Sproutly Canada (CSE:SPR,OTCQB:SRUTF) issued its financial and operational results for its fiscal 2019.

As quoted in the press release:


“2019 was a defining year for Sproutly. After going public in July of 2018, we acquired Infusion Biosciences Canada and SSM partners, providing us with access to their ground-breaking APP technology to produce water-soluble cannabinoids (“Infuz2O”) and oil-based cannabinoids (“Bio Natural Oil”) which provides the Company with a differentiating proprietary technology to compete in the infused beverage and edible category. In 2019 we also completed our GTA production facility, received our cultivation license from Health Canada and began full-scale production of all 13 grow rooms” said Keith Dolo, Chief Executive Officer of Sproutly.

Highlights for the Year Ended February 28, 2019

  • Cash position of C$9.6 million as at February 28, 2019, up from C$0.7 million as at February 28, 2018.
  • The Company completed its acquisition of Infusion Biosciences Canada and SSM Partners, for the purpose of developing, producing, distributing, marketing and selling cannabis infused beverages, edibles and topical products derived from Sproutly’s fully licensed APP Technology.
  • The Company closed a C$20.7m bought deal financing

Click here to read the full press release.

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“Getting your standard processing license and being fully compliant at a federal level is critical in Canada, and we were successful in getting that done. Now we’re getting ready to launch our Keef line of beverages within the next 45 days,” Leone said. 

As a young company, Leone said BevCanna has only started, but it took a four-pronged approach to make sure that it is a revenue-generating company prepared for the opening of many jurisdictions for CBD-based products.

“We are blessed that we have a beautiful infrastructure of our own, a state-of-the-art bottling facility with a capacity of almost 200 million bottles per annum and a strong balance sheet of $55 million. We are in a strong position to scale and grow this company.”

BevCanna has received a Standard Processing License from Health Canada and is now fully authorized to begin production at its full-service, high-capacity beverage manufacturing facility. The company will begin production of its white-label products, number one US cannabis beverage brand Keef and its in-house beverages through licensed Canadian retailers, positioning the company to fully capitalize on the burgeoning Canadian cannabis-infused beverage sector.

Watch the full interview with CEO Marcello Leone above.

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