News release of 48 North 2019-09-30 2019-09-30 17:10 ET - News Release
Ms. Alison Gordon reports
48NORTH CANNABIS CORP. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR 2019 FISCAL YEAR
48North Cannabis Corp. has released its financial and operating results for the fiscal year ended June 30, 2019.
"The past 12 months have been foundational for 48North; the year was spent successfully laying the building blocks for what will result in a leading consumer-focused Canadian cannabis company focused on the development of next-generation cannabis products made possible and reinforced by low-cost cultivation and beloved brands," said Alison Gordon, chief executive officer of 48North.
"Currently, at Good:Farm, 48North is harvesting approximately 200,000 cannabis plants, with some of the harvest being earmarked for the provincial distributors as dried flower and the remainder being processed for extraction destined for next-generation cannabis products; 48North expects to start showing significant revenues from its outdoor cultivation in upcoming quarters."
Financial and operating highlights for full-year fiscal 2019:
- Net revenue of $4.82-million, marking 48North's first full year of revenue;
- Inventory increased from $2,481,000 at March 30, 2019, to $4.73-million at June 30, 2019, as the company positions for next-generation products available for retail sale in 2020;
- Acquisition of Good & Green Cannabis Corp, bringing additional production facilities and outdoor cultivation opportunities on its 100-acre farm;
- In fiscal 2019, the company raised over $48-million and at the end of the year had $52.7-million in cash and cash equivalents on hand. As a result, 48North believes it is well capitalized to execute on its business plan;
- 48North delivered on all of the commitments it set out for itself, including:
- Receiving its outdoor cultivation licence from Health Canada for Good:Farm;
- Successfully capitalizing the company;
- Building out a state-of-the-art cannabis extraction facility at Good:House with the capacity to process all of the cannabis harvest at Good:Farm;
- Entered the adult-use recreational cannabis market with supply agreements in three of Canada's largest provinces;
- Made strategic retail investments;
- Epanded meaningfully into the United States through the acquisition of Quill and procurement of significant supply of CBD (cannabidiol) oil.