48North Cannabis Corp. Announces 80% Increase in Revenue For Fiscal Q1 2021
48North Cannabis Corp. Announces 80% Increase in Revenue For Fiscal Q1 2021 |
[30-November-2020] |
TORONTO, Nov. 30, 2020 /CNW/ - 48North Cannabis Corp. ("48North" or the "Company") (TSXV: NRTH), a vertically integrated Licensed Producer focused on manufacturing high-quality cannabis products, building progressive and thought-provoking brands, and low-cost cultivation, has released its financial and operating results for the first quarter ended September 30, 2020. The Company's financial statements and related management discussion and analysis for the period are available on the Company's SEDAR profile at www.sedar.com and on the Company's website at www.48nrth.com/investors. Financial and Operating Highlights for Fiscal Q1 2021
Events Subsequent to Q1 Fiscal 2021
"48North's Q1 Fiscal 2021 results provide us with another strong demonstration that our strategy is working. Our innovative, authentic brands continue to excite consumers and retailers alike and we are evolving to meet growing demand by expanding our product offering while improving operations and distribution," said Charles Vennat, CEO of 48North. "Not only are customers intrigued by our new products, but we are seeing high rates of reorders. Having added to our cash position, and with increasing revenues and decreasing quarterly cash use, we are continuing to meet our targets and expect to be in a position to announce our path to profitability within the fiscal year." Selected Financial Information All amounts are expressed in Canadian dollars
First Quarter 2021 Results Conference Call December 1, 2020 at 8:30 AM (ET) About 48North 48North Cannabis Corp. (TSXV: NRTH) is a vertically integrated cannabis company focused on manufacturing high-quality products, building progressive and thought-provoking brands, and low-cost cultivation. 48North is developing formulations and manufacturing capabilities for its own proprietary products, as well as positioning itself to contract manufacture similar products for third parties. 48North operates Good:Farm, a 100-acre organic cannabis farm which produces organically grown cannabis, securing a significant first-mover advantage in the production of low-cost, next-generation, extract-based cannabis products. In addition, 48North operates two indoor-licensed cannabis production sites in Ontario. 48North cultivates unique genetics at its wholly owned subsidiary, DelShen Therapeutics Corp. ("DelShen") and processes cannabis and manufactures next-generation cannabis products at Good & Green Corp. ("Good & Green"), both Licensed Producers under the Cannabis Act. DISCLAIMER & READER ADVISORY Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could," "intend," "expect," "believe," "will," "projected," "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties' current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Please refer to the Company's SEDAR filings for further details concerning the risks associated with the Company's business. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. Public health crises, including the ongoing novel coronavirus (COVID-19) pandemic, could have significant economic and geopolitical impacts that may adversely affect the Company's business, financial condition and/or results of operations. SOURCE 48North Cannabis Corp. | ||||||||||||||||||||||||||
Company Codes: TorontoVE:NRTH |
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