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BevCanna Announces Strong Third Quarter 2021 Financial Results

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Press Release: BevCanna Announces Strong Third Quarter 2021 Financial Results

9:15 am ET November 30, 2021 (Dow Jones) Print

 

BevCanna Announces Strong Third Quarter 2021 Financial Results

 

Increases revenues by more than 1000 per cent over the comparable quarter of 2020

 

VANCOUVER, British Columbia--(BUSINESS WIRE)--November 30, 2021-- 

BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) ("BevCanna" or the "Company"), an emerging leader in innovative health and wellness beverages and products, today reported its unaudited financial results for the quarter ended September 30, 2021.

 

Third Quarter Company Highlights (All Amounts Reported in $CAD; Unaudited; prepared in accordance with International Financial Reporting Standards)

 

   -- Delivered revenue growth of over 1,000 per cent to $1.1 million during 
      the quarter ended September 30, 2021, compared to $94,000 comparable 
      quarter of 2020 
 
   -- Gross Profit of $356,168 during the quarter ended September 30, 2021, 
      compared to a loss of $40,280 comparable quarter of 2020 
 
   -- Cash as of September 30, 2021, of $655,563 compared to $1.0 million as of 
      December 31, 2020 
 
   -- Announced a definitive agreement to acquire Embark Health Inc. ("Embark"), 
      a leader in solventless cannabis extraction and enhanced delivery 
      technology, with a focus on the formulation and production of advanced 
      cannabis 2.0 products for the B2B, medical and adult-use markets 
 
   -- Obtained product listings and purchase orders from British Columbia 
      Liquor Distribution Branch (BCLDB), Alberta Gaming and Liquor Commission 
      and Ontario Cannabis Store, and successfully shipped product to British 
      Columbia and Ontario. Subsequent to quarter end, the initial shipment of 
      the award-winning Keef Brands line of cannabis-infused beverages to the 
      BCLDB sold out online 
 
   -- Announced a definitive agreement with The Tinley Beverage Company Inc. 
      (CSE:TNY, OTCQX:TNYBF) to co-manufacture its award-winning 
      cannabis-infused beverages for the Canadian market 
 
   -- BevCanna's Naturo Group announced a supply agreement with B.C. Ministry 
      of Forests to supply B.C. firefighters with custom limited-edition TRACE 
      alkaline waters 
 
   -- Announced that its market-leading TRACE line of natural alkaline spring 
      waters will be the official Water Supplier of the Canadian E-Prix/2022 
      Vancouver E-Prix event, including the highly anticipated Formula E 
      electric car race, part of the ABB FIA Formula E World Championship 
      series 

Recent Highlights (Subsequent to Quarter End)

 

   -- On October 5, 2021, BevCanna's Naturo Group announced that it has 
      finalized an agreement with leading North American wholesaler distributor 
      United Natural Foods, Inc. (UNFI). UNFI Canada will now distribute 
      BevCanna's TRACE line of products to retailers across Canada. The UNFI 
      agreement represents a significant milestone for BevCanna. UNFI Canada is 
      a subsidiary of UNFI, the largest publicly traded wholesale distributor 
      in North America 
 
   -- On October 7, 2021, BevCanna announced that it has entered into a 
      white-label agreement with Xebra Brands Ltd., a rising player in the 
      global cannabis beverage sector 
 
   -- On October 14, 2021, the Company announced that it has entered into an 
      agreement to manufacture and distribute white-label cannabis beverages 
      for Averi Health Products ("Averi"). Averi is a new adult alternative 
      beverage company founded by Terry Donnelly, former CEO of the 
      award-winning Hill Street Beverage Co. 
 
   -- On October 21, 2021, BevCanna announced that it has been granted an 
      amendment to its Health Canada-authorized Cannabis Research License, to 
      include sensory evaluations of cannabis beverages in its product 
      development trials. This update to the License will allow BevCanna to 
      conduct on-site human assessments of the taste, smell, feel and visual 
      appeal of its products in development, opening significant opportunities 
      in the formulation and refinement of BevCanna's products and those of its 
      white-label clients 

Management Commentary

 

"As we closed out the third quarter, we delivered impressive revenue growth of more than 1,000 per cent, achieving $1.1 million in sales, compared to $94,000 in the year ago quarter," commented John Campbell, Chief Financial Officer of BevCanna. "Our third quarter results are further evidence of the Company's continued execution and the impact that our brands are having on the market.

 

"Our unique and diverse portfolio continues to expand, and with the impending close of our acquisition of Embark, will include an even wider range of adult-use and wellness channels and innovative product categories," continued Mr. Campbell. "We look forward to welcoming Embark and its team and remain laser-focused on our go-forward organic growth, while continuing to pursue complementary acquisitions, with the goal of further diversifying our brand offerings in the health and wellness categories."

 

The unaudited consolidated financial statements and Management Discussion and Analysis for the quarter ended September 30, 2021, are available at www.sedar.com.

