KEY FINANCIAL HIGHLIGHTS OF THE SECOND QUARTER OF 2021
- Net revenue of
$1.4 million for the three-month period in Q2 2021 compared to$1.1 million in Q2 2020.
- Gross margin before fair value adjustments of
$690,000 , or 48% of net revenue for the three-month period in Q2 2021 compared to$742,000 , or 69% of net revenue in Q2 2020.
- Average wholesale selling price per gram of
$2.84 for large flower in Q2 2021. The selling price is a result of blended sales between Auxly Cannabis and to other licensed producers.
- All-in cost of production was
$1.47 per gram in Q2 2021 compared to$1.20 per gram in Q2 2020. The increase in production cost is a result of the Company producing at full capacity.
- Operating expenses of
$370,000 for the three-month period in Q2 2021 compared to$403,000 in Q2 2020.
- Net income of
$329,000 for the three-month period in Q2 2021 or 23% of net revenue compared to a net loss of$335,888 in Q2 2020.
KEY OPERATING HIGHLIGHTS OF THE SECOND QUARTER OF 2021
- Cost of sales was a result of selling approximately 503,000 grams in Q2 2021 compared to 283,000 grams in Q2 2020.
- The Kalifornia strain grown by Lotus was the 7th best-selling 3.5-gram flower SKU by dollar amount in
Ontario during the 12-week period endingMarch 31, 2021 .
- The Kalifornia was the 6th best-selling 3.5-gram flower SKU by dollar amount in
New Brunswick during the 12-week period endingMarch 31, 2021 .
- The Kalifornia was the 2nd best-selling 3.5-gram flower SKU in the Canna Cabana national retail network in
December 2020 .
- The Kalifornia continues to consistently test with greater than 22% THC reaching up to 28% and with up to 4.5% in terpene content.
KEY SUBSEQUENT EVENTS OF THE SECOND QUARTER OF 2021
- The Kalifornia is currently listed in the following provinces:
British Columbia ,Alberta ,Saskatchewan ,Ontario ,New Brunswick ,Nova Scotia ,Prince Edward Island , andNewfoundland through a combination of private and provincial retail stores.
- The Kolab Project Kalifornia grown by Lotus Cannabis was selected by the
Ontario Cannabis Store as a “Top 100 Listing” that is expected to consistently be in stock. The Kalifornia is also considered a “customer favourite” and was included on two new OCS pages – “Always Available” and “Peak THC”.
- In the second week of
April 2021 , the Kalifornia strain had its highest weekly sales volume by units inOntario by approximately 2.75x the average weekly unit sales.
RESULTS OF OPERATIONS
Selected Quarterly Financial Data (unaudited)
The financial results of the Company for the five most recent quarters are summarized below, and the Company started recording revenue in the three months ending
Description | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | ||||
Revenues | |||||||||
Cost of Goods Sold | |||||||||
Gross Margin | |||||||||
Net Income (Loss) | ( | ||||||||
Net Income (Loss) per Share, Basic and Diluted | |||||||||
Total Assets | |||||||||
Total Long-Term Liabilities | $Nil | $Nil | $Nil | $Nil | $Nil | ||||
Cash Dividends / Share | $Nil | $Nil | $Nil | $Nil | $Nil |
“This quarter we ramped up our Kalifornia sales with
OUTLOOK FOR 2021
Lotus is now operating at full production and the Kalifornia sales are continuing to improve across
The Financial Statements and Management Discussion and Analysis for the period are available on SEDAR or on the Investor page of the Company’s website at https://lotuscannabis.ca/investors.
ON BEHALF OF THE BOARD:
"Dale McClanaghan"
About
Lotus is listed on the Canadian Securities Exchange under the symbol “J”, on the OTC Markets under the symbol “LTTSF” and on the
For More Information:
President & CEO
dalemcclanaghan@gmail.com
604-644-9844
Investor Relations
investors@lotuscannabis.ca
604-842-4625
To learn more, visit lotuscannabis.ca or follow the Lotus brand on social media.
Twitter: @lotuscannabisco , LinkedIn: @lotuscannabisco , Instagram: @lotuscannabisco
Facebook: @lotuscanna
Forward Looking Information:
The information contained within this news release has been prepared by
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Source:
2021 GlobeNewswire, Inc., source