Biome Grow Inc. (“Biome” or the “Company”) (CSE: BIO, Frankfurt: 6OTA, OTCQB: BIOIF) is pleased to announce that it has been approved to commence retail sales of cannabis in the province of New Brunswick and has entered into a production and supply agreement with Cannabis NB Ltd. Cannabis products will initially be supplied by Biome’s wholly-owned subsidiary, Highland Grow Inc., which is based in Nova Scotia.
Biome’s CEO, Khurram Malik, commented: “We are Atlantic Canadian focused as a company and so adding New Brunswick distribution was a high priority. Our high quality, premium flower and pre-rolls have proven very popular with discerning consumers in Nova Scotia, Newfoundland-Labrador and most recently, in Saskatchewan. We’re excited to become an approved supplier to New Brunswick enabling us to introduce our brands to cannabis connoisseurs in ‘The Picture Province’.”
“We’re excited to have Biome become our latest supply partner and we look forward to successfully launching their brand in our retail network,” said Lara Wood, General Manager of Cannabis NB Ltd. “We are looking forward to adding their products to our portfolio continuing to expand the options that we can offer to our customers here in New Brunswick.”
Biome continues to grow its commercial footprint since beginning commercial sales of cannabis in January 2019. Management looks forward to sharing its plans for expanding its commercial and production footprint to additional Canadian provinces in the months ahead.
For further information, please contact:
VP Investor Relations
Biome wholly owns five subsidiaries, including: The Back Home Medical Cannabis Corporation, a company incorporated under the laws of the Province of Newfoundland and Labrador and in the late stages of applying for a license under the Cannabis Act; Great Lakes Cannabis, a company incorporated under the laws of the Province of Ontario and in the late stages of applying for a license under the Cannabis Act; Highland Grow Inc., a licensed producer in Nova Scotia under Canada’s ACMPR; Red Sands Craft Cannabis Co., a company incorporated under the laws of the Province of Prince Edward Island, and; Weed Virtual Retail Inc., a company incorporated under the laws of the Province of Ontario in the business of operating a new virtual reality technology platform focused exclusively on the medical and recreational cannabis markets. Biome is a Canadian-based company with national and international business interests.
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, “ expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward‐looking statements and information concerning Biome’s retail sales in Saskatchewan, the corresponding supply and demand for cannabis products in the province. and Biome’s business plans. Such forward-looking statements and information reflect management’s current beliefs and are based on assumptions made by and information currently available to Biome, including, among other things, assumptions and expectations with respect to satisfying the terms of the conditional approval to commence retail sales in Saskatchewan and customer and retailer demand.
These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, among other things: a failure to obtain or delays in obtaining the required approval in Saskatchewan; changes to legislation; changes in cannabis research or the general public’s perception of cannabis; crop failure; labour disputes; increases in labour and/or construction costs; rising energy costs; an inability to access financing as needed; and general economic downturn.
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. The forward-looking statements speak only as of the date on which they are made, and Biome, or any of its subsidiaries undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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Nextleaf Comments on Financial Results from Q1 Financials
Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”) reported its second quarter results for the period ended December 31, 2020. A complete set of financial statements and Management’s Discussion & Analysis has been filed at www.sedar.com. All dollar figures are quoted in Canadian dollars.
The second quarter of FY21, saw continued momentum for the Company despite ongoing pandemic related challenges. Net revenue grew 8% to $745,748 from $689,276 versus the same quarter year ago. The Company also saw significant improvement on its bottom line, reducing its net loss by 50% from ($.956) million to ($.481) million, year over year for the quarter, as a result of improved gross margin and cost management efforts. On December 9, 2020, the company announced the closing of the acquisition of substantially all of the assets of Lexaria Canpharm (“Canpharm“), the cannabis products division of Lexaria Biosciences, resulting in the addition of a new B2B Line of Business.
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Royalty Model Provides Access to Early Stage Licenced U.S. Cannabis Companies and Leverage to High-Margin Revenues
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