StickIt
StickIt Technologies Inc. Announces Year-End 2023 Financial Results
TEL AVIV, Israel and CALGARY, AB, April 8, 2024 /PRNewswire/ — StickIt Technologies Inc. (“StickIt” or the “Company”) (CSE: STKT), an Israeli technology and cannabinoid company, announces its financial results for the year ended December 31, 2023.
Financial Highlights for 2023:
- On May 5, 2023, StickIt entered into a Technology License and Distribution agreement with Alta in Canada Inc. granting Alta Inc. a license to utilize its raw materials and engage in the manufacturing of its products.
- Significant investment in research and development to support innovation and product development, totaling CAD$101,000.
- A notable year with the completion of a reverse takeover (RTO) on October 23, 2023, positioning StickIt for accelerated growth and market expansion.
- Concurrently with the completion of the RTO, the Company completed a financing of CAD$441,000, consisting of 1,024,628 subscription receipts for CAD$0.4304 each, that were converted on a 1:1 basis into the Company’s common shares.
|
YE 2023 (CAD$k) |
YE 2022 (CAD$k) |
|
|
Revenue1 |
$203  |
$564 |
|
Selling, G&A Expenses2 |
$1,004 |
$591 |
|
Net Income (Loss)3 |
($48,986) |
($806) |
Notes:
1. All the revenues have been generated by selling the licenses for the distribution of Extra-C stick.
|
2023 |
2022 |
||
|
|
|
||
|
|
370 |
||
|
Revenue from sales and services to associated company (Thailand) |
138 |
||
|
Revenue from sales (Europe) |
9 |
194 |
|
|
Revenue from technology, trademark, and distribution (Canada) |
56 |
||
|
203 |
564 |
2. The increase in the operational expenses was primarily attributable to the professional fees as well as the additional services hike associated with the transaction costs of the RTO and the listing with the CSE. Most of these fees were one-time costs.
3. During 2023 the Company incurred losses of CAD$48,986,000 of which CAD$47,695,000 resulted from registration and issuance costs from the RTO.
Operational Highlights:
- Expansion into international markets with the establishment of a joint venture in Bangkok, Thailand, aiming to capitalize on global opportunities for our Extra-C sticks.
- Secured a comprehensive patent portfolio, enhancing our competitive edge and underscoring our commitment to innovation. Noteworthy patents include US11582996 B2 in the USA and multiple grants across Europe, Canada, and Israel.
- Continued focus on a growth strategy through joint ventures in regions where recreational cannabis is permitted, strengthening our global footprint and market reach.
Eli Ben-Haroosh, CEO, remarked, “Poised for ongoing expansion and deeper market reach into 2024 and further, StickIt aims to exploit its formidable patent stance, broaden its worldwide joint venture approach, and persist in innovation within the realm of cannabinoid accessories. The management team upholds a pledge to enhance shareholder value and seize the extensive possibilities in the leisure and medical cannabis arenas.”
Sophie Galper Komet, CFO, stated, “2023 emerged as a cornerstone for StickIt, highlighted by our major technological progress and deepening dedication to novelty via a strong patent collection. Finalizing the reverse acquisition laid a firm base for the upcoming expansion. Looking ahead, the prospect of penetrating international arenas excites us, with a resolve to utilize our pioneering technology to secure a notable share.”
About StickIt Technologies Inc.
StickIt is a technology company that invented and manufactures innovative products (“devices”) that can contain varying quantities of CBD/THC for recreational and medical cannabis users. Its operating model is to establish joint ventures/licensees (“partners”) in countries around the world that will establish a production facility in which they will add the cannabinoid content to the “sticks” and “straws” produced and supplied by StickIt. The Company’s precise dosing options cater to a wide range of effects, including pain-killing, energizing, focus, sleep improvement, etc., and can be tailored to meet local preferences and regulations. StickIt Technologies serves customers worldwide.
For more information, please contact:
StickIt Technologies Inc.
Eli Ben-Haroosh, CEO
E: info@stickit-labs.com
Sophie Galper, CFO
E: cfo@stickit-labs.com
CHF Capital Markets Inc.
Cathy Hume, CEO
T: 416-868-1079 x 251
E: cathy@chfir.com
Website: www.stickit-labs.com
Facebook: @Stickit
Twitter “X” : @STICKIT74776509
LinkedIn: @Stickit-labs
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not undertake to update any forward-looking statements, other than as required by law. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by StickIt Technologies Inc. Readers are cautioned not to place undue reliance on forward-looking statements.
Logo – https://mma.prnewswire.com/media/2258883/Stickit_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/stickit-technologies-inc-announces-year-end-2023-financial-results-302110240.html
StickIt
StickIt Technologies Inc Announces Reorganization in StickIt Thailand Ltd and StickIt Spain SL Ltd with reduction of significant expenses
VANCOUVER, BC, June 24, 2024 /PRNewswire/ — StickIt Technologies Inc. (the “Company” or “StickIt”) (CSE: STKT), an Israeli technology and cannabinoid company, announces today reorganization and reduction of significant expenses.
