Eve & Co Announces Financial Results for the Three and Nine Months Ended September 30, 2019
TORONTO, Nov. 27, 2019 (GLOBE NEWSWIRE) -- Eve & Co Incorporated (the “Company” or “Eve & Co”) (TSX-V: EVE; OTCQX: EEVVF) is pleased to announce its interim financial results for the three and nine months ended September 30, 2019. The financial statements and management discussion and analysis for such interim periods are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on Eve & Co's website at www.evecannabis.ca.
HIGHLIGHTS
The Company is pleased to provide the following highlights of its progress over the three and nine months ended September 30, 2019 and subsequent events:
- For the three months ended September 30, 2019, the Company reported revenue of $0.9 million, a 45% increase over the three months ended June 30, 2019, as the Company continued to ramp up its domestic supply and bulk sales. For the nine months ended September 30, 2019, the Company reported revenue of $3.1 million. Further, the Company reported Net Loss and Comprehensive Loss for the three and nine months ended September 30, 2019 of $2.0 million and $2.6 million respectively;
- On January 30, 2019, the Company entered into a binding non-exclusive supply agreement for the sale of dried cannabis to an established German importer and distributor of pharmaceutical and medicinal products. The supply agreement is for an initial term of three years and is automatically renewable for two subsequent two-year terms unless otherwise terminated by the parties at the end of the initial or renewal term;
- On February 11, 2019, the Company announced that a product line of pre-rolled cannabis became available for purchase in select Newfoundland and Labrador licensed cannabis retailers and on the Cannabis NL website;
- On May 29, 2019, the Company entered into a second binding non-exclusive supply agreement for the sale of dried cannabis to a German importer and distributor. The supply agreement is for an initial term of three years and is automatically renewable for two subsequent two-year terms unless otherwise terminated by the parties at the end of the initial or renewal term;
- On June 28, 2019, the Company announced the launch of its cannabis in dried-flower format at select NL licensed cannabis retailers and on the Cannabis NL website;
- On July 11, 2019, the Company received licensing for two additional drying rooms expected to add 1,600 square feet of drying space and having an estimated capacity to dry up to 30,000 plants. The new rooms are designed to maximize throughput, leveraging new designs to allow more plants at one time than the Company’s existing drying rooms;
- On August 6, 2019, the Company announced that it had completed construction of its 780,000 square foot hybrid greenhouse expansion located in Southwestern Ontario. The expansion is situated on the same property as the Company’s currently licensed hybrid greenhouse, measuring 220,000 square feet;
- On August 20, 2019, the Company announced that it was approved by the Manitoba Liquor and Lotteries Corporation to list non-medical adult-use cannabis throughout the province to licensed retailers approved for non-medical adult-use cannabis sales and the Company provided first sales to the province in September 2019;
- On September 6, 2019, the Company entered into its third binding, non-exclusive supply agreement for the sale of dried cannabis to a German importer. The supply agreement is for an initial term of two years and is automatically renewable for subsequent two year terms unless otherwise terminated by the parties at the end of the initial or renewal term;
- On November 18, 2019, the Company announced that it has entered into an agreement with National Cannabis Distribution for the distribution of adult-use cannabis products to the Saskatchewan retail market following its registration with the Saskatchewan Liquor and Gaming Authority to list adult-use cannabis; and
- The Company anticipates that it will commence shipping product pursuant to the Company’s initial German supply agreement, announced on January 30, 2019, within the first financial quarter of 2020.
“We are continuing to move forward with our strategy in the fourth financial quarter of 2019. The completion of the 780,000 square foot greenhouse expansion was on budget and our application to amend the license to include the additional flowering space is being processed by Health Canada. We continue to focus on sales and distribution in Canada and into the European Union with our German partners as well as launching additional products in the new year,” said Melinda Rombouts, President and Chief Executive Officer of Eve & Co.
ABOUT EVE & CO INCORPORATED
Eve & Co, through its wholly-owned subsidiary Natural MedCo Ltd., holds cultivation and processing licences under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and cannabis oil. Natural MedCo Ltd. was Canada’s first female founded licensed producer of medicinal marijuana and received its cultivation licence from Health Canada in 2016.
Eve & Co is led by a team of agricultural experts and has a 220,000 sq. ft. greenhouse licensed for the production, processing and sales of dried cannabis, cannabis plants and processing of cannabis oil located in Strathroy, Ontario. Eve & Co has completed construction of an additional 780,000 sq. ft. expansion, bringing Eve & Co’s total greenhouse capacity to 1,000,000 sq. ft.
The Company’s website can be visited at www.evecannabis.ca