Notice: Function amp_is_available was called incorrectly. `amp_is_available()` (or `amp_is_request()`, formerly `is_amp_endpoint()`) was called too early and so it will not work properly. WordPress is currently doing the `init` hook. Calling this function before the `wp` action means it will not have access to `WP_Query` and the queried object to determine if it is an AMP response, thus neither the `amp_skip_post()` filter nor the AMP enabled toggle will be considered. It appears the plugin with slug `jetpack` is responsible; please contact the author. Please see Debugging in WordPress for more information. (This message was added in version 2.0.0.) in /home/grassnews/public_html/wp-includes/functions.php on line 5905
Zenabis Announces Fourth Quarter and Year End 2019 Financial Results – GrassNews
GrassNews
  • Advertise
  • More from Hipther
  • Events
  • Contact Us
Connect with us
GrassNews GrassNews

GrassNews

Zenabis Announces Fourth Quarter and Year End 2019 Financial Results

  • Home
  • Latest News
  • Press releases
  • Blockchain News
  • Fintech News
  • AI News
  • Newsletter
  • WireUp
  • TV

Cannabis

Zenabis Announces Fourth Quarter and Year End 2019 Financial Results

Published

4 years ago

on

March 31, 2020

By

Wladimir P.
Photo source: businesswire.com

 

Zenabis Global Inc. (TSX:ZENA) (“Zenabis” or the “Company“) today announced its financial results for the fourth quarter and fiscal year ended December 31, 2019. All amounts, unless specified otherwise, are expressed in Canadian dollars.

Kevin Coft, Chief Executive Officer of Zenabis, stated, “2019 was a transformative year for Zenabis with the substantial completion of the Company’s facility build-out.  In addition, the Company achieved significant growth in revenue throughout the year and in particular, in the fourth quarter with 49% quarter-over-quarter revenue growth. I am pleased and thankful for the team’s efforts and focus on delivering on our construction and sales results. Zenabis is now a significant licensed producer with Zenabis Atholville being one of the largest indoor facilities in Canada. Although the Canadian recreational market had its challenges, we believe that the continued growth in the Canadian cannabis market remains positive.  For 2020, the Company has pivoted from a facility construction focus to focussing on operational excellence as a consumer packaged goods company.  With significant capital expenditures behind us as well as recently announced cost reduction measures and opportunities to realize additional efficiencies, we feel confident that 2020 will be successful year for Zenabis.”

Fiscal 2019 Highlighted Financial Results

  • Consolidated net revenue for the year ended December 31, 2019 totalled $66.5 million, an increase of 850% from $7.0 million recorded in the same period of 2018
    • Cannabis segment increased 316% to $29.1 million from $7.0 million in 2018
    • Propagation segment increased to $38.6 million
  • Consolidated gross margin before fair value changes to biological assets and inventories was 34.2% compared to 35.1% in the prior year
    • Cannabis segment increased to 43.6% in 2019 compared to 35.1% in 2018
    • Propagation segment was 30.2%
  • Consolidated loss from operations in 2019 of $63.0 million compares to $16.1 million in 2018
    • Cannabis segment operating loss of $33.5 million compares to $16.1 million in 2018
    • Propagation segment operating income of $1.2 million
  • Consolidated net loss for 2019 of $127.0 million or $0.53 per share, fully diluted, compares to $32.5 million or $0.22 per share, fully diluted, in 2018, and included non-cash impairment losses of $9.3 million or $0.37 per share, fully diluted

Fourth Quarter 2019 Highlighted Financial Results

  • Consolidated net revenue for Q4 2019 totalled $17.9 million, compared to $12.0 million in the prior quarter
    • Cannabis segment increased 50.1% to $10.6 million from $7.1 million in Q3 2019
    • Propagation segment increased 55.5% to $7.0 million from $4.5 million in the prior quarter
  • Gross Margin before fair value changes to biological assets and inventories for the cannabis segment was $3.4 million or 31.6% of net revenue in Q4 2019, compared to $3.6 million or 51.1% of net revenue in Q3 2019, with the decrease in margin mainly due to adoption of full absorption costing for the Atholville, NB as that facility achieved full production in the quarter, as well as a greater proportion of whole sale bulk sales
  • Consolidated net loss for Q4 2019 totaled $98.7 million or $0.34 per share, fully diluted, compared to $5.8 million or $0.03 per share, fully diluted, in Q3 2019 and included non-cash impairment losses of $9.3 million or $0.37 per share, fully diluted

Fourth Quarter Developments

  • Entered into an agreement (the “Cultivation Agreement”) with Tantalus Labs Ltd. (“Tantalus Labs”), pursuant to which Zenabis will grow and harvest cannabis plants from clones provided by Tantalus Labs;
  • Completed a Rights Offering that was over-subscribed and resulted in gross proceeds of approximately $20.9 million;
  • Entered into an agreement with HYTN Beverages Inc. (“HYTN”) to produce a range of cannabis-infused beverages at Zenabis Stellarton; and
  • Announced Kevin Coft and Eric Rasmussen as Interim Chief Executive Officer and Chief Financial Officer, respectively.

Selected Financial Data

The following selected financial data with respect to the Company’s financial condition and results of operations have been derived from the Consolidated Financial Statements of the Company for the three and twelve months ended December 31, 2019 and 2018, prepared in accordance with IFRS. The selected financial data should be read in conjunction with the Consolidated Financial Statements.

