Naturally Splendid (TSXV:NSP) is pleased to announce its financial results for the first quarter ended March 31st, 2017. All amounts are in Canadian dollars and are prepared in accordance with International Financial Reporting Standards.
Naturally Splendid recorded $587,203 in revenue during the three months ended March 31, 2017. This represents a decrease compared to the first three months of 2016, when sales totaled $1,440,028. The decrease in top line revenue was mainly due to a $1 million decrease in bulk sales of hemp products to South Korea, partially offset by inclusion of the POS-BPC operations which commenced in the second quarter of 2016. The Company’s retail brands, NATERA(R), CHII(TM) and PawsitiveFX(TM) continue to make strong contributions during the period. The bulk sale market has been increasingly competitive since mid 2016 and margins continue to be very tight.
Gross margin was $151,437 during the three months ended March 31, 2017 compared to $80,353 in 2016. The Company significantly changed its sales mix in 2017 with a reduction of export bulk seed sales, which are generally sold at a lower gross margin percentage. The Company is focused on its higher margin products and new commercial opportunities, which helped the margins. Overall gross profits increased to 25.8% of sales compared to 5.6% in 2016.
Naturally Splendid CEO Dave Eto states, “While the first quarter of 2017 was challenging from a top line revenue perspective, we implemented significant changes to the overall business model, restructured management, team members and realigned the business focus while trying to increase product margins and manage expenses. A significant result of these adjustments is a notable overall increase in margins, which is very promising for shareholders. All the changes we designed in the Strategic plan for this year have been implemented so now we focus on execution. Korean bulk hemp sales have been extremely competitive and difficult to maintain versus last year, so our attention will be on four main areas; NATERA(R) CBD ( Cannabidiol ) products that are being readied for distribution in Japan: HempOmega(TM) through our partnership with Canature Processing Ltd. and new opportunities underdevelopment; NATERA(R) brand and our recently launched NATERA(R) Hemp Protein 369 product, which is also marketed through Isodiol’s IsoSport Pro369; and our Co-packing facility which is fully operational and filling orders.”
Dave Eto closes by saying, “I’m excited for the potential growth this year presents for the company, and I firmly believe Naturally Splendid is positioned to be a leader in its sector. I look forward to providing updates as business develops.”
Naturally Splendid’s unaudited condensed financial statements and management’s discussion and analysis have been filed on Naturally Splendid’s profile on the SEDAR website.
About Naturally Splendid Enterprises Ltd.
Naturally Splendid is a multifaceted biotechnology company that is developing, producing, commercializing, and licensing an entirely new generation of plant-derived, bioactive ingredients, nutrient dense foods, and related products. Naturally Splendid is building an expanding portfolio of patents (issued and pending) and proprietary intellectual property focused on the commercial uses of industrial hemp and non-psychoactive cannabinoid compounds in a broad spectrum of applications.
Naturally Splendid currently has six innovative divisions: (1) Natera(R) brand of retail hemp superfood products currently distributed throughout North America and Asia; (2) Chi Hemp Industries Incorporated (Chii) is selling natural and organic hemp products through e-commerce (3) PawsitiveFX(R) brand of pet care products; (4) Natera(R)Ingredients, division of plant-derived bulk ingredients including patent-pending HempOmega(TM); (5) POS-BPC Facility a 12,000-square-foot facility which is managed for Naturally Splendid by POS Bio-Sciences – is positioned to offer commercial-scale custom processing solutions for biological materials, such as functional foods and natural health ingredients to a wide range of clients;(6) Naturally Splendid USA offers ,Natera(R)CBD brand of retail hemp based cannabinoid nutraceutical and cosmeceutical products and Natera(R)Skincare brand of retail hemp based cosmeceutical products. Naturally Splendid`s advanced technologies, industry expertise, and strategic partners allow for the creation of customized solutions with a consistent focus on quality and sustainability.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Naturally Splendid cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Naturally Splendid’s control including, the Naturally Splendid’s ability to compete with large food and beverage companies; sales of any potential products developed will be profitable; sales of shelled hemp seed will continue at existing rates or increase; the ability to complete the sales of all bulk hemp seed purchase orders; and the risk that any of the potential applications may not receive all required regulatory or legal approval. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Naturally Splendid undertakes no obligation to publicly update or revise forward-looking information.
NEITHER 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.
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CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.