Centurion Minerals Ltd. (TSXV: CTN) (the "Company" or "Centurion") is pleased to announce it has acquired the right to earn a 100% interest in the Casa Berardi West Gold Project (the "Project") located in the prolific gold producing, Harricana-Turgeon greenstone belt of the central Abitibi Subprovince of north-eastern Ontario.
David Tafel, CEO of the Company commented: "We are very excited to have acquired a Project that is in the middle of a region of current and historical production and in close proximity to very recent new gold discoveries. Historic exploration and significant drill hole information on and near the Project claims has given our geological team confidence we can advance exploration quickly. As Centurion returns to its historic focus of mineral exploration, we believe the Project provides shareholders with an excellent opportunity for potential value creation."
Following approval of the previously announced spin-out of the Company's (cannabis) subsidiary at the upcoming Annual General and Special Shareholder Meeting on August 12th, 2022, and TSX Venture Exchange (the "TSX-V") approval of the (Casa Berardi West) Project transaction, the Company will immediately apply for a resumption of trading.
The Project consists of 3 non-contiguous claim groups (Noseworthy, Newman and Hepburn) comprising a total of 11,600 acres or 4,700 hectares (the "Properties"), strategically located northeast of Cochrane, Ontario, in the metal endowed central north Abitibi greenstone belt (Figure 1).
Figure 1. Regional location of the Casa Berardi West claim groups. To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/4407/133013_3066039a74a01828_003full.jpg
Structurally, the three claim groups are proximal to regional crustal scale deformation zones. The Noseworthy claim group lies just north of the Casa Berardi Deformation Zone, integrally related to the Mikwam gold deposit of Aurelius Metals Inc. to the east, and the Casa Berardi gold mine owned and operated by Hecla Mining Company. The Newman claim group hosts part of the Mikwam River Fault. The Hepburn claim group lies along an extension of rocks and structures believed to be related to the former Normetal VMS mine (15 kilometers away) and more recently to the high-grade gold discovery by AMEX Exploration Company at the Perron property located 12 kilometers to the east of the Hepburn claims (Figure 2).
Mineralization on the Project consists of:
Figure 2. Geology, deposits and structural environment of the Casa Berardi West claim groups. To view an enhanced version of Figure 2, please visit: https://images.newsfilecorp.com/files/4407/133013_3066039a74a01828_004full.jpg
The Noseworthy claim group has seen little systematic historical exploration despite its strategic location just north of the Casa Berardi Deformation Zone (CBDZ) that hosts the Mikwam gold deposit owned by Aurelius Minerals. The Mikwam gold deposit hosts a 43-101 compliant inferred resource of 1.81 million tonnes at an average grade of 2.34 g/t Au for a 136,000 contained ounces of gold at a reported cut-off grade of 1 g/t Au.
The Newman claim group is dominated by a property long banded iron-formation. In 1987 Chesbar Resources ("Chesbar") completed 72 reverse circulation (RC) drill holes totaling 2,261 metres (m). Sampling of the tills at the bedrock-overburden interface and above bedrock resulted in one assay of 38,000 ppb (38g/t) gold (AFRI 42H08NE0048) and a number of others grading above 1,000 ppb (1 g/t) gold (Table 1).
Table 1. Highlighted results of the RC drilling, Chesbar Resources, 1987.
* 0.011 oz/ton converted to ppb from 34.28 g/t Au in 1 Troy ounce per short ton. ** Converted by Centurion
Chesbar followed up the positive RC results with 8 diamond drill holes totaling 1,518m, but failed to explain the numerous elevated gold results from the RC drill program. Subsequent companies relied on airborne magnetic and electromagnetic surveys to generate drill targets for 2-5 drill hole programs.
The Hepburn claim group lies 15km to the northwest of the former Normetal Cu-Zn mine which produced 10 million tonnes grading 2.2% Cu, 5.4% Zn, 0.53 g/t Au and 44.5 g/t Ag between 1938 and 1975. The claim boundary is also located 12km northwest of the Perron gold project recently discovered by Amex Exploration. On June 16, 2022, Amex announced high-grade diamond drilling results of 15.52 g/t Au over 15.85m and 11.27 g/t Au over 11m. (Figure 3)
Figure 3. Regional location of the Hepburn claim group along strike of AMEX Exploration gold discovery and former Normetal Cu-Zn mine. To view an enhanced version of Figure 3, please visit: https://images.newsfilecorp.com/files/4407/133013_3066039a74a01828_005full.jpg
Seal River Exploration Ltd. drilled one hole in 1990 and intersected bands of cherty garnetiferous, sulphide-magnetite iron formation over widths of 2-4 m in amphibolitic mafic volcanics. From 117.65 m a 1 m section assayed 396 ppb Au. From 147.58 m, a 0.91 m section assayed 240 ppb Au (AFRI 32E04SE0026). Seal River returned and drilled 3 more holes PR91-1 through PR91-3 totaling 306.93 m. Holes PR91-1 and PR91-3 were drilled on the current Hepburn claim group. Hole PR91-1 failed to intersect any significant assays. Hole PR91-3 was drilled on the same horizontal loop electromagnetic (HLEM) anomaly 300m to the east of hole PR90-1 and intersected similar bands of cherty garnetiferous, sulphide-magnetite iron formation over widths of 0.5-2.13 m in amphibolitic mafic volcanics. Highlights from this hole include 306 ppb Au over 0.91 m (AFRI 32E04SE9301).
