TORONTO, July 31, 2019 /CNW/ - Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) www.libertyhealthsciences.com ("Liberty" or the "Company"), a provider of high quality cannabis, announced today that the company's net sales for the quarter ended May 31, 2019, was $5,520,561, compared with $1,141,118 for the quarter ended May 31, 2018. Gross profit for the quarter ended May 31, 2019 was $5,018,399, compared with $606,178 for the quarter ended May 31, 2018.
Operating expenses for the quarter ended May 31, 2019 were $7,934,827, compared with $4,762,053 for the quarter ended May 31, 2018.
The Company recorded a net loss for the quarter ended May 31, 2019 of $3,418,167 or $0.01 per share, compared with $3,174,432 or $0.01 for the quarter ended May 31, 2018.
As at May 31, 2019, Liberty maintained $5,032,964 of cash and term deposits on hand, compared to $13,291,426 in cash and term deposits at February 28, 2019.
Operational Highlights:
- Liberty operates 16 dispensaries throughout Florida.
- The Company has concluded lease agreements for another six locations in Florida.
- In March 2019, the Company signed a license agreement with the Werc Shop, a scientific consulting group in cannabis terpene analysis and terpene-based formulations.
- The Company entered a partnerships with Papa's Herb™ and Lemon and Grass. Papa's Herb™ is a line of THC smokable flower products, including pre-rolls and whole flower. The Lemon and Grass brand offers cannabis pain relief products.
- Liberty completed the cultivation portion of its retrofit activities at its 387-acre Liberty 360 Innovation Campus ("Liberty 360") property in March 2019, bringing 190,000 square feet of greenhouses online.
"We continue to experience revenue growth with increasing patient counts and are expanding our portfolio of high-quality cannabis products," said Victor Mancebo, Interim Chief Executive Officer of Liberty.
About Liberty Health Sciences Inc.
Liberty is the cannabis provider committed to providing a high quality cannabis experience based on our genuine care for all cannabis users and a focus on operational excellence from seed to sale. For more information, please visit: www.libertyhealthsciences.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains certain forward-looking statements within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "believe", "plan", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, expectations related to the Company's production capabilities, expectations concerning the receipt of all necessary approvals from the Florida Department of Health, expectations concerning the opening of new dispensaries and the expansion of its greenhouse space, and the Company's future expansion and growth strategies. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the medical marijuana industry in the United States generally, income tax and regulatory matters; the ability of Liberty to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Liberty Health Sciences Inc.
