Diogenes of Sinope
4 년 전
48North Cannabis Corp. Announces Financial and Operating Results for 2020 Fiscal Year and Provides Q1 2021 Guidance
Financial and Operating Highlights for Full Year Fiscal 2020 and Subsequent Events:
Revenue of $10.5 million, marking a 117% increase from fiscal 2019
For Q4 2020, revenue totaled $4.5 million, a 65% increase from Q3 2020
Revenue for Q1 2021 is expected to be $7 million, which represents 67% of fiscal 2020 yearly net revenues, and a 58% increase from Q4 2020
At the end of fiscal 2020, 48North had $9.3 million in cash and cash equivalents on hand
Since June 2019, 48North has launched 26 SKUs in the Canadian adult-use recreational cannabis market.
48North launched products ranging in form from vaporizers, topicals, pre-rolls, and intimacy goods.
48North's facilities are now built out and licensed. At delshen, the Company's premium indoor cannabis facility located in Kirkland Lake, 48North consistently cultivates best-selling cannabis. At Good:House, 48North successfully completed the build out of Phase 2, subsequently the Company received all of the necessary licenses from Health Canada. And finally, at Good:Farm, the Company successfully completed and received licensing for the build out of its state-of-the-art drying barn giving the Company the required space to process the cannabis planted at Good:Farm
At Good:Farm, 48North illustrated the importance of outdoor cultivation with one of the first and largest outdoor cannabis facilities in Canada. The company's 2019 Good:Farm harvest contributed to the low-cost for development of many of 48North's next-generation cannabis products, including: vaporizers, topicals, and flower. In preparation for its second season, the Company transformed the farm into a regenerative organic farm, implemented lessons learned from its first season, and early indicators point to a very successful crop
48North signed a number of supply agreements and strategic partnerships with cannabis brands and provincial boards, including; BC Cannabis Stores, Liquor, Gaming & Cannabis Authority of Manitoba, Saskatchewan Liquor & Gaming Authority, Medical Cannabis by Shoppers Drug Mart Inc., Apothecanna, Pax, and Indigo
48North launched two additional recreational cannabis brands:
Trail Mix: Building on the Company's belief that high-quality cannabis experiences should be available to all, 48North's low-cost production advantage allows the Company to produce this brand at competitive pricing. Looking ahead, Trail Mix will include: additional Pax products, all-in-one disposable pens, dried flower, and pre-rolls
Latitude: Latitude builds on the successful 2018 launch of LAT, an interactive, omni-channel platform that empowers women to connect, engage and share their personal stories with cannabis. This brand responds to a market need for the industry to support customers seeking new ways to reset, rejuvenate and live well. Launching products in a variety of different categories ranging from sexual wellness to beauty and beyond
48North was awarded a Canadian Marketing Award for its innovative approach to marketing cannabis in a highly regulated marketplace
https://www.newswire.ca/news-releases/48north-cannabis-corp-announces-financial-and-operating-results-for-2020-fiscal-year-and-provides-q1-2021-guidance-868775192.html