June 22, 2022, 11:26 PM EDT

POTOMAC, Md.–(BUSINESS WIRE)–India Globalization Capital, Inc. (“IGC” or the “Company”) (NYSE American: IGC) announces its financial results for Fiscal Year Ended March 31, 2022.

Highlights for Fiscal 2022:

IGC completed the first-in-human safety and tolerability trial on its tetrahydrocannabinol (THC) based investigational new drug IGC-AD1. During the trial, the Company discovered positive signals for improving several neuropsychiatric symptoms including agitation in dementia associated with Alzheimer’s. Based on these signals, we are initiating a larger efficacy trial to test IGC-AD1 as a symptom modifying agent, specifically on agitation in dementia due to Alzheimer’s disease.

The Company recently acquired rights to a family of naphthalene monoimide (“NMI”) molecules. TGR-63, a lead NMI molecule, is an enzyme inhibitor that has been shown in pre-clinical trials to reduce neurotoxicity in Alzheimer’s cell lines and improve memory in an Alzheimer’s mouse model. Subject to further study, research, and development, TGR-63 could give the Company a potential disease modifying agent and help expand the Company’s pursuit of a drug that can potentially treat or modify Alzheimer’s.

The Company licensed a patent filing from the University of South Florida titled “Ultra-Low dose THC as a potential therapeutic and prophylactic agent for Alzheimer’s Disease.” The U.S. Patent and Trademark Office (“USPTO”) issued a patent (#11,065,225) for this filing on July 20, 2021. The granted patent relates to IGC’s proprietary formulation, IGC-AD1, intended to assist in the treatment of individuals living with Alzheimer’s disease.

On June 7, 2022, the USPTO issued a patent (#11,351,152) to the Company titled “Method and Composition for Treating Seizures Disorders.” The patent relates to compositions and methods for treating multiple types of seizure disorders and epilepsy in humans and animals using a combination of cannabidiol (CBD) with other compounds. Subject to further research and study, the combination is intended to reduce side effects caused by hydantoin anticonvulsant drugs such as phenobarbital, by reducing the dosing of anticonvulsant drugs in humans, dogs, and cats.

Revenue was approximately $397 thousand and $898 thousand for Fiscal 2022 and Fiscal 2021, respectively. In Fiscal 2022 and Fiscal 2021, revenue was primarily derived from our Life Sciences segment, which involved sales of in-house brands and alcohol-based hand sanitizers, among others. In Fiscal 2022, we de-emphasized the manufacturing and sale of low margin hand sanitizers and shifted our focus to higher margin white label services and the sale of products under our brands. This increased our gross margin from 12% in Fiscal 2021 to 48% in Fiscal 2022. The infrastructure segment had lower revenue in Fiscal 2022 due to the continued impact of the COVID-19 pandemic.

Selling, general, and administrative (“SG&A”) expenses consist primarily of employee-related expenses, sales commission, professional fees, legal fees, marketing, other corporate expenses, allocated general overhead and provisions, depreciation, and write offs relating to doubtful accounts and advances, if any. SG&A expenses increased by approximately $5.3 million or 68% to $13.2 million for Fiscal 2022, from approximately $7.9 million for Fiscal 2021. The increase is attributed to one-time expenses, which include law-suit settlement expenses of approximately $264 thousand; impairment of facility of $833 thousand; net realizable value (NRV) adjustment of $1.7 million for our hemp crop; approximately $475 thousand in provisions for advances paid; approximately $1.7 million in provisions against inventory that was stolen at our vendor’s facility; and an increase of approximately $1.3 million attributable to non-cash expenses. Adjusting for approximately $5.3 million in one-time and non-cash expenses, the SG&A for fiscal year 2022 was lower year over year by approximately $500 thousand.

Research and Development (“R&D”) expenses were attributed to our Life Sciences segment. The R&D expenses increased by approximately $1.4 million or 151% to $2.3 million in Fiscal 2022, from approximately $929 thousand for Fiscal 2021. The increase is attributed to the now completed Phase 1 clinical trial on Alzheimer’s. We expect R&D expenses to increase with progression in Phase 2 trials on IGC-AD1 and pre-clinical trials on TGR-63.