The Option Agreement enables Centurion to acquire a 100% interest in the Casa Berardi West Project for cash consideration totaling $114,000 and the issuance of 600,000 common shares over a 3-year period. The Optionors will retain a 2% NSR but Centurion has the right to acquire 50% of the NSR for $1,000,000. The transaction is subject to TSX Venture Exchange approval.
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
Technical Report for the Casa Berardi Mine, Northwestern Quebec, Canada authored by Jonathan Archambault-Giroux, P.Geo, Effective date December 31, 2018.
Independent Technical Report, Mikwam Gold Property, Noseworthy Township, Ontario, Canada by Caracle Creek International Consulting Inc., Effective date December 8, 2016.
See press release TSXV:AMX dated June 16, 2022.
https://www.yorbeauresources.com/en/projects/normetal-west/#:~:text=The%20Normetal%20Mine%2C%20located%20relatively,a%20depth%20of%202.4%20kilometres.
Centurion Minerals Ltd. is a Canadian-based company with a focus on mineral asset development in the Americas. The Company's lead investment is its interest in the Ana Sofia Agri-Gypsum Fertilizer Project, and it is also reviewing additional prospective, precious mineral exploration projects.
"David G. Tafel" President and CEO
For Further Information Contact: David Tafel 604-484-2161
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding, the completion of the Arrangement, the Meeting, the Final Order hearing of the Court, the anticipated benefits of the Arrangement, the Company's plan to develop its business and provide Shareholders with additional investment choices and enhanced value, the Company's plans to complete the Consolidation and the Company's plans to apply to the TSX-V for a resumption of trading as a mineral exploration issuer following the Meeting; and future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company; are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators, and assumptions made with regard to: the Company's ability to complete the proposed Arrangement on the terms and conditions contemplated, or at all; the Companies' ability to secure the necessary shareholder, Court and regulatory approvals required to complete the Arrangement; the estimated costs associated with the Arrangement; the timing of the Meeting, the Final Order hearing and the Arrangement; and that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, that the COVID-19 global pandemic will not affect the ability of the Company to conduct the exploration program on the Project, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company expectations include risks associated with the business of the Company; risks related to the satisfaction or waiver of certain conditions to the closing of the Arrangement; non-completion of the Arrangement; risks related to the Company failing to obtain the requisite shareholder approval required for the Arrangement; risks relating the number of dissenting shareholders requiring fair value for their securities in connection with the Arrangement; risks related to exploration and potential development of the Company's projects including the Company's option to acquire the Project, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the TSX Venture Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, currency and commodity fluctuations, title disputes or claims, environmental issues and liabilities, the need for cooperation of government agencies and indigenous groups in the issuance of required permits; the need to obtain additional financing to develop properties, and uncertainty as to the availability and terms of future financing; and other risk factors as detailed from time to time and additional risks identified in the Company filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133013
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In the cannabis space this week, three leading companies shared their latest earnings reports.
In addition to that, a new report shows that the amount of cannabis product destroyed by Canadian producers reached record-breaking levels in 2021.
Keep reading to find out more cannabis highlights from the past five days.
This week's financial results from leading cannabis companies showcase different facets of the industry and are a chance for investors to assess the health of the market.
Wednesday (August 3) brought reports from two US-based companies with different cannabis business plans: Green Thumb Industries (CSE:GTII,OTCQX:GTBIF) and Innovative Industrial Properties (IIP) (NYSE:IIPR).
Green Thumb reported a revenue jump of nearly 5 percent from the last quarter to finish the Q2 period with US$254.3 million in revenue. The increase in revenue brought the company US$24.4 million in net income, its eighth consecutive positive quarterly period.
Green Thumb Founder, Chairman and CEO Ben Kovler credited his team for navigating the challenging macroeconomic setup. “The complexity in US cannabis makes us work harder and smarter every day to create long-term value for all our stakeholders,” Kovler said in the update.
For its part, IIP reported US$70.5 million in revenue for the Q2 period, creating a net income line of nearly US$40 million. The cannabis real estate investment trust firm continued paying a dividend to shareholders. This time it came in at US$1.75, representing a 25 percent uptick from last year.
Over the border, leading Canadian firm Canopy Growth (NASDAQ:CGC,TSX:WEED) shared less glowing results for its first fiscal quarter of 2023. Leading executives for the company celebrated a more disciplined approach to spending and advancements from a pipeline of products with and without cannabis.
Canopy's revenue for the quarter was flat compared to the previous period, and it reported a larger net loss compared to the preceding quarter. The firm blamed its C$2 million net loss on a C$1.7 million “impairment in goodwill, and non-cash fair value changes.”
