/NOT FOR DISTRIBUTION TO
"We are pleased to report record revenues on both the recreational and medical segments of our business over the past 15 months. A trend that we expect to continue and will directly impact CHV's bottom line as we make further progress to optimize our low-cost cultivation at CHV's wholly owned subsidiary,
Compared to the 12 months ending
- Net revenue was
$26,666 for the 15-month period, an increase of$16,106 or 153%, compared to$10,560 during the year endedApril 30, 2021 . - Cash flow used in operating activities in the 15 months was
$1,525 , a decrease of$1,830 or 55%, compared to$3,355 during the year endedApril 30, 2021 . - Net cash provided by financing activities in the 15 months was
$2,298 , a decrease of$1,789 or 44% compared to$4,087 during the year endedApril 30, 2021 . - Loss and Comprehensive Loss for the 15-month period was
$11,093 , an improvement of$272 or 2% compared to a loss of$11,365 during the year endedApril 30, 2021 . Loss and Comprehensive Loss for the 15-month period endedJuly 31, 2022 included a one-time inventory impairment of$4,228 - Shareholder's equity was a deficit of
$3,753 compared to an equity of$6,873 as ofApril 30, 2021 .
Comparison of three months ending
- Net revenue of
$5,863 , an increase of$1,839 or 46%, compared to$4,024 in the same quarter of last year. - Loss and Comprehensive Loss of
$1,296 , an improvement of$1,279 or 50%, compared to$2,575 in the same quarter of last year. Loss and Comprehensive Loss for the three months endedJuly 31, 2022 , included the one-time inventory impairment of$228 . - Adjusted EBITDA of
$83 of loss, an improvement of$679 or 89%, compared with$762 for the three months endedJuly 31, 2021
Reconciliation of "Adjusted EBITDA (non-IFRS measure)" | |||||
3 months | 3 months | ||||
2022 | 2021 | ||||
- | |||||
Net loss and comprehensive loss for the period | $ (1,296) | $ (2,575) | |||
Finance and transaction costs | 867 | 908 | |||
Provision for income taxes | 32 | 30 | |||
Depreciation and amortization | 573 | 262 | |||
Right-of-use assets amortization | 124 | 94 | |||
Inventory impairment | 228 | - | |||
Share‑based compensation | 26 | 186 | |||
Realized loss on sale of inventory | 2 | 276 | |||
Unrealized loss on biological assets | 151 | 59 | |||
Gain on debt settlement and modifications | (942) | (2) | |||
Gain on assets disposal | (9) | - | |||
Remeasurement on contingent consideration | $ 161 | - | |||
$ 1,213 | $ 1,813 | ||||
Adjusted EBITDA | $ (83) | $ (762) | |||
- The above information contains non-IFRS financial performance measures which the Company believes provides users with relevant information regarding operation performance. These measures are not recognized or defined under IFRS, and as a result, they may not be comparable to the data presented by competitors
Business Highlights:
CHV, through
CHV, with the assistance of Montréal Cannabis Médical Inc. ("MTL Cannabis" or "MTL"), has completed Phase 1 of the
ICM completed the initial part of the facility's retrofit on target and began populating its grow rooms in July. Since then, ICM has successfully harvested five crops totaling over 900kg of dried flower under the new growing methodologies implemented by MTL Cannabis. ICM's standard operating procedures have been established and the production schedule at ICM has proceeded as planned with the yield from these initial harvests to be released for sale in the near term.
About
Cautionary Statement Regarding Forward-Looking Information. This press release contains forward-looking statements, including statements that relate to, among other things, the Company's clinic, production and technology businesses, its future plans, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Material assumptions used to develop forward-looking information in this news release include, among other things, the regulations related to cannabis use under the Access to Cannabis for Medical Purposes Regulations and the act respecting cannabis and to amend the Controlled Drugs and Substances Act, the Criminal Code and other Acts, passed by the Canadian Federal government, making cannabis and cannabis-based edibles, vapes and oils legal for recreational use on
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