Net loss for Fiscal 2022 was approximately $15 million or $0.30 per share, compared to approximately $8.8 million or $0.21 per share for Fiscal 2021. Adjusting for approximately $5.3 million in one-time and non-cash expenses, the net loss is approximately $9.7 million in Fiscal 2022.

About IGC:

IGC has two segments: Infrastructure and Life Sciences. The company is based in Maryland, U.S.A.

Forward-looking Statements: This press release contains forward-looking statements. These forward-looking statements are based largely on IGC’s expectations and are subject to several risks and uncertainties, certain of which are beyond IGC’s control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, the Company’s failure or inability to commercialize one or more of the Company’s products or technologies, including the product or formulation described in this release, or failure to obtain regulatory approval for the product or formulation, where required; general economic conditions that are less favorable than expected, including as a result of the ongoing COVID-19 pandemic; the FDA’s general position regarding cannabis- and hemp-based products; and other factors, many of which are discussed in IGC’s SEC filings. IGC incorporates by reference the human trial disclosures and Risk Factors identified in its Annual Report on Form 10-K filed with the SEC on June 22, 2022, as if fully incorporated and restated herein. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this release will occur.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

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.

Conference Call on Tuesday, May 3, 2022 at 2:00pm EST

LOS ANGELES, May 03, 2022 (GLOBE NEWSWIRE) — Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) (“Irwin” or the “Company”) today announced the Company will file its results for the fiscal fourth quarter and full year 2021, the period ended December 31, 2021, on Tuesday May 3, 2022 on www.sedar.com.

Conference call

CEO Klee Irwin and CFO Philippe Faraut will be hosting a conference call that same day at noon (EST) to discuss the results, as well as the Company’s strategy and execution going forward.

Details for participants to listen to the call are as follows:

About Irwin Naturals

Irwin Naturals Inc. is a household name and best-in-class herbal supplement formulator since 1994 that is leveraging its brand to enter the cannabis and psychedelic industries. On a mission to heal the world with plant medicine, Irwin has operated profitably for over 27 years¹. Irwin’s growing portfolio of herbal products are available in more than 100,000 retail doors across North America, where nearly 100 million people know the Irwin Naturals brand². In 2018, the Company first leveraged its brand to expand into the cannabis industry by launching hemp-based CBD products into the mass market. The Company is now leveraging its famous halo of brand trust to become one of the first household name brands to offer THC-based products and psychedelic mental health treatment.

For investor-related information about the Company, please visit ir.irwinnaturals.com/

To contact the Company’s Investor Relations department, please call toll-free at (800) 883-4851 or send an email to [email protected].

Regulatory Overview

The following is a brief summary of regulatory matters concerning ketamine in the United States (“US”). Under the Controlled Substances Act (21 U.S.C. § 811) (the “CSA”), ketamine is currently a Schedule III drug as well as being listed under the associated Narcotic Control Regulations, and psilocybin is currently a Schedule I drug.

Most US States have enacted Controlled Substances Acts (“State CSAs”) which regulate the possession, use, sale, distribution, and manufacture of specified drugs or categories of drugs and establish penalties for State CSA violations and form the basis for much state and local drug laws enforcement activity. State CSAs have either adopted drug schedules identical or similar to the federal CSA schedules or, in some instances, have incorporated the federal scheduling mechanism. Among other requirements, some US States have established a prescription drug monitoring or review programs collect information about prescription and dispensing of controlled substances for the purposes of monitoring, analysis and education.

In the United States, facilities holding or administering controlled substances must be registered with the US Drug Enforcement Agency (“DEA“) to perform this activity. As such, medical professionals and/or the clinics in which they operate, as applicable, are also required to have a DEA license to obtain and administer ketamine (a “DEA License“). While ketamine is a controlled substance in the United States, it is approved for general anesthetic induction under the US Food, Drug, and Cosmetic Act. Once a drug is approved for use, physicians may prescribe that drug for uses that are not described in the product’s labelling or that differ from those tested by the manufacturer and approved by the Food and Drug Administration (the “FDA“). Licensed medical practitioners may prescribe ketamine legally in Canada or the United States where they believe it will be an effective treatment in their professional judgment.

