TREES SETS NEW RECORD IN JULY WITH SYSTEM-WIDE SALES(1) OF $1.3 MILLION AND APPROXIMATELY $3.1 MILLION FOR ITS SECOND QUARTER ENDING JUNE 30
TORONTO, Aug. 4, 2022 /CNW/ - Trees Corporation (NEO: TREE) (the "Company" or "Trees"), a next-now cannabis company at the intersection of community, content, and commerce, is pleased to announce that it has recorded another system-wide sales1 record in the month of July totaling $1.3 million, a 7% increase over the prior month. The Company further expects to report record second-quarter system-wide sales1 of approximately $3.1 million (a 13% increase over the prior quarter) when it releases its second-quarter results for the period ended June 30, 2022, after the closing of markets on August 15, 2022
Jeff Holmgren, President of Trees said, "We continue to be encouraged by our robust growth in sales, now setting records in both June and July and for the soon-to-be-released second quarter results. We look forward to continued growth in the months ahead as we remain focused on operational execution and M&A-based growth opportunities."
Michael Klein, CEO of Trees added, "Our performance is a testament to the entire team, and we are grateful for the support from the communities we serve in Ontario and British Columbia."
Second quarter results: The Company's interim condensed consolidated financial statements and management discussion and analysis for the three and six-month periods ending June 30, 2022, is scheduled to be released following the close of markets on August 15, 2022. These reports will be available on SEDAR (www.sedar.com) and on the investor page of the Company's website (www.TreesCorp.ca).
1 |
System-wide sales is a Non-IFRS financial measure. For more detail, see the "Non-IFRS Financial Measures " section below. |
Trees is a cannabis company at the intersection of community, content, and commerce. Publicly traded, Trees offers a differentiated retail experience, combined with digital platforms that aim to educate and amplify, unlocking emerging consumer segments and need states that allows Trees to uniquely engage the 360-cannabis consumer. The Company has 13 Trees branded storefronts in Canada, including eight (8) stores owned and operated in Ontario and five (5) stores in BC currently operating as Trees Cannabis stores under a brand license agreement, and pending acquisition subject to the closing of the acquisition of the assets of 101 pursuant to the terms of the third amended and restated asset purchase agreement between Trees and 101 (the "APA"). The closing of the transactions contemplated by the APA is subject to certain conditions precedent, including the receipt of certain licensing approvals and related regulatory consents.
In this news release, the Company reports "system-wide sales", a financial measure that is not determined or defined in accordance with the International Financial Reporting Standards, as issued by the International Accounting Standards Board (" IFRS "). Such financial measures do not have standardized meanings prescribed by IFRS and the Company's methods of calculating these financial measures may differ from methods used by other companies. Accordingly, such non-IFRS financial measures may not be comparable to similarly titled measures presented by other companies. These measures are provided as additional information to complement IFRS by providing a further understanding of operations from management's perspective and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. System-wide sales represents the sum of the revenue reported to Trees by (i) brand licensees of Trees retail cannabis stores and (ii) Company-owned Trees retail cannabis stores. This measure is useful to management and the investment community in evaluating brand scale and market penetration and is used by management of Trees to assess the financial and operational performance of the Company and the strength of the Company's market position relative to its competitors.
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.
Forward-looking statements in this document include, among others, expectations regarding the Company's record second-quarter system-wide sales of $3.1 million, statements relating to the expected closing of the transactions contemplated by the APA, expectations regarding the Company's ability to unlock and capture emerging consumer segments across its platforms, expectations regarding the Company's ability to engage its customers and new consumer segments and need states, the expectation that the Company will be successful in its growth strategy, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The NEO Exchange has neither approved nor disapproved the contents of this press release and accepts no responsibility for the adequacy or accuracy of this release.
SOURCE Trees Corporation
Trees Corporation, Jeffrey Holmgren, President and Chief Financial Officer, Email: [email protected]
Share this article