Note: All references to dollar values refer to Canadian dollars unless otherwise stated.
TORONTO, Oct. 31, 2019 /PRNewswire/ - Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) www.libertyhealthsciences.com ("Liberty" or the "Company"), a provider of high quality cannabis, announced its financial results for the second quarter ended August 31, 2019. Consolidated net sales for the quarter ended August 31, 2019 were $10,627,656, compared with $2,219,290 for the quarter ended August 31, 2018 and $16,148,217 for the six-months ended August 31, 2019, compared with $3,360,408 for the six months ended August 31, 2018.
The significant year-over-year increase in revenue was driven by the Company's opening of new dispensaries and delivery locations, as well as experiencing an upsurge in same store sales volume and an uptick in the registered patient base for Medical Marijuana Use in Florida.
The Company recorded net income for the quarter ended August 31, 2019 of $22,884,261, compared with a net loss of $5,605,355 for the quarter ended August 31, 2018.
As of August 31, 2019, Liberty maintained $23,884,434 of cash and term deposits compared to $13,291,426 in cash and term deposits at February 28, 2019.
Liberty's product offerings include eight outstanding quality brands including Liberty Health Sciences, Zentient, Pretty Pistil, Papa's Herb, Mary's Medicinal, PAX, Werc Shop, and Lemon and Grass.
As one of the first companies in Florida to rollout whole flower products in all of its dispensaries, Liberty has reached monthly sales, including smokable medical marijuana, of more than $4.6 million in August 2019. The Company expects its sales to continue to grow steadily as it expands its dispensary footprint and product offerings.
In support of the ongoing opening of Liberty dispensary locations paving the way for future growth, Liberty finished construction on its new 387-acre state-of-the-art Liberty-360 facility comprising of 300,000 square feet of greenhouse processing and production space resulting in the Company being the lowest cost and consistent producer in Florida.
"The second quarter of fiscal year 2020 proved to be the largest sales revenue quarter in the history of our Company," said Victor Mancebo, Interim Chief Executive Officer of Liberty. "Liberty's continued growth directly ties to the strategic initiatives we have set in place, which has been increasing our Florida production, retail base and delivery footprint along with expanding our product portfolio and brand partnerships. We continue to work on numerous marketing strategies that will complement our expansion plans and simultaneously provide our patients a more educational, personalized and accessible experience."
Liberty currently operates 19 dispensaries across Florida in the following locations:
· Dania Beach
· Port St. Lucie
· Palm Harbor
· Orange Park
· St. Petersburg
· Tampa (Hyde Park)
· Cape Coral
· Winter Haven
· Boca Raton
· Merritt Island
· Bonita Springs
· Panama City
· North Miami
· Tampa (Tetra)
Liberty has opened 19 dispensaries to date throughout Florida, with 16 dispensaries opened by quarter end.
The Company has lease agreements in place for another 10 locations and is further negotiating another seven.
In June 2019, Liberty introduced Zentient to all of its dispensaries as its new house brand of products along with Pretty Pistil. Zentient represents a line of premium CBD and THC balanced products including topicals, vapes, and oral solutions made from a proprietary formula of ultra-high-quality cannabinoids.
The Company entered into an in-licensed agreement with The Werc Shop in June 2019 for its patented and patent-pending terpene technology. The Werc Shop is a world-renowned scientific consulting group recognized as the leaders in cannabis terpene analysis and terpene-based formulations.
In August 2019, the Company sold its Chestnut Hill Tree Farm site in Alachua County, Florida, as well as all its assets in Ohio.
About Liberty Health Sciences Inc.
Liberty is the cannabis provider committed to providing a high-quality cannabis experience based on our genuine care for all cannabis users and a focus on operational excellence from seed to sale. For more information, please visit:
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains certain forward-looking statements within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "believe", "plan", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, expectations related to the Company's production capabilities, expectations concerning the receipt of all necessary approvals from the Florida Department of Health, expectations concerning the opening of new dispensaries and the expansion of its greenhouse space, and the Company's future expansion and growth strategies. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the medical marijuana industry in the United States generally, income tax and regulatory matters; the ability of Liberty to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.