Liberty Health Sciences Reports Record First Quarter 2020 Results

Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) www.libertyhealthsciences.com (“Liberty” or the “Company”), a provider of high quality cannabis, announced today that the company’s operating results for the quarter ended May 31, 2019, was $5,520,561, compared with $1,141,118 for the quarter ended May 31, 2018. Gross profit for the quarter ended May 31, 2019 was $5,018,399, compared with $606,178 for the quarter ended May 31, 2018.

Operating expenses for the quarter ended May 31, 2019 were $7,934,827, compared with $4,762,053 for the quarter ended May 31, 2018.

The Company recorded a net loss for the quarter ended May 31, 2019 of $3,418,167 or $0.01 per share, compared with $3,174,432 or $0.01 for the quarter ended May 31, 2018.

As at May 31, 2019, Liberty maintained $5,032,964 of cash and term deposits on hand, compared to $13,291,426 in cash and term deposits at February 28, 2019.

Operational Highlights:

• Liberty operates 16 dispensaries throughout Florida.
  
  
• The Company has concluded lease agreements for another six locations in Florida. 
  
  
• In March 2019, the Company signed a license agreement with the Werc Shop, a scientific consulting group in cannabis terpene analysis and terpene-based formulations. 
  
  
• The Company entered a partnerships with Papa’s Herb and Lemon and Grass. Papa’s Herb is a line of THC smokable flower products, including pre-rolls and whole flower. The Lemon and Grass brand offers cannabis pain relief products.
  
  
• Liberty completed the cultivation portion of its retrofit activities at its 387-acre Liberty 360 Innovation Campus (“Liberty 360”) property in March 2019, bringing 190,000 square feet of greenhouses online.

“We continue to experience revenue growth with increasing patient counts and are expanding our portfolio of high-quality cannabis products,” said Victor Mancebo, Interim Chief Executive Officer of Liberty.

SOURCE Liberty Health Sciences Inc.