Please see Irwin’s filing statement on its SEDAR profile for more information on the regulatory environment and regulations surrounding the US THC industry.

“Klee Irwin”
________________________________
Klee Irwin
Chief Executive Officer
T: 310-306-3636 [email protected]

Forward-Looking Information

This news release contains certain forward-looking statements that reflect the current views and/or expectations of management of the Company with respect to performance, business and future events. Forward-looking statements can often be identified by words such as “may”, “will”, “would”, “could”, “should”, “believes”, “estimates”, “projects”, “potential”, “expects”, “plans”, “intends”, “anticipates”, “targeted”, “continues”, “forecasts”, “designed”, “goal”, or the negative of those words or other similar or comparable words. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates. The Company does not undertake any obligation to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

Neither the CSE nor its Market Regulator (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Irwin Naturals Inc.

¹ Under several corporate structures, Klee Irwin has operated the Irwin brand profitably since 1994, as measured by EBITDA adjusted for extraordinary costs.

² Based on a formal Company survey with a sample size of 500 randomly selected adults.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

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.

• 2021 total revenue increased over 60% YoY to $12.8 million compared to the previous year
• Corporation’s medical cannabis sales in 2021 increased to $4.6 million, representing 36% of total revenue
• The Corporation forecasts Q1 2022 sales revenue of ~ $4.5 million for the quarter
• Gross profit increased over 230% YoY to $4.9 million, driven by the continuous growth of the highly profitable medical cannabis segment
• Germany and the U.K. now represents more than 30% of the Corporation’s medical cannabis sales as of Q4 2021

TORONTO, May 2, 2022 /CNW/ – Khiron Life Sciences Corp. (“Khiron” or the “Corporation”) (TSXV: KHRN) (OTCQX: KHRNF) (Frankfurt: A2JMZC), the global medical cannabis leader expanding throughout Latin America and Europe, announced today its financial results for the year ended and quarter ended December 31, 2021. These filings are available for review on the Corporation’s SEDAR profile at www.sedar.com. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.

Summary of Key Financial Results:

(1)

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization or in this case loss) is a non-International Financial Reporting Standards (“IFRS“) measure calculated as net loss before tax as reported under IFRS and adding back share-based compensation expense, transaction fees, unrealized gain on changes in fair value of biological assets, depreciation and non-recurring items. Refer to the “Non-IFRS Measures” note below for further information and the Corporation’s MD&A for a reconciliation.

(2)

In 2021, the Corporation has reported a one-time, non-cash write-off of the intangible asset associated with the Uruguay cultivation license and will continue to focus on export of finished product from Colombia into Brazil and generating demand through its Zerenia clinics and external doctor education. The Corporation has taken the appropriate inventory write-downs in 2021 and is discontinuing sales of the Kuida product line, focusing on its high growth/ high margin medical cannabis products and expansion of its medical cannabis clinic network in LatAm and Europe.

Annual 2021 Highlights:

• The Corporation continues to benefit from increasing patient awareness and favorable regulatory progress internationally.
• Gross margins, before fair value adjustments of 73% on its medical cannabis revenue stream in 2021 compared to 49% for the previous year 2020.
• The Corporation continues to prudently manage expenses, with 2021 general and administrative (“G&A”) expenses declining over 15% year-over-year.

Key Operating Statistics

Management commentary, subsequent events and 2022 Highlights:

Alvaro Torres, Khiron CEO and Director, comments, “2021 was a transformational year for the Corporation, using a unique patient-oriented strategy has allowed us to continue demonstrating quarterly growth, with a strong commitment to improving the quality of patients’ lives. Khiron’s focus includes creating a meaningful brand that resonates with patients and doctors, selling highly profitable products, creating unique real-world data demonstrating the positive effects of cannabis for medical usage, and finally, diversifying our geographic revenue streams.”

