First Quarter 2022 Highlights
- Q1, 2022 results represent the operations of its wholly-owned subsidiary,
AMP Alternative Medical Products GmbH ("AMP"). - Greenrise entered into discussions to acquire CannaCare, which was concluded and announced at the beginning of Q2, 2022.
- Unaudited sales increased 26% to €145,462 in the first quarter from the sale of medical cannabis products to pharmacies and distributors in
Germany , compared with €115,056 in the first quarter of 2021. - Greenrise reduced its fixed cost structure and operational expenditures, which resulted in operating losses decreasing 26% to €409,619 in the first quarter, compared to €551,852 in the first quarter of 2021.
- AMP was appointed as marketer and distributor of Little Green Pharma medical cannabis extract oils for the German market, which are also being used in Waldhausklinik Deuringen gGmbH's, a non-profit acute care hospital for internal medicine, clinical study in collaboration with AMP into the efficacy and safety of medical cannabis.
AMP and Eurox Pharma GmbH entered into a non-exclusive marketing and distribution agreement for Dronabinol for the German market.- Further information is contained in the Financial Statements and related Management Discussion and Analysis, available on SEDAR (www.sedar.com).
Highlights Subsequent to First Quarter 2022
- Greenrise completed the acquisition of controlling interest in CannaCare and will begin consolidating its financial results in Q2, 2022. Greenrise has the exclusive option to acquire the remaining 49% of CannaCare from Mr.
Frank Otto and the Oplesch family for shares of Greenrise until 2024. - CannaCare reported unaudited sales of €184,296 in Q1, 2022,
- CannaCare reported unaudited sales of €140,904 in April and €240,065 in May due to the launch of CBD products in three leading drugstore chains in
Germany beginning in April. - Greenrise announces it has closed the third tranche of its non-brokered private placement ("Unit Private Placement"), raising gross proceeds of €250,000 (
C$340,000 ) through the issuance of 1,700,000 units at a subscription price ofC$0.20 per Unit. Each Unit is comprised of one Greenrise common share ("Common Share") and two share purchase warrants, exercisable for one Common Share at an exercise price ofC$0.35 at any time up to one year and atC$0.50 at any time up to two years following the closing date. All securities issued pursuant to the Unit Private Placement will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws. - Greenrise raised total gross proceeds of €525,266 (
C$723,400 ) in the first and second tranche closings of the Unit of the Private Placement announced onApril 4, 2022 , andApril 14, 2022 , respectively. - Greenrise issued an unsecured debenture convertible into 4,201,552 Units of the Private Placement financing to
Mr. Otto in the principal amount of €608,920.55 (C$840,310.36 ), bearing interest at a rate of 2% per annum, with a maturity date ofDecember 31, 2024 , in exchange for a shareholder loan fromMr. Otto made to CannaCare. - Mr.
Frank Otto , who owns 9% of Greenrise and 18% on a fully diluted basis, was appointed to the board of directors.
About
Greenrise is a Canadian publicly traded company which owns 51% of
For more information, please visit:
- Greenrise: http://www.greenriseglobal.com/
- CannaCare: www.cannacare-health.de
- AMP: www.amp-eu.de
Doctors and pharmacists can find more information at: www.amp-eu.com/doccheck-login
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This news release contains forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to its business plans and milestones and the timing thereof. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements do not guarantee future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law.
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