 

AGM Results: shareholders approved all matters considered at the Company's Annual General and Special Meeting of Shareholders ("AGM") held November 24, 2021.

 

Voting Results

 

Full details of the matters that were voted on at the AGM of Company shareholders held on November 24, 2021, are set out in the Company's Management Information Circular dated October 25, 2021, which is available on SEDAR.

 

1. Election of Directors

 

The following persons were elected to serve as directors of the Company, with the outcome of votes being as follows:

 

 
Nominee                  % of Votes for  % of Votes Withheld 
 
Marcello Leone               97.7%              2.3% 
 
John Campbell                97.8%              2.3% 
 
Martino Ciambrelli           97.7%              2.3% 
 
Phil Fontaine                30.1%              69.9% 
 
William Macdonald            98.53%             1.47% 
 
Howard Blank                 98.46%             1.54% 
 
Douglas Mason                98.52%             1.48% 
 

2. Appointment of Auditor

 

Dale Matheson Carr-Hilton Labonte LLP (DMCL) has been re-appointed as the auditor of the Company for the ensuing year and the Director were authorized to fix the renumeration.

 

 
% Of Votes for          % of Votes Withheld 
98.34%                  1.66% 
 

3. Amendment to Articles

 

The Company's shareholders also approved an amendment to the Company's articles to create a new class of preferred shares issuable in series as more particularly described in the Management Information Circular.

 

About BevCanna Enterprises Inc.

 

BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) is a diversified health & wellness beverage and natural products company. BevCanna develops and manufactures a range of alkaline, plant-based, and cannabinoid beverages and supplements for both in-house brands and white-label clients. With decades of experience creating, manufacturing, and distributing iconic brands that resonate with consumers on a global scale, the team demonstrates an expertise unmatched in the nutraceutical and cannabis-infused beverage categories.

 

Based in British Columbia, Canada, BevCanna owns a pristine alkaline spring water aquifer and a world--class 40,000--square--foot, HACCP certified manufacturing facility, with a bottling capacity of up to 210M bottles annually. BevCanna's extensive distribution network includes more than 3,000 points of retail distribution through its market-leading TRACE brand, its Pure Therapy natural health and wellness e-commerce platform, its fully licensed Canadian cannabis manufacturing and distribution network, and a partnership with #1 U.S. cannabis beverage company Keef Brands.

 

Forward-Looking Disclaimer

 

This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events, or developments that the Company believes, expects, or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this news release include statements regarding: the prospective synergies between the business of BevCanna and Embark and the business of the Company following the closing of the acquisition of Embark; forecasted revenues of the Company in the fourth quarter of 2021 and for the financial year ended December 31, 2022; future product offerings; the potential benefits of various commercial agreements and partnerships; and other statements regarding the business of the Company. The forward-looking statements reflect management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements.

 

Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include, among other things: that the CSE may not approve the acquisition of Embark as proposed or at all; that the parties may not be able to satisfy the conditions to closing of the acquisition of Embark; general market conditions; risks associated with the COVID-19 pandemic; and other factors beyond the control of the parties. BevCanna expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.

 

 

2021-11-30 14:15:00 GMT Press Release: BevCanna Announces Strong Third -2-

 

View source version on businesswire.com:  https://www.businesswire.com/news/home/20211130005718/en /

 

 
    CONTACT:    On behalf of the Board of Directors: 

John Campbell, Chief Financial Officer and Chief Strategy Officer

 

Director, BevCanna Enterprises Inc.

 

For investor enquiries, please contact:

 

Shannon Devine, MZ North America

 

203-741-8811

 

BVNNF@mzgroup.us

 

For media enquiries or interviews, please contact:

 

Wynn Theriault, Thirty Dash Communications Inc.

 

416-710-3370

 

wynn@thirtydash.ca

 

	

(END) Dow Jones Newswires

 

November 30, 2021 09:15 ET (14:15 GMT)


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D. H. Taylor
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Joined: 2 years ago
Posts: 939
 

@cannabis-investing solid increase here.  Did you see Next Green Wave?  Talk about solid.

How’s the pink grapefruit CBD drink?


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#1
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Reputable Member
Joined: 5 months ago
Posts: 156
Topic starter  

@cannabisinvestingnewsletter yes, I posted nxgwf on the forum, bought some, and now price dropped. lol

I did a review on the kona pink. I posted it on forum, I know your too busy to read all posts. I really likeKona Pinkt. Its really the only energy drink that I really like the flavor. I like the kona gold way better than redbull, but not near as good as the kona pink.

JMHO they (KGKG)needs to find away to thc infuse their health and well being lemonade product line and license it off to trulieve or an large MSO. The hemp energy drink  gives energy to work out,and the lemonade with thc to mellow out and sleep.

I think licensing products needs to be something KGKG is looking into, and I told them that. Bevcanna is white labeling, entourage, your former top pick web md has deal with boston beer and large insitutional pension fund has a large stake in entourage. I like that as a retirement value investment.

Today is a blood bath.


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