Delta 9 Provides Guidance & Timing for Year End 2020 Results
2021-02-10 18:00 ET - News Release
WINNIPEG, Manitoba, Feb. 10, 2021 (GLOBE NEWSWIRE) -- DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: VRNDF) ("Delta 9" or the "Company"), is pleased to provide guidance on select fourth quarter and year end results ending December 31, 2020 based on preliminary results:
- The Company anticipates net revenues for the three-month period ending December 31, 2020 to be between $13.7 million and $14.2 million. This compares with:
- $10.6 million for the same period in 2019, an increase of between 29% and 34%.
- $13.1 million sequentially from the third quarter of 2020, an increase of between 5% and 8%
- The Company anticipates revenues for the year ending December 31, 2020 to be between $51.8 million and $52.3 million, compared to $31.8 million for the same period in the prior year.
- The Company anticipates reporting direct cannabis production cost per gram of $0.67 and total cost per gram of $0.80 for the fourth quarter of 2020, compared with $0.74 and $0.86 respectively for the third quarter of 2020.
- The Company anticipates reporting total grams of cannabis produced of 2,128,288 for the fourth quarter of 2020, compared with 1,908,875 grams of cannabis for the third quarter of 2020.
- The Company anticipates reporting total retail transactions processed of 202,347 for the fourth quarter of 2020, compared with 184,750 for the third quarter of 2020.
“We are anticipating reporting record year-over-year and sequential revenue results for the fourth quarter of 2020,” said John Arbuthnot, CEO of Delta 9. “Delta 9 is working to separate itself from its peers by posting strong financial and operating results and continuing to grow its revenue streams from its three core business units.”
Delta 9 will provide investors with a full breakdown on its progress in these areas as a part of its year end and fourth quarter results which will be released on March 30, 2021, before markets open, followed by a conference call, details for which can be found at the end of this release.
The preliminary estimated financial results and other data for the three-month period and year ended December 31, 2020 set forth above are unaudited and subject to the completion of the Company's financial closing procedures. These preliminary estimated financial results have been prepared by and are the responsibility of the Company's management. The Company’s independent registered public accounting firm, Baker Tilly HMA LLP, is in the process of performing year-end audit procedures with respect to the accompanying preliminary financial results and other data, and accordingly does not express an opinion or any other form of assurance with respect thereto.
The Company currently expects that its final results of operations and other data will be consistent with the estimates set forth above, but such estimates are preliminary and the Company’s actual results of operations and other data could differ materially from these estimates due to the completion of its financial closing procedures, final adjustments and other developments that may arise between now and the time such consolidated financial statements for the period ended December 31, 2020 are issued.
2020 Year End Results Conference Call
Delta 9 will release the results for its year end on March 30, 2021. A conference call to discuss the above results is scheduled for March 30, 2021, pre-market. The conference call will be hosted that day at 9:00 a.m. Eastern Time by John Arbuthnot, Chief Executive Officer, and Jim Lawson, Chief Financial Officer, followed by a question-and-answer period.
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| DATE: | March 30, 2021 |
| TIME: | 9:00am Eastern Time |
| Dial in # | 1-888-886-7786 |
| REPLAY: | 1-877-674-6060 |
| | Available until 12:00 midnight Eastern Time, June 30, 2021 |
| Replay passcode: | 641689 # |