As part of the reorganization, the company intends to reduce significant expenses in its activities around the world. The company decided in January 2024 to close the raw materials factory in Galilee, Israel, due to the war and move the raw materials production activity to Calgary, Canada. During the end of the 3rd quarter of 2024, the company intends to close its subsidiary StickIt Thailand Ltd (based in Thailand) in accordance with the government’s statement on ending the recreational use of cannabis in the country. The company also intends to close StickIt Spain’s CBD manufactory and the company’s offices in Barcelona and transfer the producing franchise to a local distributor.
“The world’s cannabis industry is facing many challenges – which affects most companies in the industry and probably affects the share value. It is necessary to reduce costs and try to increase our technology sales worldwide. These actions will save the company about $120,000 CAD a year,” concluded Eli Ben Haroosh, CEO of StickIt Technologies Inc.
The CEO went on to say that during Q3 2024, StickIt’s Research Unit will produce the special THC straw for mass creation.
About StickIt Technologies Inc
StickIt is a technology company that invented and manufactures innovative products (“devices”) that can contain varying quantities of CBD/THC for recreational and medical cannabis users. Its operating model is to establish joint ventures/licensees (“partners”) in countries around the world that will establish a production facility in which they will add the cannabinoid content to the “sticks” and “straws” produced and supplied by StickIt. The Company’s precise dosing options cater to a wide range of effects, including painkilling, energizing, focus, sleep improvement, etc., and can be tailored to meet local preferences and regulations. StickIt Technologies serves customers worldwide.
About Ripco Processing Inc.
Ripco, known for its innovative cannabis products, brings popular brands like StickIt and StripIt to the Canadian market. StickIt is an infused stick designed to enhance the performance of prerolls, promising to take user experiences to new levels – just StickIt!
For more information, please contact:
StickIt Technologies Inc
Eli Ben Haroosh, CEO
E: info@stickit-labs.com
Sophie Galper , CFO
E: sophie@stickit-labs.com
Website: www.stickit-labs.com
Facebook: @Stickit
Twitter “X”: @STICKIT74776509
LinkedIn: @Stickit-labs
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not undertake to update any forward-looking statements, other than as required by law. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by StickIt Technologies Inc. Readers are cautioned not to place undue reliance on forward-looking statements.
Logo – https://mma.prnewswire.com/media/2258883/4769564/Stickit_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/stickit-technologies-inc-announces-reorganization-in-stickit-thailand-ltd-and-stickit-spain-sl-ltd-with-reduction-of-significant-expenses-302180279.html
VANCOUVER, BC, May 21, 2024 /PRNewswire/ — StickIt Technologies Inc. (the “Company” or “StickIt”) (CSE: STKT), an Israeli technology and cannabinoid company, today announced an unsecured convertible debenture placement.
The $10,000 unsecured convertible debenture from StickIt, which matures on April 18, 2025, carries a 5% interest rate per annum and is payable at the end of the term. The convertible debenture can be automatically converted into Common Shares at a conversion price of $0.35 per Common Share at the election of the debenture holder.
The funds will be invested in Ripco Processing Inc., a cannabis processing and research and development facility located in Calgary, Alberta. Ripco, which has a team of experienced cannabis pioneers, focuses on creating unique, desirable cannabinoid-based products for recreational and medical use.
“Ripco is pleased to be working with Stickit in Canada. This relationship gets the amazing Stickit products into the Canadian market quickly, feeding directly into our existing distributions channels for immediate sales.”, says Ripco.
“Stickit, as an innovator in cannabis technologies, knows that its success in Canada in directly tied to the success of Ripco’s Stickit launch. We are happy to help our licensees achieve success with our products and we know Ripco does great work.”, said Eli Ben Haroosh, CEO of Stickit Technologies.
About StickIt Technologies Inc.
StickIt is a technology company that invented and manufactures innovative products (“devices”) that can contain varying quantities of CBD/THC for recreational and medical cannabis users. Its operating model is to establish joint ventures/licensees (“partners”) in countries around the world that will establish a production facility in which they will add the cannabinoid content to the “sticks” and “straws” produced and supplied by StickIt. The Company’s precise dosing options cater to a wide range of effects, including painkilling, energizing, focus, sleep improvement, etc., and can be tailored to meet local preferences and regulations. StickIt Technologies serves customers worldwide.
About Ripco Processing Inc.
Ripco, known for its innovative cannabis products, brings popular brands like Stickit and Stripit to the Canadian market. Stickit is an infused stick designed to enhance the performance of prerolls, promising to take user experiences to new levels – just Stickit!
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not undertake to update any forward-looking statements, other than as required by law. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by StickIt Technologies Inc. Readers are cautioned not to place undue reliance on forward-looking statements.
For more information, please contact:
StickIt Technologies Inc.