Mr. Torres added, “The success we have experienced in Europe so far is due to Khiron’s ability to leverage our novel understanding of medical cannabis in Latin America, driven by our health services strategy and validated by the extraordinary evidence we build every day from the data generated in our clinics. Khiron is currently one of the top-selling brands of medical cannabis in the UK, and we have grown our market share rapidly in Germany. We recently opened our first hybrid Zerenia clinic in the UK, and we have received excellent adoption from both patients and doctors.”

Mr. Torres continues, “In Colombia, growth was partly due to our efforts to ensure insurance coverage for patients by the country’s principal insurance companies. To date, in Colombia, our Zerenia Clinics have served more than 20,000 individual patients with medical cannabis. In Peru, we obtained key final product registrations (“Alixen”), and we will continue to grow as we introduce new THC-based formulations to the Peruvian market. During the second half of the year, we sold our first Khiron-branded product in Brazil, a market of more than 230 million people. We are currently completing construction of our first clinic in Rio de Janeiro, and introducing THC-based medications, which will position us as one of the top companies in medical cannabis in this country. As we focus on our B2C medical cannabis strategy, Khiron has also decided to discontinue sales of our Kuida^TM CBD-based cosmetics product line. Although we are very proud of the brand we created, it is clear that our biggest growth opportunities are within the medical cannabis sector, where revenue is increasing quickly. In addition, the Company no longer requires our cannabis cultivation license in Uruguay as we are currently exporting our products directly from Colombia. The Uruguay asset was purchased in 2019 for a total consideration of approximately 8.5 million shares.”

“These significant efforts from our team at Khiron provide confidence that 2022 will continue to be a very positive year for our entire corporation, as we support the well-being of our patients across the globe, and fuel Khiron’s continued international expansion.” comments Alvaro Torres, Chief Executive Officer and Director of the Corporation.

Webcast Details:

Khiron invites individual and institutional investors, as well as advisors and analysts, to attend the Corporation’s Year End and Fourth Quarter 2021 Conference Call, followed by a Q&A session.

Conference Call Date: May 2^nd, 2022
Time 10:00 a.m. Eastern time
Toll-free dial-in number: 1-888-664-6383
International dial-in number: 1-416-764-8650

About Khiron Life Sciences Corp.

Khiron is a leading vertically integrated international medical cannabis corporation with core operations in Latin America and Europe. Leveraging medical health clinics and proprietary telemedicine platforms, Khiron combines a patient-oriented approach, physician education programs, scientific, product innovation, and cannabis operations expertise to drive prescriptions and brand loyalty with patients worldwide. The Corporation has a sales presence in Colombia, Peru, Germany, UK, and Brazil and is positioned to commence sales in Mexico. The Corporation is led by Co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced and diverse executive team and Board of Directors.

Visit Khiron online at investors.khiron.ca

Linkedin https://www.linkedin.com/company/khiron-life-sciences-corp/

Forward-Looking Statements

This press release may contain certain “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Khiron undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Khiron, its securities, or financial or operating results (as applicable). Although Khiron believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statement has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond Khiron’s control, including the risk factors discussed in Khiron’s Annual Information Form which is available on Khiron’s SEDAR profile at www.sedar.com. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. Khiron disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

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.

BOCA RATON, Fla., Feb. 23, 2022 (GLOBE NEWSWIRE) — Stem Holdings, Inc. (OTCQX: STMH) (CSE: STEM) (the “Company” or “Stem”), a vertically integrated cannabis operator, today announced its financial results for the fiscal first quarter 2022 ended December 31, 2021. All amounts are expressed in U.S. dollars unless indicated otherwise and are prepared under International Financial Reporting Standards (“IFRS”).

Steve Hubbard, Interim CEO and CFO of Stem, commented, “Our financial results during our fiscal first quarter 2022 reflects a period of transition as we divested our e-commerce and delivery wholly owned subsidiary on December 15, 2021. The recent business decisions we have made with Driven Deliveries and other non-core assets puts us on a path to positive working capital. We have decided to focus the majority of our resources on cultivation facilities in Oregon and retail stores in Oregon and California where, in particular, we have significant room for growth in the cultivation operations as we have recently been producing at less than 50% capacity.”