Condensed Statement of Net Loss

For the three months ended

For the twelve months ended

Q4 | 2019

Q4 | 2018

%
Change

Q4 | 2019

Q4 | 2018

%
Change

Financial Results

(iii , iv)

(iii , iv)

Gross revenue

$

20,323,043

$

3,841,445

429

$

72,500,192

$

7,506,224

866

Net revenue

(i)

17,896,601

3,403,089

426

66,505,219

6,985,756

852

Gross margin before FV adjustment

5,441,426

1,710,273

218

22,762,775

2,454,037

828

Operating expenses

52,676,640

12,664,651

316

109,358,526

23,417,310

367

Operating loss

(43,817,16)

(8,543,407)

413

(62,995,957)

(16,120,579)

291

Other (expense) income

(61,968,126)

(16,254,109)

281

(71,588,057)

(16,314,212)

339

Net loss

(98,714,311)

(24,884,485)

297

(127,049,793)

(32,521,760)

291

Adjusted EBITDA

(ii)

$

(10,433,566)

$

(5,947,942)

75

$

(32,878,141)

$

(13,758,227)

139

(i)

Net revenue represents our total gross revenue exclusive of excise taxes levied by the Canada Revenue Agency (“CRA”) on the sale of medical and recreational cannabis products effective October 17, 2018.

(ii)

Refer to the “Non-GAAP Financial Measures” section for reconciliation to the IFRS equivalent.

(iii)

Due to the accounting presentation resulting from the RTO, no comparable information is presented for the Propagation and Other segments. For prior period information please refer to the financial statements previously filed by Bevo Agro Inc. on SEDAR.

(iv)

No meaningful comparison can be drawn between 2019 periods and corresponding periods in 2018 due to the fundamental change in the nature of the Cannabis operations (moving from limited medical production to large scale commercial production for adult use recreational and medical markets). 

Summary Fourth Quarter 2019 Financial Results

Cannabis Segment

Cannabis net revenue increased to $10.6 million in Q4 2019 compared to $7.1 million during Q3 2019 and $3.4 million in Q4 2018. The Company saw increases in both consumer and wholesale bulk revenues accompanied with a significant increase in overall kg of cannabis product sold. The Company was able to realize increases in revenue even with downward pressures on pricing in the adult-use recreational market as well as due to lower per gram revenue from wholesale bulk sales due to increasing demand for the Company’s products and the expansion of sales of value-added products such as pre-rolls.

During Q4, the Company completed construction and licensing of the Atholville Facility with entering steady state production at the end of the quarter. By entering steady state production, the Company will be able to focus on overall process and production efficiencies in order to realize cost optimization and reductions in the per gram cost to cultivate.

In Q4 the Company saw a reduction in realized gross margin before fair value adjustment to 31.6% from 51.1% in the prior quarter and 50.2% in Q4 2018. This reduction is due largely to the increase wholesale bulk sales as a percentage of overall sales volume as well as the downward pressure on adult-use recreational market product pricing. Given the increasingly competitive pricing in the overall cannabis market the Company has focused on overall cost reductions and production efficiencies going into 2020 in order to reduce the per gram cost to cultivate without impacting our ability to produce high quality cannabis products.

Propagation Segment

The Propagation segment achieved net revenues of $7.0 million in Q4 2019 and a gross margin before fair value adjustment of $2.6 million or 37.4% of revenue compared to net revenue of $4.5 million and gross margin before fair value adjustment of $1.1 million or 25.1% of revenue in Q3 2019.  Results from Propagation continue to be positive, with no interruption to existing Propagation customers during the conversion of greenhouses from vegetable and flower propagation to cannabis cultivation. The Company’s Propagation operating results are seasonal, driven by the varying levels of activity in the growing cycles of the vegetable greenhouse crops, the bedding plant and flower seasons, as well as the timing of customer orders, the varying cycles of the greenhouse vegetable industry and the seasonality of the customer’s planting season, with the majority of revenue typically recorded in the second quarter of the year.

Outlook

Zenabis believes that the Canadian recreational market is positioned for continued growth in 2020 with additional retail store openings planned for Ontario, British Columbia and other provinces. The legalization of edible and derivative products is also expected to significantly expand the Canadian adult-use recreational market.

Zenabis has initially focused on two product categories for the recently legalized derivative products: vaporizers and beverages. Initial shipments of vaporizer products occurred in Q1 2020 and has continued to supply its cannabis concentrates in the form of vaporizing cartridges designed for use in PAX Labs Inc.’s Era vaporizing devices. Further, Zenabis remains on track to launch cannabis-infused beverages in Q2 2020 with its initial launch of cannabis-infused sparkling water beverages.

During 2020 the Company expanded its product offerings and brands to meet the evolving consumer demand. The Company has continued to develop and produce in demand genetic strains as well as focusing on higher THC products which are being sought after by consumers.

In Q3 2020 the Company launched Re-Up, a high value, low cost cannabis brand. Under the Re-Up brand, the Company has provided various cannabis products to consumers at a competitive price. Since initial launching in New Brunswick the Company has expanded distribution channels of this brand to include Ontario, Alberta, British Columbia and Quebec among other provinces.

