Vancouver, British Columbia–(Newsfile Corp. – March 1, 2022) – Harvest One Cannabis Inc. (TSXV: HVT) (OTCQB: HRVOF) (“Harvest One” or the “Company”), a uniquely positioned cannabis-infused health and wellness consumer packaged goods (“CPG”) leader, with brands LivRelief ^TM and Dream Water ^TM, is pleased to announce its fiscal Q2 2022 and year-to-date financial and operating results for the three and six months ended December 31, 2021.

Management Commentary

“Our three- and six-months results continue to demonstrate steady progress towards our financial objectives of increasing adjusted earnings before interest, taxes, depreciation and amortization (‘Adjusted EBITDA’) while simultaneously reducing operating and overhead expenditures,” said Gord Davey, President and Chief Executive Office of Harvest One. “Our strategic transition to a global leading health and wellness company that is uniquely positioned in the cannabis space has been beneficial. Our structure and commitment to financial growth is evident in our results, notwithstanding and similar to other companies in our sector, our top line revenue being affected by the COVID-19 pandemic and the Omicron variant due to delays in product deliveries to customers and receipt of supply chain materials for production of Dream Water products. These sales orders are not lost, but only deferred to our next quarters, as we have sustained our operations through these challenging times. We are pleased to see the positive results of our strategic repositioning and are equally excited with our prospects moving forward.”

Financial highlights for the quarter ending December 31, 2021

Net revenue: The Company reported total net revenue from continued operations of $1.74 million in fiscal Q2 2022, approximately a 10% decrease from the $1.93 million reported in fiscal Q2 2021. This decrease is due to lower sales of Dream Water in US and lower LivRelief sales in Canada as a result of supply chain disruptions and labour shortages stemming from the Omicron wave of the COVID-19 pandemic in fiscal Q2 2022. While the impacts of COVID-19 could continue to delay or slow the implementation of the Company’s planned objectives and negatively impact the Company’s net revenues and gross profits, the Company is taking active steps to minimize the consequences including asking customers to provide a forecast of their purchase orders in advance.

Gross profit and gross profit margin: The Company reported gross profit of $0.64 million and a gross profit margin of 37% from continued operations in fiscal Q2 2022 as compared to $1.0 million or 52% in fiscal Q2 2021. The decrease in gross margin is the result of a reduction in net sales, an inventory write-down of $0.16 million in Q2 2022 and the reversal of a write-down of $0.28 million in Q2 2021. If the inventory write-down and reversal was excluded, Q2 2022 gross profit would be $0.80 million, or 46%, and Q2 2021 would be $0.71 million, or 37%. This increase arises from operational improvements and cost reductions in the Company.

Expenses: The Company reported expenses from continuing operations of $1.75 million in fiscal Q2 2022 as compared to $1.99 million in fiscal Q2 2021, representing a 12% reduction. This decrease was driven by management’s actions to reduce costs and overhead to improve profitability and such costs include, but are not limited to, salaries, fees for professional services and insurance.

Adjusted EBITDA⁽¹⁾: The Company reported Adjusted EBITDA from continued operations of $(0.95) million in fiscal Q2 2022 compared to $(1.27) million in fiscal Q2 2021, representing a $0.32 million or 25% quarter-over-quarter improvement. This increase resulted from margin improvements and reductions in selling, general and administrative (“SG&A”) expenses and overheads.

Financial highlights for the six months ending December 31, 2021:

Net revenue: The Company reported year-to-date total net revenue from continued operations of $3.87 million – an approximately $0.12 million or 3% increase over $3.75 million reported in same period last year. This net increase of 3% is driven by higher sales in the U.S. and offset by lower sales in Canada.

Gross profit and gross profit margin: The Company reported year-to-date gross profit of $1.35 million and a gross profit margin of 35% from continued operations as compared to $1.44 million and 39% in same period last year. The decrease in gross profit and gross profit margin is the result of an inventory write down of $0.16 million in Q2 2022. Excluding this inventory write-down, year-to-date gross profit in 2022 is $1.51 million or 39% more than in 2021.

Expenses: The Company reported expenses from continuing operations of $3.24 million in fiscal Q2 2022 as compared to $3.97 million in fiscal Q2 2021, representing a 18% reduction. This decrease was driven by management’s actions to reduce costs and overhead to improve profitability and such costs include, but are not limited to, salaries, fees for professional services and insurance.

