of the TSXV. The Company expects the Warrants to commence trading on or about March 19, 2021.
The Company intends to use the net proceeds of the Offering to accelerate its growth plans through the use of sales and marketing initiatives, increasing operational capacity and additional product development initiatives.
The securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.
This press release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States, in any province or territory of Canada or in any other jurisdiction. There shall be no sale of the securities in any jurisdiction in which an offer to sell, a solicitation of an offer to buy or sale would be unlawful.
About WeedMD Inc.
WeedMD Inc. is the publicly traded parent company of WeedMD RX Inc. and Starseed Medicinal Inc., licence holders producing and distributing cannabis products for both the medical and adult-use markets. The Company owns and operates a 158-acre state-of-the-art greenhouse, outdoor and processing facility located in Strathroy, ON as well as a fully-licensed 26,000 sq. ft. Aylmer, ON processing facility, specializing in cannabis extraction. With the addition of Starseed, a medical-centric operator, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with employers and union groups complements WeedMD’s direct sales to medical patients. The Company maintains strategic relationships in the seniors’ market and supply agreements with Shoppers Drug Mart (SHDMF) as well, as seven provincial distribution agencies where adult-use brands Color Cannabis and Saturday are sold.
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