The Company believes that persistent competition from the low-cost illicit market, as well as new supply from competitor LPs as their facilities reach full production, is likely to result in declines in the wholesale price of cannabis in 2020 and beyond. Zenabis believes it is well-positioned to remain competitive, producing large-scale and high-quality products at a relatively low cost.

Zenabis is focused on achieving and maintaining operational excellence and becoming cash flow positive in 2020. This means a consistent and active review of our operational processes, focusing on continuing to drive down costs and optimizing procedures and expenditures in our supply chain, and to also work closely with our customers to ensure our production is optimized to the market demands of the Canadian consumer. As an example of the various cost efficiency initiatives underway, in Q1 2020, Zenabis rightsized the Company’s workforce by reducing the size of the Vancouver head office and its facilities which has resulted in a cost reduction of approximately $2 million per quarter.  Additionally, construction activities at the Company’s various facilities has been largely completed as have ongoing material capital expenditures.  The Company continues to aggressively manage its capital allocation decisions and will be guided by market conditions and demand in any and all capital expenditures.

Non-GAAP Financial Measures

Adjusted EBITDA

Adjusted EBITDA is not a recognized, defined, or standardized measure under IFRS and may not be compared to similar measures presented by other issuers. Adjusted EBITDA is a metric used by management, calculated as net income (loss) before interest expense; finance and investment income; gain (loss) on revaluation of derivative liability; gain (loss) on sale of assets; loss from event; insurance proceeds; current income tax expense; deferred income tax expense (recovery); depreciation and amortization; share-based compensation; acquisition costs; impairment of inventory, plant property and equipment, and intangible assets and goodwill; and the fair value adjustment to biological assets and inventory. Management believes adjusted EBITDA is a useful financial metric to assess the Company’s operating performance before the impact of non-cash items and acquisition related activities. The following is a reconciliation of adjusted EBITDA to net loss, being the closest GAAP financial measure, for the periods outlined:

For the three months ended

For the twelve months ended

Q4 | 2019

Q4 | 2018

Q4 | 2019

Q4 | 2018

Net loss

$

(98,714,311)

$

(24,884,485)

$

(127,049,793)

$

(32,521,760)

Changes in fair value of inventory sold

18,014,038

1,734,445

38,191,060

2,483,021

Unrealized gain on changes in fair value of

biological assets

(21,432,091)

(4,145,416)

(61,790,854)

(7,325,715)

Acquisition costs

—

74,900

4,398,646

74,900

Share-based compensation

5,995,345

4,600,719

12,220,958

6,003,105

Depreciation and amortization

2,090,304

330,817

8,382,007

1,127,041

(Gain) loss on revaluation of derivative

liabilities

(22,993)

13,131,068

(3,860,426)

12,942,773

Finance and investment expense (income)

316,621

1,924,319

(527,156)

1,625,959

Interest (income) expense

(335,248)

1,193,367

12,658,330

1,742,975

(Gain) Loss on sale of assets

(55,417)

5,355

157,909

2,505

Loss due to event

982,560

—

5,253,045

—

Insurance proceeds

(520,526)

—

(3,697,062)

—

Foreign exchange (gain) loss

122,880

—

123,168

—

Impairment of inventory

874,734

—

874,734

—

Impairment of plant, property and equipment

27,841,265

—

27,841,265

—

Impairment of intangible assets and goodwill

61,480,249

—

61,480,249

—

Current income tax (recovery) expense

(126,856)

86,969

798,750

86,969

Deferred income tax (recovery) expense

(6,944,120)

—

(8,332,971)

—

Adjusted EBITDA

$

(10,433,566)

$

(5,947,942)

$

(32,878,141)

$

(13,758,227)

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Related Topics:latest-newsZenabis GlobalZenabis Global Inc.
Up Next

IGNITE Expands Its CBD Product Lineup and introduces CBD Skincare Product Line in United Kingdom Trade Channels

Don't Miss

Flavored Yogurt Market Size Worth $59.2 Billion by 2027 | CAGR: 6.9%: Grand View Research, Inc.

Continue Reading

You may like

  • Canopy Growth Announces Results of Annual General and Special Meeting of Shareholders

  • Major Cannabis Industry Media Outlets Recognize CFCR’s Efforts to Support FDA Regulation of CBD

  • Mike Tyson is Coming to Amsterdam: Meet the Champ at “Coffeeshop TYSON 2.0” on Sept. 13th

  • HIPTHER Agency Announces Two Groundbreaking Autumn Events in Budapest and Warsaw Following the Spring Season’s Sold-Out Success

  • Cannabis Technology Market to Hit $23.46 Billion by 2030: Grand View Research, Inc.

  • Casterra Signs a Framework Agreement with a World Leading Oil and Gas Company to Sell Its Castor Seeds for Sustainable Biofuel Production, with Initial Purchase Orders of $9.1 Million

Click to comment

Leave a Reply

Cancel reply

Your email address will not be published. Required fields are marked *

Cannabis

‘Potently Canadian’ Cannabis Brand, CANACA, Launches ‘Let ‘Er Rip’ Campaign

Published

3 days ago

on

September 29, 2023

By

GlobeNewswire

TORONTO, Sept. 29, 2023 (GLOBE NEWSWIRE) — Tilray Brands, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis and consumer packaged goods company, today announced the launch of its expanded product lineup by its quintessentially Canadian cannabis lifestyle brand, CANACA. Introducing its new ‘Let ‘Er Rip’ Campaign, a curated collection of products crafted to elevate intensity while offering flavourful and aromatic consumption experiences. As part of the new campaign, CANACA highlights two product lines, unveiling exciting new offerings just in time for fall, including additional whole flower and Crumble Cones™ pre-rolls.