Eli Ben Haroosh, CEO
E:info@stickit-labs.com
Sophie Galper , CFO
E:sophie@stickit-labs.com
Website: www.stickit-labs.com
Facebook: @Stickit
Twitter “X”: @STICKIT74776509
LinkedIn: @Stickit-labs
Logo: https://mma.prnewswire.com/media/2258883/Stickit_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/stickit-technologies-announces-investment-into-ripco-processing-inc-302151258.html
TEL AVIV, Israel, March 25, 2024 /PRNewswire/ — StickIt Technologies Inc. (the “Company” or “StickIt”) (CSE: STKT), an Israeli technology and cannabinoid company, today revealed that StickIt has initiated a substantial leap forward in the consumption methods of cannabinoids. This exciting new product gives rapid effects, discreet delivery and perfect dosing in a fun, contemporary format. Now, consumers can simply use a StickIt SipIt straw, an innovative patented applied solution (watch demonstration here), with their favorite beverage and enjoy imperceptible delivery of cannabinoids while doing so. Within minutes, consumers will feel the long-lasting effects of cannabinoids. Finally, no bitter flavours, no gummy chemicals, and no smoke – just the benefits of cannabinoids.
Eli Ben Haroosh, CEO, commented, “Today marks a monumental day for StickIt Technologies Inc. as we unveil a groundbreaking advancement in cannabinoid consumption. Our new StickIt SipIt straw is not only a testament to innovation but also a step forward in making cannabinoid use seamless, enjoyable, and efficient. This development eradicates the hassle of traditional consumption methods, offering rapid, discreet, and precise dosing without compromising taste or experience. It’s a win-win for both consumers and producers, opening doors to untapped markets and elevating the cannabis experience to unprecedented levels. We’re not just changing the way cannabis is consumed; we’re revolutionizing it.”
Shawn Ripley, CTO, added, “We’re absolutely thrilled about StickIt Technologies! It’s a cutting-edge company with pioneering products constantly in the pipeline. And right here in Calgary, Alberta, my R&D team is transforming the future with a remarkable advance in cannabinoid technology. Presenting our newest creation: the StickIt SipIt straw!”
Cannabinoid producers now have the opportunity to tap into a new, lucrative revenue channel using the StickIt solid-phase technology and mass production systems. To learn more about this exciting, unique process, another global first for StickIt, contact us today at info@stickit-labs.com.
About StickIt Technologies Inc.
StickIt is a technology company that invented and manufactures innovative products (“devices”) that can contain varying quantities of CBD/THC for recreational and medical cannabis users. Its operating model is to establish joint ventures/licensees (“partners”) in countries around the world that will establish a production facility in which they will add the cannabinoid content to the “sticks” and “straws” produced and supplied by StickIt. The Company’s precise dosing options cater to a wide range of effects, including pain-killing, energizing, focus, sleep improvement, etc., and can be tailored to meet local preferences and regulations. StickIt Technologies serves customers worldwide.
Logo: https://mma.prnewswire.com/media/2258883/Stickit_Logo.jpg
For more information, please contact:
StickIt Technologies Inc.
Eli Ben Haroosh, CEO
E: info@stickit-labs.com
CHF Capital Markets Inc.
Cathy Hume, CEO
T: 416-868-1079 x 251
E: cathy@chfir.com
Website: www.stickit-labs.com
Facebook: @Stickit
Twitter “X”: @STICKIT74776509
LinkedIn: @Stickit-labs
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not undertake to update any forward-looking statements, other than as required by law. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by StickIt Technologies Inc. Readers are cautioned not to place undue reliance on forward-looking statements.
View original content:https://www.prnewswire.co.uk/news-releases/stickit-technologies-announces-major-breakthrough-in-cannabinoid-technology-302098069.html
-
Cannabis2 weeks agoIM Cannabis Shares Commence Trading on 6:1 Consolidated Basis
-
Cannabis2 weeks agoFractional Flow Reserve Market growing at a CAGR of 15.56% during the forecast period [2024-2030] – Exactitude Consultancy
-
Cannabis1 week agoBlank Rome Bolsters Energy Industry Team in Houston and Pittsburgh with Leading Transactional Group
-
Cannabis1 week agoManitoba Harvest Hemp Foods and Brightseed® Introduce New Coffee and Chocolate Flavors in Organic Bioactive Fiber Supplement for Gut Health
-
Cannabis4 days agoEurope Medical Cannabis Oil Market Set to Reach Valuation of USD 2,395.83 Million by 2032 | Astute Analytica
-
Cannabis4 days agoGlobal Agricultural Textiles Market Size To Worth USD 25.02 Billion By 2033 | CAGR of 4.70%
-
Cannabis1 day agoUnlocking New Horizons in Health: TNR, The Niche Research Reveals the Transformative Power of Minor Cannabinoids
-
Cannabis14 hours agoVerano Announces the Opening of Zen Leaf Fairless Hills, the Company’s Newest Affiliated Dispensary in Pennsylvania, in Prime New Location