(TheNewswire)
Vancouver, BC - TheNewswire - December 15, 2023 - Herbal Dispatch Inc. (CSE: HERB) (“Herbal Dispatch” or the “Company”) is pleased to provide a sales update regarding the Company’s recent revenue growth. In addition, the Company also announces that it has refinanced unsecured convertible debentures in the principal amount of $938,000.
Sales Update
Herbal Dispatch is continuing to experience solid revenue growth. Strong repeat orders and new customer growth is driving domestic month-over-month sales growth through the Company’s medical and wholesale recreational sales channels. In addition, the Company is seeing growing demand for its products internationally, which is contributing to the Company’s revenue growth. The Company has worked hard in 2023 at developing export relationships and this is starting to bear fruit with repeat orders completed to Australia, initial orders completed to Portugal, and additional countries in progress. It is hoped that these relationships will continue to grow as we enter 2024.
The Company recorded gross sales for October and November of approximately $1.7 million. The Company reported gross sales of $1.5 million in the third quarter ended September 30, 2023.
Debt Refinancing
The Company announces that it has issued an unsecured convertible debenture (the “Debenture”) in the principal amount of $500,000 to a director of the Company. The debenture bears interest at an annual rate of 14% per annum, payable monthly, and matures on January 31, 2025. Subject to the approval of the Canadian Securities Exchange (“CSE”), the Debenture will also be convertible, at the holder’s option into common shares of the Company at a price of $0.05 per share, and at the Company’s election, during any period where the trading price of the Company’s common shares is $0.10 or greater for a period of 20 consecutive trading days. Proceeds from the Debenture were utilized to repay existing convertible debentures in the principal amount of $500,000 that were owing to unrelated third parties.
In conjunction with the above, the Company also amended the terms of a convertible debenture in the principal amount of $438,000 owing to another director of the Company. The amended debenture bears interest at an annual rate of 14% per annum, payable monthly, and matures on January 31, 2025. Subject to the approval of the CSE, this debenture will also be convertible, at the holder’s option into common shares of the Company at a price of $0.05 per share, and at the Company’s election, during any period where the trading price of the Company’s common shares is $0.10 or greater for a period of 20 consecutive trading days.
ABOUT HERBAL DISPATCH INC.
The Company owns and operates leading cannabis e-commerce platforms and is dedicated to providing top quality cannabis to informed consumers at affordable pricing. The Company’s flagship cannabis marketplace, herbaldispatch.com, is a trusted source for exclusive access to small-batch craft cannabis flower and a wide-array of other product formats. The Company’s common shares trade on the Canadian Securities Exchange under the symbol “HERB”
For further information:
Philip Campbell, CEO and Director
Email: IR@herbaldispatch.com
Telephone: 1-833-432-2420
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
Certain statements in this news release, including statements or information containing terminology such as “anticipate”, “believe”, “intend”, “expect”, “estimate”, “may”, “could”, “will”, and similar expressions constitute “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, that address activities, events, or developments that the Company or a third party expect or anticipate will or may occur in the future, including the Company’s future growth, results of operations, performance, and business prospects and opportunities are forward-looking statements. These forward-looking statements reflect the Company’s current beliefs and are based on information currently available to the Company. These statements require the Company to make assumptions it believes are reasonable and are subject to inherent risks and uncertainties.
Actual results and developments may differ materially from the anticipated results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond the Company’s control. These risk factors are interdependent and the impact of any one risk or uncertainty on a particular forward-looking statement is not determinable. Examples of forward-looking statements in this news release and the key assumptions and risk factors involved in such statements include, but are not limited to, executing the Company’s strategic growth initiatives for 2023 and beyond, which includes: (i) growing medical sales from its new online e-commerce platforms; (ii) growing recreational sales via direct delivery orders to retailers; and (iii) achieving revenue growth from export sales. The successful execution of these initiatives is subject to a number of risks and uncertainties, including industry competition, and future customer demand for the Company’s products, among others.
Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected effects on the Company. These forward-looking statements are made as of the date of this news release. Except as required by applicable securities legislation, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances.
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