“We are excited to launch this campaign, which demonstrates CANACA’s redefined brand narrative, emphasizing the innovative enhancements we’ve incorporated into our processes, thereby elevating our product quality,” said Michelle Morin, Senior Brand Manager at Tilray Brands. “Innovation is at the core of the brand’s evolution; it drives us to craft cannabis products that not only meet but exceed consumer expectations.”

CANACA delivers this experience by placing a renewed emphasis on meticulous production. The refined growing and processing techniques, including hang drying, hand trimming, and a 14-day curing period, are distinctly reflected in the quality of our whole flower products. Moreover, our innovative technologies, such as the proprietary process for creating the full spectrum extract, deliver extra smooth smoke in our Crumble Cones.

In select stores, consumers will have the opportunity to explore new educational resources, delving into how each format is offered by CANACA. Immersing themselves in the vibrant visual assets encapsulating the feeling delivered by CANACA products: Let ‘Er Rip!

CANACA’s high-quality whole flower includes:

  • Afghaniskunk: For those that love a good skunk strain that’s sour yet sweet, this strain is a cross between Afghan #1 and Skunk, only available in 7g in Ontario and 28g flower in Alberta, Manitoba, and Saskatchewan.
  • Ghost Gelato: Nothing like Gelato #9 and Ghost Train Haze to bring you the ultimate sour, fruity and citrus notes to enjoy, available in 7g and 28g flower, along with 14 x 0.35g pre-roll multi-packs.
  • Headbanger: One of CANACA’s latest new Fall releases, headbanger brings a trifecta of goodness, featuring fruit, earth, and gas aromas, thanks to its blend of Biker Kush and Sour Diesel. Available in 7g in Ontario and 28g flower in Alberta, Manitoba, and Saskatchewan.
  • Alien Guy: A CANACA classic – a blend of Jean Guy and Alien Dawg bringing you citrus, lemon and pine aromas, embracing classically Canadian notes, available 7g and 28g flower, and 14 x 0.35g pre-roll multi-packs.

With boosted potency and smoothness, CANACA also introduces two additional Crumble Cones offerings:

  • Grandpa’s Stash: Grandpa’s Stash Crumble Cones combine ground Grandpa’s Stash sativa flower with butane hash oil (BHO) crumble to create infused pre-rolls that embrace sweet, spicy and dank aromas from the dominant caryophyllene, humulene and limonene terpenes from this Super Skunk x OG Kush x Afghan Kush cross with an amped-up BHO infusion. Grab Grandpa’s Stash Crumble Cones in a 3 x 0.5g pack.
  • Ghost Gelato: Ghost Gelato Crumbles Cones combines Ghost Gelato indica flower with butane hash oil (BHO) crumble to create infused pre-rolls, achieving higher THC. Experience the power of these pre-rolls with citrus, sour, and earthy aromas from the dominant limonene, caryophyllene, and myrcene terpenes, derived from a cross of Ghost Train Haze x Gelato #9 and amped-up BHO infusion. Grab Ghost Gelato Crumble Cones in a 1 x 1g pack.

CANACA’s ‘Let Er’ Rip’ campaign signifies a new chapter, showcasing products meticulously crafted for enhanced intensity and focusing on potency and aroma. This reinforces our commitment to offering ‘true north strong’ products, introducing additional potent options for consumers.

Our products are available across select regions and retailers throughout Canada.

About CANACA

CANACA is a proudly Canadian brand that indulges your unapologetic love for Canada and cannabis. We’re all about elevated adventures and expanding your horizons. The ones where you’re enjoying the journey, not just the destination. We’re passionate about crafting cannabis that’s consistent, reliable, and full of character — just like the people we serve.

Our products are curated and designed to serve the unique and ever-evolving cannabis needs and wants of Canadians. We’re proud of our work and the people and places that produce our products. That’s why CANACA is grown, produced, and packaged in small-town Canada and always will be. We’re potently Canadian, and dang proud of it.

For more information on CANACA, follow @CANACAyourbud on Instagram.

About Tilray Brands    

Tilray Brands, Inc. (Nasdaq: TLRY and TSX: TLRY) is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people’s lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body, and soul and invoke a sense of wellbeing. Tilray’s mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and wellbeing through high-quality, differentiated brands and innovative products. A pioneer in cannabis research, cultivation, and distribution, Tilray’s unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages.   

For more information on Tilray Brands, visit www.Tilray.com and follow @Tilray 

Forward-Looking Statements   

Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations concerning, among other things, the Company’s ability to commercialize new and innovative products worldwide. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.

