Eve & Co Announces Financial Results for the Three and Nine Months Ended September 30, 2019
November 27 2019 - 6:45AM
Eve & Co Incorporated (the “Company” or “Eve & Co”) (TSX-V:
EVE; OTCQX: EEVVF) is pleased to announce its interim financial
results for the three and nine months ended September 30, 2019. The
financial statements and management discussion and analysis for
such interim periods are available on the System for Electronic
Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on
Eve & Co's website at www.evecannabis.ca.
HIGHLIGHTS
The Company is pleased to provide the following
highlights of its progress over the three and nine months ended
September 30, 2019 and subsequent events:
- For the three months ended September 30, 2019, the Company
reported revenue of $0.9 million, a 45% increase over the three
months ended June 30, 2019, as the Company continued to ramp up its
domestic supply and bulk sales. For the nine months ended September
30, 2019, the Company reported revenue of $3.1 million. Further,
the Company reported Net Loss and Comprehensive Loss for the three
and nine months ended September 30, 2019 of $2.0 million and $2.6
million respectively;
- On January 30, 2019, the Company entered into a binding
non-exclusive supply agreement for the sale of dried cannabis to an
established German importer and distributor of pharmaceutical and
medicinal products. The supply agreement is for an initial term of
three years and is automatically renewable for two subsequent
two-year terms unless otherwise terminated by the parties at the
end of the initial or renewal term;
- On February 11, 2019, the Company announced that a product line
of pre-rolled cannabis became available for purchase in select
Newfoundland and Labrador licensed cannabis retailers and on the
Cannabis NL website;
- On May 29, 2019, the Company entered into a second binding
non-exclusive supply agreement for the sale of dried cannabis to a
German importer and distributor. The supply agreement is for an
initial term of three years and is automatically renewable for two
subsequent two-year terms unless otherwise terminated by the
parties at the end of the initial or renewal term;
- On June 28, 2019, the Company announced the launch of its
cannabis in dried-flower format at select NL licensed cannabis
retailers and on the Cannabis NL website;
- On July 11, 2019, the Company received licensing for two
additional drying rooms expected to add 1,600 square feet of drying
space and having an estimated capacity to dry up to 30,000 plants.
The new rooms are designed to maximize throughput, leveraging new
designs to allow more plants at one time than the Company’s
existing drying rooms;
- On August 6, 2019, the Company announced that it had completed
construction of its 780,000 square foot hybrid greenhouse expansion
located in Southwestern Ontario. The expansion is situated on the
same property as the Company’s currently licensed hybrid
greenhouse, measuring 220,000 square feet;
- On August 20, 2019, the Company announced that it was approved
by the Manitoba Liquor and Lotteries Corporation to list
non-medical adult-use cannabis throughout the province to licensed
retailers approved for non-medical adult-use cannabis sales and the
Company provided first sales to the province in September
2019;
- On September 6, 2019, the Company entered into its third
binding, non-exclusive supply agreement for the sale of dried
cannabis to a German importer. The supply agreement is for an
initial term of two years and is automatically renewable for
subsequent two year terms unless otherwise terminated by the
parties at the end of the initial or renewal term;
- On November 18, 2019, the Company announced that it has entered
into an agreement with National Cannabis Distribution for the
distribution of adult-use cannabis products to the Saskatchewan
retail market following its registration with the Saskatchewan
Liquor and Gaming Authority to list adult-use cannabis;
and
- The Company anticipates that it will commence shipping product
pursuant to the Company’s initial German supply agreement,
announced on January 30, 2019, within the first financial quarter
of 2020.
“We are continuing to move forward with our
strategy in the fourth financial quarter of 2019. The completion of
the 780,000 square foot greenhouse expansion was on budget and our
application to amend the license to include the additional
flowering space is being processed by Health Canada. We
continue to focus on sales and distribution in Canada and into the
European Union with our German partners as well as launching
additional products in the new year,” said Melinda Rombouts,
President and Chief Executive Officer of Eve & Co.
ABOUT EVE & CO INCORPORATED
Eve & Co, through its wholly-owned
subsidiary Natural MedCo Ltd., holds cultivation and processing
licences under the Cannabis Act (Canada) for the production and
sale of various cannabis products, including dried cannabis,
cannabis plants and cannabis oil. Natural MedCo Ltd. was Canada’s
first female founded licensed producer of medicinal marijuana and
received its cultivation licence from Health Canada in 2016.
Eve & Co is led by a team of agricultural
experts and has a 220,000 sq. ft. greenhouse licensed for the
production, processing and sales of dried cannabis, cannabis plants
and processing of cannabis oil located in Strathroy, Ontario. Eve
& Co has completed construction of an additional 780,000 sq.
ft. expansion, bringing Eve & Co’s total greenhouse capacity to
1,000,000 sq. ft.
The Company’s website can be visited at
www.evecannabis.ca
CAUTIONARY NOTES
Certain statements in this press release
constitute forward-looking information. All statements other than
statements of historical fact contained in this press release,
including, without limitation, those regarding the Company’s
expansion, licensing, the expected increase in production capacity,
the expanded product lines, the commencement of shipments to
Germany, opportunities for growth, sales, future strategy, plans,
objectives, goals and targets, and any statements preceded by,
followed by or that include the words “believe”, “expect”, “aim”,
“intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”,
“estimate”, “forecast”, “predict”, “project”, “seek”, “should” or
similar expressions or the negative thereof, are forward-looking
statements. These statements are not historical facts but instead
represent only the Company’s expectations, estimates and
projections regarding future events. These statements are not
guarantees of future performance and involve assumptions, risks and
uncertainties that are difficult to predict, including those
described in the Company’s management’s discussion and analysis for
the three and nine months ended September 30, 2019 which is
available on the Company’s SEDAR profile. Therefore, actual results
may differ materially from what is expressed, implied or forecasted
in such forward-looking statements. The forward-looking information
and forward-looking statements included in this news release are
made as of the date of this news release and the Company does not
undertake an obligation to publicly update such forward-looking
information or forward-looking information to reflect new
information, subsequent events or otherwise unless required by
applicable securities law.
Neither the TSX Venture Exchange nor its regulation
services provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information, please
contact:
Melinda RomboutsPresident and Chief Executive OfficerEve & Co
IncorporatedTelephone: (855) 628-6337 |
|
Landon RoeddingChief Financial OfficerEve & Co
IncorporatedTelephone: (855) 628-6337 |
|
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