322% Increase in Revenue in 2021 Third Quarter VANCOUVER, British Columbia, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Juva Life Inc. (CSE: JUVA) (OTCQB: JUVAF) (FRANKFURT: 4VV) (“Juva Life,” “Juva” or the “Company”), a life sciences portfolio company with operations in cannabis production and distribution as well as pharmaceutical research and development, today reported its financial and operating results for the three-month and nine-month periods ending September 30, 2021.
Q3 2021 Financial Summary
- Revenue for Q3 2021 increased 322% when compared to the same period in 2020; from $.2 million to $1.2 million. This increase was driven by growth in its delivery business as well as sales from its initial cannabis harvests
- Revenue for the nine months ended September 30, 2021 was $2.5 million vs $ .5 million for the same period in the previous year, a 390% increase
- Gross profit for the quarter increased to $.51 million or 43.1% of revenue, compared to $.13 million in the same period in 2020
- Total net expenses including non-cash items decreased from $3.1 million to $2.5 million for the quarter despite revenue increasing substantially
- On September 30, 2021, working capital was $4.5 million
Q3 2021 Operational Highlights
- Company focused on expansion of pharmaceutical research initiatives, through its Juva Research division
- Company identified and nominated JUVA-019 for further clinical research and profile development, driven by top line results from an internal study that showed the non-cannabinoid compound has significant anti-inflammatory properties
- Its Juva Stockton subsidiary received a state license for distribution for its Stockton, CA, facility, with the intention of a manufacturing license to follow
- Started final phase of construction on its Stockton cultivation facilities, expected to be completed in the first quarter of 2022, and which will effectively triple the revenue generating capacity of the facility
“The third quarter of 2021 was without a doubt one of the most prosperous and pivotal quarters to date for our organization,” said Doug Chloupek, CEO and Founder of Juva. “Our legacy cannabis operations, which have been years in the making, really began to take off. We saw a massive increase in revenue from our delivery business, which continues to see growth in its customer base and product offering. Construction continued on our cultivation hub in Stockton, which I am happy to report is on track for completion in the beginning of next year. This expansion will more than triple our capacity with a minimal increase to our expenses. All in all, Q3 marked the first fully operating quarter of our vertically integrated cannabis business in California, the largest legalized cannabis market in the world, and we are just getting started. I am so proud of how the team executed and the fruits of those labors are becoming very apparent. Headed into the new year, we plan to further optimize our cannabis operations, focus on profitability and sustainable growth, and building upon the success we experienced this year.”
Chloupek added: “Beyond our cannabis operations, the third quarter may have been even more important for the scientific breakthroughs we experienced in our research division. From our inception, the core of Juva’s mission was to unlock the medical aspects of the cannabis plant through science and research. In August of this year, we announced top line results from pre-clinical research we conducted in-house, which resulted in our nomination of the first compound in our clinical development pipeline, JUVA-019. While found in the cannabis plant, the compound is not a cannabinoid, and we were able to successfully file a patent on its anti-inflammatory mode of action, giving Juva a truly unique value proposition in the cannabis research space. Since its identification and nomination, we have been conducting further research, including comparative and in vivo studies, which have shown that JUVA-019 has substantial anti-inflammatory properties, surpassing those of more commonly known cannabinoids such as CBD and THC. We are so excited by the discovery and truly believe we have found something naturally occurring in the cannabis plant that has the power to address one of the largest therapeutics markets in the world. We plan to further investigate this hypothesis in an expedited fashion in the coming month – and in a way that we believe creates a completely new value proposition for Juva as a company. Overall, I could not be more excited for where we are as an organization and the opportunity we have before us.”
https://www.globenewswire.com/news-release/2021/12/02/2344722/0/en/Juva-Life-Reports-322-Increase-in-Revenue-in-2021-Third-Quarter-Financial-and-Operational-Results-Filing.html