Financial Results for the Fiscal First Quarter 2022:
Revenue for the fiscal first quarter 2022 totaled $4.9 million, a decrease of 21% as compared to $6.2 million for the same period the year prior. Net revenue after discounts and returns totaled $4.2 million, a decrease of 20.1% as compared to $5.3 million for the same period the year prior, a decrease in retail sales resulting from general market conditions.

During the fiscal first quarter 2022, the Company reported impairment expense of $800 thousand predominately related to the impairment of investments and a non-refundable deposit.

The Company had other income during the three months ended December 31, 2021, of $2.4 million compared to other expenses of $.3 million for the comparable period of 2020, the increase in other income was primarily related to the change in fair value of warrant liabilities. In the three months ended December 31, 2021, we had recognized a loss from discontinued operations of $1.745 million related to the divesture of Driven compared to a loss of $.144 million in the comparable period of the prior year.

On December 31, 2021, we had working capital of approximately $1.3 million, which included cash and cash equivalents of $3.3 million. We reported a net loss of approximately $4.2 million and our net cash used in operating expenses totaled $2.0 million, our cash used in investing activities was $0.1 million and cash flows used in financing activities totaled $0.1 million. Total liabilities as of December 31, 2021 were reduced to $14.2 million as compared to $23 million as of September 30, 2021.

About Stem Holdings, Inc.
Stem is a multi-state, vertically integrated, cannabis company that, through its subsidiaries and its investments, is engaged in the cultivation, processing, packaging, distribution and branding of cannabis, hemp and their derivatives, including oils, edibles, concentrates. Additionally, the Company purchases, improves, leases, operates, and invests in properties for use in the production, distribution and sales of cannabis and cannabis-infused products licensed under the laws of the states of Oregon, Nevada, California, Massachusetts, and New York. As of December 31, 2021, Stem had ownership interests in 24 state issued cannabis licenses including nine (9) licenses for cannabis cultivation, three (3) licenses for cannabis processing, two (2) licenses for cannabis wholesale distribution, three (3) licenses for hemp production and seven (7) cannabis dispensary licenses.

Forward-Looking Statements
This news release contains forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. Forward-looking statements are statements and information that are not historical facts but instead include financial projections and estimates, statements regarding plans, goals, objectives, intentions and expectations with respect to the future business, operations, expected financial position as a result of the divestiture of Driven Deliveries, and phrases containing words such as “ongoing”, “estimates”, “expects”, or the negative thereof or any other variations thereon or comparable terminology referring to future events or results, or that events or conditions “will”, “may”, “could”, or “should” occur or be achieved, or comparable terminology referring to future events or results. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.

Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
+1 212.896.1254
[email protected]

Media Contact:
Mauria Betts
Director of Branding and Public Relations
971.266.1908
[email protected]

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

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.

BOCA RATON, Fla., Jan. 13, 2022 (GLOBE NEWSWIRE) — Stem Holdings, Inc. (OTCQX: STMH) (CSE: STEM) (the “Company” or “Stem”), a vertically integrated cannabis operator, today reported its financial results for the fiscal year ended September 30, 2021. All amounts are expressed in U.S. dollars unless indicated otherwise and are prepared under International Financial Reporting Standards (“IFRS”). Management will host a conference call to discuss its financial results today, January 13^th at 4:30 p.m. ET.

Steve Hubbard, Interim CEO of Stem, commented, “In December 2021, we announced the divestiture of Driven Deliveries, its assets and liabilities. This divesture allows us to ‘Get back to our roots’. Currently, our initiative is focused on our operations in Oregon and California. Oregon, where we are vertically integrated with five retail locations, we see a considerable growth opportunity as two of our stores are under-performing and the other three locations can incrementally increase sales. In our multiple cultivation facilities, we have significant upside to improve yields, while at the same time, bring the quality of our flower back to the level of top shelf that our customers expect. As we increase productivity and harvest new high-quality, high demand, strains, we expect to increase distribution through both our retail and wholesale channels. TJ’s Gardens and Yerba Buena will continue to be our leading consumer product flower brands, while Cannavore, Doseology and Artifact Extracts are our primary edibles and extracts brands.”

