Liberty Health Sciences Reports Fiscal Year 2021 First Quarter Financial Results
*Note: All references to dollar values refer to Canadian dollars unless otherwise stated.
TORONTO, July 30, 2020 /CNW/ - Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) www.libertyhealthsciences.com ("Liberty" or the "Company"), a provider of high-quality cannabis, announced its financial results for the first quarter ended May 31, 2020. Consolidated net sales for the quarter ended May 31, 2020 were $18,440,756, compared with $5,520,561 for the quarter ended May 31, 2019.
For the quarter ended May 31, 2020, the Company reported Adjusted EBITDA of $4,583,269, compared with negative Adjusted EBITDA of $3,646,809 for the quarter ended May 31, 2019.
Liberty's product offerings include 11 quality brands including Liberty Health Sciences™, Zentient™, Pretty Pistil™, Papa's Herb™, Mary's Medicinals™, G Pen™, PAX™, Lemon and Grass™, DomPen™, Clarity™, and Honey™.
As Liberty continues to accelerate expansion of new dispensary locations, the Company has increased its cultivation and processing capacity on its 387-acre state-of-the-art Liberty-360 facility, which is comprised of 300,000 square feet of greenhouse processing and production space.
"The first quarter of fiscal year 2021 has continued to show steady results quarter over quarter as we remain committed to operating as a safe and essential service during this prolonged COVID-19 pandemic," said Victor Mancebo, Chief Executive Officer of Liberty. "I am proud of our team's commitment to adapt to the challenges the virus has created as we continue to innovate and grow. They have allowed us to keep our doors open and serve our patients in every way possible. We are also getting ready for several exciting announcements and partnerships and anticipate that our patients across Florida will share in our enthusiasm, which in turn will increase our market share."
Liberty currently operates 26 dispensaries across Florida in the following locations:
· Boca Raton |
· Palm Harbor |
· Bonita Springs |
· Panama City |
· Bradenton |
· Pensacola |
· Cape Coral |
· Port St. Lucie |
· Dania Beach |
· Sarasota |
· Gainesville |
· St. Petersburg |
· Jacksonville Beach · Lakeland |
· Stuart · Summerfield |
· Merritt Island |
· Tampa (Hyde Parke) |
· Miami · North Miami · Orange Park · Orlando |
· Tampa (Tetra) · Tallahassee · West Palm Beach · Winter Haven |
Operational Highlights:
- Liberty has opened 26 dispensaries to date throughout Florida.
- The Company has signed lease agreements for another ten new locations to open.
- Liberty launched DomPen™, one of California's top vaporizer brands, best known for its affordable all-in-one vaporizers and Dom cartridges, which offer a range of popular strains.
- Liberty introduced Honey™, the first producer in the world to market distilled cannabis oil in vape cartridges. Today, Honey™ provides authentic, full-spectrum oil-in-vape cartridges, applicators, and caps.
- Liberty has amassed a product portfolio of more than 277 SKU's.
About Liberty Health Sciences Inc.
Liberty is the cannabis provider committed to providing a high-quality cannabis experience based on our genuine care for all cannabis users and a focus on operational excellence from seed to sale. For more information, please visit: www.libertyhealthsciences.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains certain forward-looking statements within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "believe", "plan", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, expectations related to the Company's production capabilities, expectations concerning the receipt of all necessary approvals from the Florida Department of Health, expectations concerning the opening of new dispensaries and the expansion of its greenhouse space, and the Company's future expansion and growth strategies. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the medical marijuana industry in the United States generally, income tax and regulatory matters; the ability of Liberty to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Liberty Health Sciences Inc.
Media Contacts: Dwain Schenck, (203) 223-5230, [email protected]; Victor Mancebo, Chief Executive Officer, (352) 388-3178, [email protected]
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