51% increase in revenues from Q1with 250% increase forecasted for Q3Strong Revenue Growth Expected for rest of Fiscal 2018
TORONTO,Nov. 29, 2018 /PRNewswire/ - Beleave Inc. (CSE: BE) (OTCQX: BLEVF) ("Beleave" or the "Company") announces today the release of its Interim Condensed Consolidated Financial Statements for the second quarter
SECOND QUARTER 2018 OPERATIONAL AND FINANCIAL HIGHLIGHTS
This was a landmark quarter for Beleave as sales from Cannabis began and new distribution channels for the upcoming quarters were established. The Company had revenues of $315,617 that didn't include recreational sales that began in October, however it was an improvement over last quarter's revenues of $208,617.
Significant reductions in costs were evident and, most notably, management and consulting fees were reduced substantially to $161,123 from the previous quarter. Salaries, professional services and change in fair value of note payable reductions were also very significant. On a comparative basis, the net loss in Q1 2018 was significantly reduced in Q2 2018 to $4,804,994, or $0.01 per share, as management focuses on cost reductions and revenue growth for the future.
"We're happy to report on our second quarter that included many highlights and developments for Beleave," said Andrew Wnek, Beleave's CEO. "We announced substantial facilities projects in London, Ontario and British Columbia, acquired Seven Oaks to bolster our recreational product lines, expanded our Medi-Green network of stores in Ontario and Quebec, and moved forward with plans for Colombian operations. We look forward to an even stronger third quarter that will reflect recreational sales and increased revenues."
Beleave also wishes to advise that it is named in a temporary order issued by the Executive Director of the British Columbia Securities Commission (BCSC) concerning certain purchases of and trading in the securities of Beleave and 10 other CSE issuers by a group of consultants referred to as the "BridgeMark Group". Beleave is examining the matters raised by the BCSC, and the underlying contracts, and the services provided by members of the BridgeMark Group. Beleave intends to cooperate fully with the BCSC's examination of these matters.
KEY HIGHLIGHTS – FISCAL YEAR-TO-DATE
2019 OUTLOOK & GUIDANCE
To be discussed during Q2 Conference Call on November 30, 2018.
SECOND QUARTER 2018 CONFERENCE CALL DETAILS
As previously disclosed, the Company will host its first ever conference call on Friday, November 30, 2018 at 11:00 a.m. (Eastern Time). The call will be hosted by Andrew T. Wnek, Chairman and CEO, Bojan Krasic, President and CFO and select members of the senior management team.
The December corporate presentation will be available on the Company's website prior to the call, which can be accessed at www.beleave.com.
Investors and stakeholders are invited to participate using the following dial-in numbers:
Participant Number (North American Toll Free): 1 866 303-2360Participant Number (North American Toll): 1 857 600-3028Participant Number (USA Toll Free): 1 866 236-8237Participant Number (Standard International Access): +44 (0) 208-610-0161Participant ID: 1556811#
Questions may be submitted in advance for the Q&A session by emailing Kevin Keagan, Chief Communications Officer at Kevin@beleave.com.
A replay of the conference call will be available shortly after the call has concluded and will be available until 11:59 p.m. (Eastern Time) Friday, December 14, 2018.
ABOUT BELEAVE INC.
Beleave is a vertically-integrated Canadian cannabis company headquartered in Oakville, Ontario, that operates streamlined facilities throughout Canada to cultivate high-quality cannabis flower, oil, and extracts with funded capacity in excess of 150,000 kg per year.
Fully-licensed to cultivate and sell medical and recreational cannabis, Beleave is leading the way through research partnerships with universities to bridge the gap between science and tradition and to develop pharma-grade extracts and derivatives. Beleave has developed new product lines, including cannabis-infused powder and sugar products, for 2019 as the recreational market is expected to allow for food and beverage-based cannabis products.
Beleave is growing its storefront and online sales presence rapidly through its wholly-owned subsidiaries, Beleave Kannabis Corp. and Seven Oaks, which are licensed for medicinal and recreational sales respectively. The company's first retail location is opening soon in Lloydminster, Saskatchewan. Beleave has also developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner.
Through its majority ownership of Procannmed S.A.S., Beleave has access to 27 hectares of outdoor grow space and is fully licensed to cultivate, produce, extract and distribute medical cannabis in Colombia to capitalize on exports and the expanding Latin American market. In the first of a series of strategic initiatives to penetrate the European medical market, the Company has partnered with Canymed GmbH to supply the German market with medical cannabis.
This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.
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SOURCE Beleave Inc.
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