Financial Results for the Fiscal Full Year 2021:

Revenue for the fiscal year 2021 totaled $41.8 million, an increase of 155% as compared to $16.4 million for the same period the year prior. The Company’s revenue for the fiscal year of 2021 net of Driven’s portion totaled $24.4 million, which is an increase of 49% from prior year. Net revenue after discounts and returns totaled $35.8 million, an increase of 156% as compared to $14.0 million for the same period the year prior. The Company’s net revenue after discounts and returns net of Driven portion totaled $20.9 million, an increase of 49% for the same period the year prior.

During fiscal year-end 2021, the Company reported impairment expenses totaling $52.5 million, predominately related to the intangible assets and a related party receivable of Driven Deliveries, Inc., which the Company recently divested of.

Adjusted EBITDA loss for the fiscal year 2021 totaled $5.8 million as compared to $5.4 million in the prior year period.

Net loss for the fiscal year 2021 totaled $64.6 million, predominately attributable to a $52.5 million impairment charge related to Driven Deliveries.

Conference Call Details:
Management will host a conference call to discuss the financial results on Thursday, January 13, 2022 at 4:30 pm ET.

About Stem Holdings, Inc.
Stem is a multi-state, vertically integrated, cannabis company that, through its subsidiaries and its investments, is engaged in the manufacture, possession, use, sale, distribution or branding of cannabis and/or holds licenses in the adult use and/or medical cannabis marketplace in the states of Oregon, Nevada, California, and Massachusetts. Stem has ownership interests in 29 state issued cannabis licenses including nine (9) licenses for cannabis cultivation, three (3) licenses for cannabis processing, two (2) licenses for cannabis wholesale distribution, three (3) licenses for hemp production, five (5) adult-use medical retailers (non-storefront) which were subsequently divested and seven (7) cannabis dispensary licenses.

Forward-Looking Statements
This news release contains forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. Forward-looking statements are statements and information that are not historical facts but instead include financial projections and estimates, statements regarding plans, goals, objectives, intentions and expectations with respect to the future business, operations, expected financial position as a result of the divestiture of Driven Deliveries, and phrases containing words such as “ongoing”, “estimates”, “expects”, or the negative thereof or any other variations thereon or comparable terminology referring to future events or results, or that events or conditions “will”, “may”, “could”, or “should” occur or be achieved, or comparable terminology referring to future events or results. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.

Non-GAAP Measures
This news release contains references to certain measures that are not defined under a body of generally accepted accounting principles for publicly accountable entities in the United States , which is commonly referred to as “GAAP” or “U.S. GAAP”. For this purpose, a non-GAAP financial measure is generally defined as one that purports to measure historical or future financial performance, financial position or cash flows but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measure. These non-GAAP measures are not recognized measures under GAAP, do not have a standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement GAAP measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under U.S. GAAP.

The Company uses non-GAAP measures, including Adjusted EBITDA to provide investors with supplemental measures of its operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on GAAP measures. The Company believes that investors, securities analysts and other interested parties frequently use non-GAAP measures in the evaluation of issuers. Management also uses non-GAAP measures in order to facilitate operating performance comparisons from period to period and assess the Company’s ability to meet its future debt service, capital expenditure and working capital requirements.

The term “Adjusted EBITDA” consists of net (loss) income and excludes interest, taxes, depreciation, amortization, share-based compensation, impairment of assets, acquisition costs, legal settlement costs, restructuring charges, and adjustments for fair value of biological assets, warrant liabilities, and stock appreciation rights. The most directly comparable measure to adjusted EBITDA calculated in accordance with GAAP is net (loss) income.

Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
+1 212.896.1254
[email protected]

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

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.