Liberty Board of Directors appoints Victor Manceboas its permanent CEO
All references to dollar values refer to Canadian dollars unless otherwise stated.
TORONTO, Jan. 30, 2020 /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 third quarter ended November 30, 2019. Consolidated net sales for the quarter ended November 30, 2019 were $16,122,254, compared with $3,172,097 for the quarter ended November 30, 2018, and $32,270,471 for the nine-months ended November 30, 2019, compared with $6,532,505 for the nine months ended November 30, 2018. The Company recorded net income for the quarter ended November 30, 2019 of $6,891,713, compared with a net loss of $9,698,829 for the quarter ended November 30, 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 increase in same store sales volume, and an uptick in the registered patient base for Medical Marijuana Use in Florida.
As of November 30, 2019, Liberty had $28,539,868 of cash and cash equivalents compared to $13,291,426 in cash and cash equivalents at February 28, 2019.
The Board of Directors has appointed Victor Mancebo Chief Executive Officer. Mancebo had been serving as interim CEO since Feb 12, 2019. "Victor has achieved tremendous results for the company and we are confident that he will continue to lead the company into a new era of growth, "said William Ralph Pfeiffer, Chairman of Liberty Health Sciences. "He has delivered operational excellence across all areas of the business and the Board has confidence in his ability to deliver value to our shareholders."
Liberty's product offerings include eight quality brands including Liberty Health Sciences™, Zentient™, Pretty Pistil™, Papa's Herb™, Mary's Medicinal™, G Pen™, PAX™, and Lemon and Grass™.
As one of the earliest 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 $6.1 million as of November 2019. For the past five months Liberty ranks second in Florida for the dispensing of smokable marijuana.
In support of the ongoing opening of Liberty dispensary locations paving the way for future growth, Liberty initiated a new phase of expansion; cultivation and processing on its 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 third quarter of fiscal year 2020 has continued to show positive results," said Victor Mancebo, Chief Executive Officer of Liberty. "We are pleased with the results, which are made possible due in part to our loyal patients in Florida and our dedicated and knowledgeable staff working throughout the state."
Liberty currently operates 23 dispensaries across Florida in the following locations:
• Boca Raton
• Bonita Springs
• Panama City
• Cape Coral
• Port St. Lucie
• Dania Beach
• St. Petersburg
• Merritt Island
• Tampa (Hyde Park)
• North Miami
• Tampa (Tetra)
• Orange Park
• Winter Haven
Liberty has opened 23 dispensaries to date throughout Florida, with 19 dispensaries opened in the quarter.
The Company has signed lease agreements in place for another ten locations.
Liberty introduced the G Pen product line of personal, portable devices in all of its dispensaries.
As of November 30, 2019, Liberty held $28,539,868 of cash and term deposits.
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: www.libertyhealthsciences.com.
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.