Contacts:

Tilray Brands
Kaitlin Macapagal
news@tilray.com

Investors 
Raphael Gross 
203-682-8253
Raphael.Gross@icrinc.com 

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Continue Reading

Cannabis

Hemp, Inc. Reports: Growing Legalization of Industrial Hemp Driving Global Demand for Hemp

Published

4 days ago

on

September 28, 2023

By

GlobeNewswire

LAS VEGAS, NV, Sept. 28, 2023 (GLOBE NEWSWIRE) — via NewMediaWire – Hemp, Inc. (OTC PINK: HEMP) is perfectly positioned at the forefront of the industrial hemp industry as demand increases and opportunities abound. The recent release of a comprehensive research report, Global Industrial Hemp Market (2023-2031), says the global industrial hemp market is forecast to grow to $134.6 billion by 2030. The report covers trends, investments, tech advancements, and some of the major players in the industry.  Of particular interest in this report are the factors that are influencing the market because these are the things creating exponential growth opportunities for industry businesses. For example, did you know hemp seeds are known as a “complete” protein source? By complete, we mean the nine essential amino acids your body typically needs on a daily basis.

These amino acids are essential because they can only be derived from your diet. Let’s delve a little deeper into what those essential amino acids are. They are histidine, isoleucine, leucine, lysine, methionine, phenylalanine, threonine, tryptophan, and valine.  Quite a mouthful but quite essential. In fact, in the plant world, there are only five other plants considered a complete protein source (amaranth, buckwheat, chia seeds, quinoa, and soy).  More and more people are becoming aware of such benefits and there’s a growing consumer demand for a nutrition-rich diet.

As one of the most rapidly growing plants on the planet, hemp is used to make a variety of products. It can be shifted into rope, paper, textiles, clothing, disposable polymers, paint, insulation, food, and animal feed. (Source)  Hemp, Inc. discovered its grounded kenaf hemp blend is the perfect substrate to grow healthy and/or medicinal mushrooms and has the capability to make and/or provide the raw materials to produce hemp-based products such as hempcrete, horse bedding, hemp bio-plastics, and more. With the “growing legalization of industrial hemp farming around the world, the demand for industrial hemp has been exponential. There’s been a rapid expansion of various R&D activities that will benefit the market and the beneficial properties of hemp seed oil and hemp seeds are also significantly influencing the industrial hemp market.” (Source)

With over 14 years of experience in hemp cultivation and processing, Hemp, Inc. plays a pivotal role in the industrial hemp industry. The company’s product line includes CBD, CBDA, CBG, CBGA, and CBN, all derived from hemp and known for their therapeutic properties. Hemp, Inc. distinguishes itself by using pharmaceutical-grade beta-cyclodextrin in combination with cannabinoids for rapid absorption and efficacy. Notably, their CBD/CBG coffee enhancer is highly potent, rapidly absorbed, and competitively priced, offering consumers a premium coffee experience.

Needless to say, Hemp, Inc. continues to have a strong foothold in the market with an invaluable roster of manufacturers and vendors across the country and abroad to see meteoric growth curves on a domestic and international scale and its e-portal (www.hempinc.com) to its CBD products is primed and poised to capture a large share of the marketplace on a global scale.
The Company’s superb lineup of CBD/CBG/CBN products includes a CBD-CBG Topical Pain Relief Roll-on (THC-free with 1,460mg of CBD and 630mg of CBG totaling 2,090mg of cannabinoids in 5ml), CBD/CBG Natural Coffee Enhancers, CBD/CBG Tinctures, and, CBDa/CBGa/CBD/CBG/CBN Capsules.

Hemp has and will continue to play a vital role in maintaining good health and well-being.  Read on for how Hemp, Inc.’s current product line is a step above the rest.

About Hemp, Inc.’s Current Product Line

The product line contains CBD, CBDA, CBG, CBGA, and CBN (non-psychoactive compounds found in cannabis plants). These are active ingredients in cannabis that are derived from the hemp plant, which is widely known for pain relief, relaxation, and anxiety relief. A recipe is only as good as its ingredients and how those ingredients are blended. Hemp, Inc. is the only company in America that uses pharmaceutical-grade beta-cyclodextrin (a carbohydrate used during the manufacturing process) which is combined with all the cannabinoids for rapid absorption and uptake.  The Company’s CBD, CBDA, CBG, CBGA, and CBN product lines are highly potent therapeutic doses that have received rave reviews. 

Hemp, Inc. has also pushed the boundaries with its CBD/CBG coffee enhancer. This powerhouse product is super potent, absorbs rapidly in coffee, and is 4 times more potent (at a fraction of the price) than other hemp-derived coffee enhancers currently on the market. Its high-quality ingredient combination offers 30 servings per bottle and contains a total of 10,000mg of cannabinoids (7,500mg CBD and 2,500mg CBG) in an MCT oil base. Per serving, that’s 250mg CBD and 83mg CBG remarkably mixed in a wonderfully rich cup of coffee.  

The CBD/CBG coffee enhancer comes in plain (natural) and vanilla flavors.  The plain (natural) coffee enhancer is available now and the vanilla flavor will be available by the end of this month.  A single container (7-day supply) retails for $27.95 and a bottle (30-day supply) retails for $99.95.  Wholesale bulk orders are single-use packages, available through select restaurants.

For more information on Hemp, Inc.’s products, click here. Catch up on Hemp, Inc.’s latest news below.

