(via TheNewswire)
Vancouver,
“This was our first full quarter since the acquisition of Highland Grow and a monumental one for the business on many fronts.” said
Key Operating Highlights
- Gross revenue of
$4.1 million , an increase of 303% from the prior quarter- Positive EBITDA of
$845,776 - Entered the
Alberta market- Introduced additional new SKUs across both the Highland Grow and Coastal Connection brands
------------------------------------------------------------------------------- |For the three months ended November 30, | | | | | | | | | | | | | | | | |2020 | | | | | | | | |2019 | |-----------------------------------------------------------------------------| |Revenue |$ |4,091,655 |$ |- | |-----------------------------------------------------------------------------| |Excise tax | |(593,060) | |- | |-----------------------------------------------------------------------------| |Net revenue | |3,498,595 | |- | |-----------------------------------------------------------------------------| |Cost of sales | |1,615,337 | |- | | | | | | | | | | | | | |-----------------------------------------------------------------------------| |Gross profit before fair value changes | |1,883,258 | | | |-----------------------------------------------------------------------------| |Fair value changes | |(109,001) | | | |-----------------------------------------------------------------------------| |Gross profit | |1,992,259 | |- | |-----------------------------------------------------------------------------| |Other selling and administrative expenses | |1,058,781 | |2,751,461 | |-----------------------------------------------------------------------------| |Writedown of assets | |87,702 | |7,439,177 | |-----------------------------------------------------------------------------| |EBITDA(1) | |845,776 | |(10,190,638)| |-----------------------------------------------------------------------------| |Net interest expense | |30,890 | |116,329 | |-----------------------------------------------------------------------------| |Depreciation and accretion expenses | |269,405 | |523,701 | |-----------------------------------------------------------------------------| |Net income (loss) from continuing operations | |545,481 | |(10,830,668)| |-----------------------------------------------------------------------------| |Net income (loss) from discontinued operations | |32,500 | |(110,878) | |-----------------------------------------------------------------------------| |Net income (loss) and | |577,981 | |(10,941,546)| |comprehensive income | | | | | |(loss) | | | | | |-----------------------------------------------------------------------------| | | | | | | |-----------------------------------------------------------------------------| |Working capital excluding deposits and prepaids|$ |1,971,740 |$ |1,353,079 | -------------------------------------------------------------------------------
Key Financial Highlights
(1) In this press release, reference is made to EBITDA and working capital. These metrics and measures are not recognized measures under IFRS, do not have meanings prescribed under IFRS and as a result are unlikely to be comparable to similar measures presented by other companies. These measures are provided as information complementary to those IFRS measures by providing a further understanding of our operating results from the perspective of management. As such, these measures should not be considered in isolation or in lieu of review of our financial information reported under IFRS. Definitions and reconciliations for all terms above can be found in the Company's MD&A for the three months ended
November 30, 2020 , filed on SEDAR. The key financial highlights are not in accordance to IFRS,,but are provided for the purpose of calculating EBITDA.
“We are still in the early days, but I am very pleased to see the initial results of our team’s hard work and dedication” said
About
MYM is a Canadian cultivator, processor, and distributor of premium cannabis via its two wholly owned subsidiaries –
ON BEHALF OF THE MYM BOARD
www.mym.ca
Investor Relations
investors@mym.ca
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