Green Growth Brands Reports Second Quarter Fiscal 2019 Results Available
February 28, 2019 MJ Shareholders
Ryan Allway
February 28th, 2019
COLUMBUS, OH, Feb. 27, 2019 /PRNewswire/ – Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) (GGB or the Company) today released results for Second Quarter 2019 ended December 31, 2018. Condensed Interim Consolidated Financial Statements, Management Discussion & Analysis, and a Letter to Shareholders from CEO, Peter Horvath, are available on Green Growth Brands’ Investor Relations website and SEDAR.
Highlights:
- Revenue reflects revenue from the Company’s cannabis segment of $3,077,857 and from the Company’s CBD segment of $64,763.
- Cannabis Segment continues to enjoy one of the highest sales per sq. ft. in the retail industry as evidenced by its annualized $15,177 per sq. ft. rate for the period.
- The Company’s adjusted EBITDA was a loss of $8,503,186 and $12,283,533 for the three and six months ended December 31, 2018, respectively, reflecting primarily the start-up activities of the CBD Segment.
- The Company had cash and cash equivalents of $31,483,284 at December 31, 2018.
- On February 27, 2018, the Company had 186,683,111 GGB Shares, 40,698 proportionate voting
- shares, 25,615,262 warrants, 2,120,000 restricted stock units, and 450,000 stock options outstanding. www.sedar.com
In conjunction with release of the financials, GGB Management will host a question and answer conference call and audio webcast at 8:30 AM EST on Thursday, February 28, 2019.
Conference Call Information:
Conference ID: 34499342
Local Toronto Dial-in Number: (+1) 416 764 8609
Local Vancouver Dial-in Number: (+1) 778 383 7417
North American Toll-Free Number:(+1) 888 390 0605
The call and replay archive can also be accessed on Green Growth Brands Investor Relations website.
About Green Growth Brands
Green Growth Brands expects to dominate the cannabis and CBD market with a portfolio of emotion-driven brands that people love. Led by Peter Horvath, the GGB team is full of retail and consumer packaged goods experts with decades of experience building successful brands. Join the movement at GreenGrowthBrands.com.
Cautionary Statements:
Certain information in this news release constitutes forward-looking statements under applicable securities law. 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”, “intend”, “forecast” and similar expressions. 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 and recreational marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the marijuana industry in the United States, income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; currency and interest rate fluctuations and other risks, including those factors described under the heading “Risks Factors” in the Company’s Annual Information Form dated November 26, 2018 which is available on the Company’s issuer profile on SEDAR.
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. The forward-looking statements contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act“), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available.
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SOURCE Green Growth Brands
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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