Hemp, Inc. Reports: Global Natural Fiber Composites (Hemp, Kenaf, and Flax) Market Set to Reach $424 Million by 2028
Hemp, Inc. Profiled as Key Player in Latest Industrial Hemp Industry Report on Emerging Trends, Growth, and Future Scope by 2027
Hemp, Inc. Reports Higher Education Aims to Harness Hemp’s Full Potential From Field to Fabric
Hemp, Inc. Reports: Hemp Seed and Hemp Fiber Set to Flourish on a Global Scale
Hemp, Inc. Reports: Hemp-Based Product Sales Expected to Reach $16.2 Billion by 2033
Hemp, Inc. Reports: Hemp Recognized as Specialty Crop with US Department of Agriculture
Significant Increase in Revenue Proving 2023 to be a Banner Year for Hemp, Inc.
Hemp, Inc. Reports: Industrial Hemp Act 2023
New Look, New Feel for Hemp, Inc.’s Hempinc.com
Hemp Inc.’s Year-to-Date Sales Increase 315% Over Last Year

Hemp Inc. Reports Third Quarter Results and Removal of “Yield” Sign
Hemp Inc. Reveals Stunning Results of its Hemp Research
Hempcrete Approved for U.S. Residential Construction
Hemp Inc. See Significant Increase in Revenue Over the Last 3 Quarters
Hemp, Inc. Offers CBD-CBG Topical Pain Relief Roll-On
Hemp, Inc.’s Chief Visionary Consultant Bruce Perlowin Brings Opportunity to Hemp, Inc. (August 8, 2022)

Hemp Inc.’s CBDA and CBGA Products on Sale Now (July 19, 2022)
Hemp Inc.’s Chief Visionary Consultant Bruce Perlowin talks with Stock Day podcast about Hemp Inc.’s super potent line of CBD/CBG/CBN Products (July 7, 2022)
Healthy Products for Healthy Living: A Look into Hemp, Inc.’s Pure, Premium, and Potent CBD and Wellness Products (June 16, 2022)
Hemp, Inc. Releases New High Potency CBD/CBG Vanilla Flavored Coffee Enhancer (June 9, 2022)
Hemp, Inc.’s King of Hemp CBD-CBG-CBN Natural Sleep Aid Capsules in Stock and On Sale (May 26, 2022)
King of Hemp Natural and Vanilla-Flavored CBD/CBG “Super” Tinctures Now in Stock (May 12, 2022)

About Hemp, Inc.
With more than 14 years of experience in growing and processing hemp in North America, Hemp, Inc. has an established network of industry professionals in every segment of the industrial hemp industry. Its mission of providing green solutions that help make the world a better place continues to flourish as the company advances an ever-growing portfolio of revenue and value-generating synergistic businesses. Hemp may be the salvation in retooling America for greener, more sustainable domestic manufacturing.

The Company will continue to keep its shareholders up to date on all pertinent material events, product releases, production plans, and inventory availability. Those interested in distributing on a large-scale basis should email sales@hempinc.com or call 877-436-7564 for more information. The entire product line includes tinctures, gummies, capsules, and edibles in a variety of sizes, potencies, flavors, and formulas with a future focus on healthy foods for healthy living.

Forward-Looking Statements
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. The Securities and Exchange Commission (SEC) requires issuers to provide “adequate current information”. Financials for Hemp, Inc. are listed on the OTC Exchange. More information can also be found on the Hemp, Inc. website by visiting www.hempinc.com/financial-disclosures/. The material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements involve risks and uncertainties.

Contact:
Hemp, Inc.
Investor Relations
(720) 220-0037
ir@hempinc.com

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Continue Reading

Cannabis

Astrotech Reports Fiscal Year 2023 Financial Results

Published

4 days ago

on

September 28, 2023

By

GlobeNewswire

AUSTIN, Texas, Sept. 28, 2023 (GLOBE NEWSWIRE) — Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) reported its financial results for the fiscal year ended June 30, 2023.

Financial Highlights & Fiscal Year Developments 

  • Astrotech’s consolidated balance sheet remains strong with $42.1 million in cash and cash equivalents and liquid investments which is anticipated to support our research and development, organic growth, and potential acquisition targets. 
  • Gross margin increased to 41% for the year compared to 22% in the prior period, due to a higher proportion of recurring revenue.
  • We appointed Bob McFarland to the Board of Directors to bring his domestic and international executive management and sales experience, as well as his experience working with and for the federal government.
  • We appointed Thomas B. Pickens III to the role of Chief Technology Officer. He has consistently demonstrated his proficiency in identifying new applications that can “profit” from our Astrotech Mass Spectrometer Technology™ (the “AMS Technology”) and is key in the design of innovative sample collection, software user interface, and quantitation techniques. Mr. Pickens is also integral in creating value by identifying and integrating OEM suppliers of certain sample collection and chromatography technologies.
  • Our 1st Detect subsidiary’s commercial sales of the ECAC-certified TRACER 1000™ explosive trace detector (ETD), consumables and recurring maintenance services has continued leading to $750 thousand in total revenue during the fiscal year ended June 30, 2023. Additionally, 1st Detect has been successful in securing an order for 17 Tracer 1000 units to a Romanian based security and telecommunications company with the majority of these units being delivered in early fiscal year 2024.
  • Our AgLAB subsidiary released results from the ongoing field trials of the AgLAB Maximum Value Process™ solution (AgLAB MVP). AgLAB which uses the Company’s proprietary AgLAB 1000-D2™ mass spectrometer has been proven to improve distillation oil yields and bottom-line profits for hemp and cannabis producers. During our field trials, we were able to improve ending-weight yields by an average of 30%.
  • Our BreathTech subsidiary continues to collect breath samples from both COVID-19 positive and negative patients as part of the ongoing development of the library for the BreathTest-1000™ lung disease screening instrument. The BreathTest-1000 is a breath analysis tool designed to screen for volatile organic compound metabolites found in a person’s breath that could indicate they may have a bacterial or viral infection. Testing is being done following FDA required regulations.
  • On December 5, 2022, the Company effected a reverse stock split primarily intended to bring the Company into compliance with the minimum bid price requirements for maintaining its listing on The Nasdaq Stock Market LLC. On December 19, 2022, the Company received written notice from the Listing Qualifications Department of Nasdaq stating that the Company had regained compliance with the minimum bid price requirement of $1.00 per share for continued listing on The Nasdaq Capital Market. Numbers presented in the financial statements presented have been adjusted to reflect the reverse stock split.