Adjusted EBITDA⁽¹⁾: The Company reported Adjusted EBITDA from continued operations of $(1.73) million in fiscal Q2 2022 compared to $(2.66) million in fiscal Q2 2021, representing a $0.93 million or 35% year-to-date improvement. This increase resulted from margin improvements and reductions in SG&A expenses and overheads.

Summary of Key Financial Results

Adjusted EBITDA⁽¹⁾ (non-IFRS measure)

Expenses excluding non-cash items

Outlook

Management anticipates that sales volumes, net revenues, and Adjusted EBITDA⁽¹⁾ will improve throughout the next quarter due to continued infused topical sales, expanded distribution coverage, product launch and branding initiatives, improvements in gross profit, a continued focus on reducing overhead costs, continued entry into the US market, the normalization of the supply chain, and a reduction in pricing pressures though market rationalization.

About Harvest One

Harvest One is a global cannabis-infused and non-infused CPG leader that develops and distributes premium health, wellness and selfcare products with a market focus on solutions for sleeplessness and pain, resulting in the reduction of fatigue and anxiety. Harvest One is a uniquely positioned company in the cannabis space which is commercializing both cannabis-infused and non-infused products. Harvest One has established an impressive track record in product innovation, branding, marketing and distribution through its portfolio of CPG brands. Harvest One owns and operates two subsidiaries; Dream Water ^TM Global and LivRelief ^TM. For more information, please visit  www.harvestone.com.

Non-IFRS Measures, Reconciliation and Discussion

This press release contains references to “Adjusted EBITDA” which is a non-IFRS financial measure. Adjusted EBITDA is a measure of the Company’s loss from operations before interest, taxes, depreciation, and amortization and adjusted for share-based compensation, common shares issued for services, and inventories, asset impairment and write-downs, and other non-cash items, and is a non-IFRS measure.

This measure can be used to analyze and compare profitability among companies and industries, as it eliminates the effects of financing and capital expenditures. It is often used in valuation ratios and can be compared to enterprise value and revenue. This measure does not have any standardized meaning according to IFRS and, therefore, may not be comparable to similar measures presented by other companies.

There are no comparable IFRS financial measures presented in Harvest One’s financial statements. Reconciliations of the supplemental non-IFRS measure are presented in the Company’s Management Discussion and Analysis for the three and six months ended December 31, 2021. This non-IFRS financial measure is presented because management has evaluated the financial results both including and excluding the adjusted items and believes that the non-IFRS financial measure presented provides additional perspective and insights when analyzing the core operating performance of the business. The Company believes that the supplemental measure provides information which is useful to shareholders and investors in understanding the Company’s performance and may assist in the evaluation of the Company’s business relative to that of its peers.

The non-IFRS financial measure should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with the IFRS financial measures presented in the Company’s financial statements. For more information, please see “Adjusted EBITDA (non-IFRS measure)” and “Non-IFRS Measures” in the Company’s management’s discussion and analysis for the three and six months ended December 31, 2021, which is available under the Company’s profile on www.sedar.com.

Notes:

1. This is a non-IFRS reporting measure. For a reconciliation of this measure to the nearest IFRS measure, see “Adjusted EBITDA (non-IFRS measure)” and “Non-IFRS Measures” in the Company’s management’s discussion and analysis for the three and six months ended December 31, 2021.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, among other things, statements with respect to sales orders for future quarters, minimization of the impacts of COVID-19, future increased sales volumes, net revenues, and Adjusted EBITDA of the Company, continued infused topical sales, expanded distribution coverage, expanded product launch and branding initiatives, improvements in gross profit, reduction of overhead costs, continued entry into the US market, normalization of the supply chain, reduction in pricing pressures, future expansion plans, initiatives and strategies of the Company, and the Company’s performance, growth initiatives, profitability, production capacity and gain in market share.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: implications of the COVID-19 pandemic on the Company’s operations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the cannabis markets where the Company operates; changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; employee relations and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution, and sale of cannabis and cannabis-related products in the markets where the Company operates. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Additional information regarding this and other risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Company’s annual information form dated March 2, 2021, and under the heading “Risks and Uncertainties” in the Company’s management’s discussion and analysis dated October 28, 2021, for the year ended June 30, 2021, filed under the Company’s profile on SEDAR at www.sedar.com.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accept responsibility for the adequacy or accuracy of this release.

Investor Relations:
Jack Tasse
Chief Financial Officer
[email protected]
1-877-915-7934

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.

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