• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • News
  • Lifestyle
  • Wellness
  • Cuisine
  • Product Reviews
  • Subscribe
Cannabis News and Culture Magazine

Cannabis News and Culture Magazine

Cannabis News and Culture Magazine

Emerald Media News Subscription
  • Print Magazines
  • 100+ Minority-Owned Companies to Support
  • No Pipe, No Problem
  • Blunt vs. Joint
  • The Cost of Cannabis in Each State
  • Calculating Your Edibles Dosage
  • Flintts Mouthwatering Mints

Cannex Announces Record Financial Results for First Quarter of Fiscal 2019: US$3.4 Million Revenue and US$2.4 Million Income

October 2, 2018 by Emerald Media Group Leave a Comment

This information was provided by thenewswire

Send your Press Release here.

Cannex continues to be underpinned by strong operating performance in Washington

Vancouver, BC / TheNewswire / October 2, 2018 – Cannex Capital Holdings Inc. (CSE: CNNX; OTCQB: CNXXF) (“Cannex” or the “Company”), which through its wholly owned subsidiaries provides a range of comprehensive and flexible growth options for licensed United States cannabis cultivators, processors, and dispensaries, is pleased to announce record revenues and net income for its first fiscal quarter of 2019 (“Q1 2019”) ended July 31, 2018. All financial amounts are in United States dollars. Cannex’s financial results have been prepared in accordance with International Financial Reporting Standards (“IFRS”).

Financial Highlights

Below outlines the key financial metrics for Cannex’s Q1 2019. A more detailed discussion can be found in the Company’s financial statements and MD&A filed on www.sedar.com. Because Cannex changed its fiscal year end to April 30 as part of the its go-public process, the comparable first quarter of 2018 fiscal period is April 1, 2017 to June 30, 2018 (referred to as the “comparative period”). Although the comparative fiscal period was three months, it only included two months of operations as the Company was substantially inactive prior to May 1, 2017.

Revenues

Revenues increased 223% to $3,400,435 in Q1 2019, compared to $1,528,341 for the comparative period. Revenue was generated primarily by way of packaging sales and rental income.

Net Income

Income for the period was $2,428,507 for Q1 2019, $.01 per share, as compared to a loss of $403,027 for the comparative period.

Adjusted EBITDA

Adjusted EBITDA increased 73% to $1,780,832 for Q1 2019, as compared to $983,186 for the comparative period.

Adjusted EBITDA is a non-GAAP financial measures and accordingly they are not earnings measures recognized by IFRS and do not carry standard prescribed significance. Moreover, our method for calculating Adjusted EBITDA may differ from that used by other companies using the same designation. We caution readers that Adjusted EBITDA should not be substituted for determining net income (loss) as an indicator of operating results or as a substitute for cash flows from operating and investing activities.

Recent Developments

Please refer to Cannex’s “Management’s Discussion and Analysis: Three Months Ended July 31 2018” for a comprehensive overview.

“Cannex has an opportunistic view of the cannabis industry, and is actively seeking the best opportunities, in Washington and elsewhere, to take advantage of future positive catalysts like possible federal regulatory easing,” said Anthony Dutton, CEO of Cannex Capital. “To that end, Washington is a critical component to our long-term strategy: plentiful power and water, fantastic infrastructure and workforce, and some of the world’s best farmland provide quality raw materials for future extraction and expansion.”

“Washington is the second largest producer of wine in the United States with a wide range of popular and highly-regarded brands,” continued Dutton. “We believe that it will maintain a similar position in branded cannabis products and that our experience and operational leadership provides us with a significant competitive advantage as we look to expand to additional states.”

In October 2018, Cannex and Ametrine Wellness Inc. (d/b/a Jetty Extracts) executed an amendment to the previously-signed letter agreement, extending it until October 15, 2018, unless terminated earlier in accordance with its terms. The transaction is subject to conditions, including but not limited to, final due diligence by the respective parties, execution of a definitive acquisition agreement which will supersede the letter agreement, receipt of applicable corporate approvals, and other regulatory and/or governmental approval. There can be no assurance that the transaction will complete as proposed or at all.

Filed Under: Press Release Tagged With: Press

Reader Interactions

Leave a Reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Advertise Here

Categories

Sustainability

seaweed naturals

SeaWeed Naturals Combines the Power of Seaweed with Cannabis to Further Ocean Restoration

April 3, 2022 By Maggie Horton

fungi climate change

Research Finds Fungi Help Ease Climate Change and Benefit the Environment

March 30, 2022 By Julia Meyer

climate crisis and the pandemic

“We Can Act:” What Bending the COVID-19 Curve Teaches Us About the Climate Crisis

April 21, 2020 By Melissa Hutsell

Footer

  • Subscribe
  • About
  • Contact
  • Privacy
  • Press

Recent

  • Up in Smoke: An Interview with Smoke Proper, the Trailblazing Cannabis Accessory Brand
  • Priscilla Vilchis and Lil Kim Launch Aphrodisiak: A Cannabis Brand Focused on Sensuality, Social Justice, and Inclusivity
  • First Latina CEO of a Cannabis Company Partners with Music Industry Trailblazer Lil Kim to Launch Aphrodisiak Brand
  • Aphrodisiak: The New Female-Led Cannabis Brand Empowering Women and Promoting Inclusivity
  • Las Vegas Welcomes Aphrodisiak

Search

Copyright © 2023 · The Emerald™ · News & Lifestyle Magazine

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

Cannabis News and Culture Magazine
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.