“The Company’s gross profit grew in fiscal year 2023 as recurring revenue related to our TRACER 1000 was a larger proportion of our sales. After having lost traction with passenger airport sales during the pandemic, the Company is very excited about our most recent 17-unit order to Romania. These sales and our recurring revenue should result in an increase in our topline revenue during the next fiscal year,” stated Thomas B. Pickens, III, Astrotech’s Chairman, Chief Executive Officer and Chief Technology Officer.

During fiscal year 2023 we continued to develop and enhance our AMS Technology. This not only benefits our existing platforms but also provides additional versatility for the future.

“In addition, our AgLAB 1000-D2 field trials with potential customers have proven that the AgLAB MVP solution is an effective tool to improve potency and yields for any distiller of hemp or cannabis. We believe this technology has the ability to directly increase processors’ bottom line. We are actively demonstrating the AgLAB MVP solution to several potential customers and are hopeful to secure our first deployments of the AgLAB 1000-D2” stated Thomas B. Pickens, III.

About Astrotech Corporation

Astrotech (Nasdaq: ASTC) is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly-owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB develops and sells chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to screen for volatile organic compounds that could indicate bodily infections and critical conditions. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.

About the AgLAB 1000™ and the BreathTest-1000™

This press release contains information about our new products under development, AgLAB 1000 and BreathTest-1000. Product development involves a high degree of risk and uncertainty, and there can be no assurance that our new products will be successfully developed, achieve their intended benefits, receive full market authorization, or be commercially successful. In addition, FDA approval will be required to market BreathTest-1000 in the United States. Obtaining FDA approval is a complex and lengthy process, and there can be no assurance that FDA approval for BreathTest-1000 will be granted on a timely basis or at all.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement. These factors include, but are not limited to, the adverse impact of recent inflationary pressures, including significant increases in fuel costs, global economic conditions and events related to these conditions, including the ongoing war in Ukraine and the COVID-19 pandemic, the Company’s use of proceeds from the common stock offerings, whether we can successfully complete the development of our new products and proprietary technologies, whether we can obtain the FDA and other regulatory approvals required to market our products under development in the United States or abroad, whether the market will accept our products and services and whether we are successful in identifying, completing and integrating acquisitions, as well as other risk factors and business considerations described in the Company’s Securities and Exchange Commission filings including the Company’s most recent Annual Report on Form 10-K. Any forward-looking statements in this document should be evaluated in light of these important risk factors. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of its publication and should not be relied upon as representing its views as of any subsequent date. The Company assumes no obligation to correct or update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Company Contact: Jaime Hinojosa, Chief Financial Officer, Astrotech Corporation, (512) 485-9530.

Tables follow

 ASTROTECH CORPORATION
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share data)
(Unaudited)
    Years Ended  
    June 30,  
    2023     2022  
Revenue   $ 750     $ 869  
Cost of revenue     444       677  
Gross profit     306       192  
Operating expenses:                
Selling, general and administrative     5,775       6,006  
Research and development     5,591       2,781  
Total operating expenses     11,366       8,787  
Loss from operations     (11,060 )     (8,595 )
Other income and expense, net     1,418       265  
Loss from operations before income taxes     (9,642 )     (8,330 )
Income tax benefit     —       —  
Net loss   $ (9,642 )   $ (8,330 )
Weighted average common shares outstanding:                
Basic and diluted     1,620       1,590  
Basic and diluted net loss per common share:                
Net loss per common share   $ (5.95 )   $ (5.24 )
Other comprehensive loss, net of tax:                
Net loss   $ (9,642 )   $ (8,330 )
Available-for-sale securities                
Net unrealized losses, net of zero tax expense     (254 )     (1,176 )
Total comprehensive loss   $ (9,896 )   $ (9,506 )
                 
