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Bullboard - Stock Discussion Forum Vibe Growth Corp C.VIBE

Alternate Symbol(s):  VIBEF

Vibe Growth Corporation is a Canada-based vertically integrated cannabis retailer. The Company is engaged in evaluating, acquiring, and developing cannabis cultivation, distribution and manufacturing assets and retail cannabis dispensaries, in the United States. The Company has retail dispensaries, cannabis greenhouse cultivation, premium indoor cultivation, commercial cannabis distribution... see more

CSE:VIBE - Post Discussion

Vibe Growth Corp > Results
View:
Post by raptor0 on May 02, 2022 7:13pm

Results

After looking through the 2021 financials, here are some of my takeaways:
 
- core dispensaries (Port City/Stockton, Sacramento & Redding) are the only profitable things we have going, and they are even showing declining revenues
- Portland (aquired from Ventura) and Palm Springs are duds, likely extremely unprofitable (though management no longer discusses individual dispensaries specifically, which pisses me off)
- all the dispensaries, when taken together, are borderline unprofitable as a whole and certainly not enough to float the rest of the cash-sucking company (i.e. cultivation and corporate)
- who cares if overall dispensary revenue is up yoy? we added 2 dispensaries during that period, it had better be up - even worse it DECLINED yoy for Q4, with the extra 2 dispensaries running
- the drop in overall revenue from Q3 - Q4 is shocking, I anticipated a dip for seasonality, but nothing like this (17%!!!)
- impairment costs show that something we bought (they wouldn't name it specifically but looks like Palm Springs?) turned out to be worth much less than what we paid
- we barely sell any of what we cultivate to anyone else (which may be intentional and expected)
- taxes are a huge problem (kudos to Sampic for pointing this out repeatedly - I did not realize it was as big an issue as it is)

I'm sure I've missed a lot in there, so if anyone has any corrections or additions, I'm open to feedback. Here are some questions I have:

- We have $9 million dollars, how long will that last us?
- Did anyone else find management's 'analysis' to be completely lacking? It's easy to rattle off numbers comparing quarters, but where is the plan for the future? 
- How much money are we committed to spending to finish the cultivation projects in Sacramento, Monterey and Massachusetts?
- Why the hell are we even in Massachusetts in the first place?
- How long can we defer those taxes? Are we going to be out $5 million cash in Q1 to play catch-up on that?

Overall, in my opinion, management needs to come out and provide some more guidance and explanation to what is going on here. I'm not optimistic. 

Since I messed up pegging this release date, anyone know when Q1 comes out?
Comment by TheProphetElijah on May 02, 2022 9:46pm
Beware of Raptor the liar: Ukiah only opened March this year, Salinas won't open until June this year.  These are not included in the results. So 5 stores $30m rev is $1.5m per store - super! Palm and Portland duds?? Where is the breakdown, you said yourself they don't show it anymore. Cultivation expansion is needed to support current and future store sales.  And I assume they ...more  
Comment by raptor0 on May 02, 2022 11:27pm
I am honestly confused as to why you are calling me a liar. Simply stating things that you do not want to hear does not make me so. I am fully aware of what was and was not included with the results. To sumarize: - 2020 had 3 operating dispensaries, Port City, Sacramento and Redding, generating $22.4 million (that is $7.4 million per dispensary, which was amazing) - 2021 had 5 operating ...more