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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Westleaf Inc    WL   CA9605631048

WESTLEAF INC

(WL)
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Westleaf : Announces Third Quarter 2019 Results of Newly Acquired We Grow B.C.

01/03/2020 | 06:41am EST

Westleaf Inc. (the 'Company' or 'Westleaf') (TSX-V:WL) (OTCQB:WSLFF) and its newly acquired wholly-owned subsidiary We Grow B.C. Ltd. ('We Grow'), released today the We Grow unaudited third quarter financial results for the fiscal year 2019, for the three and nine month interim period ending September 30, 2019.

We Grow's unaudited condensed interim consolidated financial statements ('Financial Statements') for the three and nine months ended September 30, 2019 and related Management Discussion and Analysis ('MD&A') for the reporting period are available under the Company's profile at www.sedar.com.

About Westleaf Inc.

Westleaf is a Canadian cannabis company focused on cannabis brands, extraction and production of derivatives, wholly owned retail, as well as cannabis cultivation. Westleaf's extraction and processing facility, The Plant, will produce high quality and consistent cannabis derivatives and consumables, both for Westleaf's in-house brands as well as white label products. Westleaf's retail concept, Prairie Records, leverages the instinctual tie between recreational cannabis and music with stores operating or in development across Western Canada. Westleaf's Thunderchild cultivation facility is expected to be completed in Q1, 2020. http://www.westleaf.com We Grow's cultivation facility is located in Creston, British Columbia in the heart of the Kootenays, where BC grown marijuana originated, and holds cannabis cultivation, processing and sales licenses pursuant to the applicable regulations of the Cannabis Act. We Grow has scalable production facilities currently consisting of 26,000 square feet retrofitted for phase 1 cultivation including over 14,000 square feet of growing rooms and up to 100-acre cultivation abilities for future production. We Grow's cannabis production includes its brand Qwest, which is considered a preeminent luxury cannabis brand achieving one of the highest realized flower prices in Canada.

Cautionary 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 relate to, among other things, the integration of the businesses of Westleaf and We Grow; the construction and expansion of the Company's production facilities; the timing for completion of same and commencement of production at the Company's production facilities and future production capacity. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: risks relating to the ability to obtain or maintain licences to retail cannabis products; review of the Company's production facilities by Health Canada and receipt or maintenance of licences from Health Canada in respect thereof; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the labour market generally and the ability to access, hire and retain employees; general business, economic, competitive, political and social uncertainties; the satisfaction of conditions precedent under the Company's credit facilities; timing and completion of construction and expansion of the Company's production facilities and retail locations and the delay or failure to receive board, regulatory or other approvals, including any approvals of the TSXV, as applicable. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release.

Contact:

Tel: 403- 618-5411

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2019 6,24 M 4,89 M 4,89 M
Net income 2019 -6,53 M -5,12 M -5,12 M
Net Debt 2019 28,5 M 22,4 M 22,4 M
P/E ratio 2019 -2,02x
Yield 2019 -
Capitalization 54,0 M 42,3 M 42,3 M
EV / Sales 2018 -
EV / Sales 2019 15,6x
Nbr of Employees -
Free-Float 94,0%
Income Statement Evolution
Consensus
 
Mean consensus -
Number of Analysts
Average target price
Last Close Price 0,16 
Spread / Highest target -
Spread / Average Target -
Spread / Lowest Target -
Managers and Directors
NameTitle
Cody Church Chairman & Chief Executive Officer
Stuart Boucher Chief Financial Officer
Delbert Wapass Director
Michael Gerald Kelly Director
Paul Wilson Director
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