                 
ASTROTECH CORPORATION
Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)
    June 30,  
    2023     2022  
Assets              
Current assets              
Cash and cash equivalents   $ 14,208     $ 26,453  
Short-term investments     27,919       26,173  
Accounts receivable     225       56  
Contract Asset     —       2  
Inventory, net:              
Raw materials     1,379       864  
Work-in-process     243       136  
Finished goods     373       518  
Income tax receivable     1       —  
Prepaid expenses and other current assets     365       748  
Total current assets     44,713       54,950  
Property and equipment, net     2,670       1,098  
Operating lease right-of-use assets, net     262       162  
Other assets, net     30       11  
Total assets   $ 47,675     $ 56,221  
Liabilities and stockholders’ equity              
Current liabilities              
Accounts payable   $ 546     $ 169  
Payroll related accruals     633       816  
Accrued expenses and other liabilities     1,170       961  
Income tax payable     —       2  
Term note payable – related party     —       500  
Lease liabilities, current     316       234  
Total current liabilities     2,665       2,682  
Lease liabilities, net of current portion     291       303  
Total liabilities     2,956       2,985  
Commitments and contingencies              
Stockholders’ equity              
Convertible preferred stock, $0.001 par value, 2,500,000 shares authorized; 280,898 shares of Series D issued and outstanding at June 30, 2023 and 2022, respectively     —       —  
Common stock, $0.001 par value, 250,000,000 shares authorized at June 30, 2023 and 2022 respectively; 1,692,045 and 1,685,595 shares issued and outstanding at June 30, 2023 and 2022, respectively; 1,681,729 and 1,685,595 outstanding at June 30, 2023 and 2022, respectively     190,643       190,642  
Treasury shares, 10,316 shares and no shares at June 30, 2023 and 2022, respectively     (119 )     —  
Additional paid-in capital     81,002       79,505  
Accumulated deficit     (225,354   )   (215,712 )
Accumulated other comprehensive loss     (1,453   )   (1,199 )
Total stockholders’ equity     44,719       53,236  
Total liabilities and stockholders’ equity   $ 47,675     $ 56,221  

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Continue Reading
Advertisement

Latest news

  • Global Cannabis Market Projected To Reach $444 Billion By 2030 As Consumption and Demand Skyrockets
  • ‘Potently Canadian’ Cannabis Brand, CANACA, Launches ‘Let ‘Er Rip’ Campaign
  • Hemp, Inc. Reports: Growing Legalization of Industrial Hemp Driving Global Demand for Hemp
  • Astrotech Reports Fiscal Year 2023 Financial Results
  • Canopy Growth Announces Results of Annual General and Special Meeting of Shareholders
  • Global Exosomes Market Size to Reach USD 3.08 Billion in 2032 | Emergen Research
  • Global CBD Oil Market to Reach US$ 5.98 billion by 2033, growing at a CAGR of 31% | Future Market Insights, Inc.
  • New to The Street Announces its Five Corporate Interviews, airings on Newsmax and FOX Business Network
  • CBD Skin Care Market Size is projected to reach USD 6466.43 million by 2030, growing at a CAGR of 32.15%: Straits Research
  • Legal Cannabis Commercialization Bolsters Vacuum Oven Demand; Essential Role in Processing Extracts and Enhancing Safety Recognized
  • Endexx Announces Amended Consolidated 10-Q/A: Quarterly Report for The Quarter Ending March 31, 2023, Increasing Year-Over-Year 1013%
  • IM Cannabis Announces CFO Departure
  • New Report Reveals Pre-Rolls Emerge As The Second-Largest Product Category In Canada, Poised to Overtake Flower as the Leading Category
  • Cannabidiol (CBD) Market Size ($ 15978.16 Billion by 2030 at CAGR of 18.36% CAGR) – which is Booming Strong Growth in the Globe till 2030
  • Hemp, Inc.’s Creative Visionary Consultant, Bruce Perlowin, to be Interviewed Live on the Quantum Energy, Health, and Information Call Today

Trending on Grassnews

  • Cannabis2 weeks ago

    Hemp, Inc.’s Creative Visionary Consultant, Bruce Perlowin, to be Interviewed Live on the Quantum Energy, Health, and Information Call Today

  • Cannabis2 weeks ago

    New Report Reveals Pre-Rolls Emerge As The Second-Largest Product Category In Canada, Poised to Overtake Flower as the Leading Category

  • im-cannabis-announces-cfo-departure im-cannabis-announces-cfo-departure
    Cannabis2 weeks ago

    IM Cannabis Announces CFO Departure

  • Cannabis2 weeks ago

    Cannabidiol (CBD) Market Size ($ 15978.16 Billion by 2030 at CAGR of 18.36% CAGR) – which is Booming Strong Growth in the Globe till 2030

  • Cannabis2 weeks ago

    Endexx Announces Amended Consolidated 10-Q/A: Quarterly Report for The Quarter Ending March 31, 2023, Increasing Year-Over-Year 1013%

  • Cannabis2 weeks ago

    Legal Cannabis Commercialization Bolsters Vacuum Oven Demand; Essential Role in Processing Extracts and Enhancing Safety Recognized

  • Cannabis2 weeks ago

    CBD Skin Care Market Size is projected to reach USD 6466.43 million by 2030, growing at a CAGR of 32.15%: Straits Research

  • Cannabis1 week ago

    New to The Street Announces its Five Corporate Interviews, airings on Newsmax and FOX Business Network

GrassNews
  • Home
  • Advertise
  • PR Distribution
  • Terms of Service
  • Privacy Policy
  • Contact Us

GrassNews.net: Your premier portal for the latest developments in the cannabis industry. We provide timely news, insightful analysis, and in-depth features on everything from legislation changes and business trends, to scientific research and lifestyle topics. Stay informed and navigate the rapidly evolving cannabis landscape with GrassNews.net..

Contact us: sales@hipther.agency

Editorial / PR Submissions

Copyright © 2007 - 2023 Hipther Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

Go to mobile version