New figures from Health Canada, first reported by MJBizDaily, show that in 2021, 425 million grams of licensed cannabis were destroyed by Canadian producers.
Additionally, 7 million packaged products were destroyed by these companies.
“Since 2018, almost 900 million grams of unpackaged dried cannabis has been destroyed by licensed producers because of overproduction and quality issues,” the report indicates.
The new numbers show a 50 percent uptick from the amount destroyed in 2020, 279 million grams.
Don't forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
- Bernard Wang Appointed as Chief Financial Officer, Effective August 8, 2022 -
- Benjamin Rose Appointed to Board of Directors, Effective August 1, 2022 -
- Key Additions Strengthen Leadership Team -
The Greenrose Holding Company Inc. (OTC: GNRS, GNRSW) ("Greenrose" or the "Company"), a multi-state grower and producer of cannabis brands and products is announcing two new appointments to its executive team and board of directors, effective August 2022. Bernard Wang has been appointed as the Company's new chief financial officer, effective August 8, 2022, and Benjamin Rose has been appointed to the Company's board of directors, effective August 1, 2022.
"We are proud to welcome two finance and cannabis industry veterans to our leadership team as we further establish Greenrose as a growing multi-state operator," said Mickey Harley, CEO of Greenrose. "We believe Bernard and Ben's appointments help strengthen our leadership team and add valuable cannabis expertise, as we continue ramping our operations in Arizona and Connecticut and pursue additional expansion opportunities. We look forward to leveraging their expertise to deepen our current market footprint and improve our foundation for long-term growth."
Appointment of Bernard Wang as Chief Financial Officer
Bernard Wang joins Greenrose as the Company's new chief financial officer following the resignation of its former CFO, Scott Cohen, on July 14, 2022. Mr. Wang is a senior finance and accounting professional with over 25 years of experience and a track record in helping both public and private companies improve their internal controls, accounting processes, and capital raising initiatives. Prior to joining Greenrose, Mr. Wang served as the interim corporate controller and director of accounting at Fat Brands Inc. (Nasdaq: FAT), where he led multiple projects to improve corporate reporting processes. He previously served as the corporate controller and vice president of finance at Canndescent, a California-based luxury cannabis flower brand company.
Mr. Wang has also held various senior finance roles at Sony New Media Solutions, Vubiquity Inc., and InterAmerican Motor Corporation. He received his BA in Economics and BS in Accounting from California State University, Northridge - School of Business Administration and Economics, and he is an active member of the California Board of Accountancy, California Society of CPAs, and American Institute of Certified Public Accountants.
Harley continued: "With Bernard's strong public company, reporting, and cannabis industry expertise, we believe that his leadership will help us strengthen our financial controls and make continued progress on our growth objectives. We would like to thank Scott Cohen for his contributions to Greenrose during his time as CFO, and we look forward to working alongside Bernard on our executive team."
Appointment of Benjamin Rose to Board of Directors
Benjamin Rose has been appointed to Greenrose's board of directors. With over 25 years of experience in the investment industry, Mr. Rose brings extensive expertise with helping cannabis companies raise capital and enhance their operational foundation for growth. He is the founder and managing partner of Boundary Peak Advisors LLC, a cannabis-focused investment and advisory firm. Through his role at Boundary Peak, Mr. Rose helped facilitate Greenrose's $105 million senior secured credit facility from DXR Finance, LLC to assist in the completion of the Company's qualifying transaction with Theraplant. He also served as chairman of the board for MedMen (CSE: MMEN) (OTCQX: MMNFF), where he spearheaded several restructuring and governance improvements, as well as facilitated a backstopped $100 million equity private placement led by Serruya Private Equity.
Prior to Boundary Peak, Mr. Rose founded and served as the chief investment officer for Wicklow Capital, where he focused on venture investments in seed to late-stage companies across various emerging industries, such as cannabis, technology, and cryptocurrency. He has also served as a portfolio manager at Balyasny Asset Management and held various trading roles at Blue Ridge Capital, Tiger Management, and Goldman Sachs. Mr. Rose earned his BA in Economics from Harvard College, where he graduated with honors.
Harley concluded: "Ben brings a seasoned perspective to our board as we navigate our early days as a public multi-state cannabis operator. We look forward to leveraging his expertise in our continued efforts to improve our capital and operational efficiency."
About The Greenrose Holding Company Inc. The Greenrose Holding Company Inc. is a multi-state cultivator and producer of cannabis brands and products. Greenrose is driven by cultivation. It is understood that being a leader in the cannabis industry starts with outstanding flower derived from sophisticated genetics and scalable grow methods. Greenrose aims to be a vertically integrated company that looks for scale and horizontal consolidation. For more information, please visit www.greenroseholdings.com .
Investor Relations Contact: Gateway Group, Inc. Cody Slach or Jackie Keshner (949) 574-3860 GNRS@gatewayir.com
Greenrose Contact: Daniel Harley Executive Vice President, Investor Relations (516) 307-0383 ir@greenroseholdings.com
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Continued progress of premiumization strategy and record quarter from BioSteel accelerating path to profitability
Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC) today announces its financial results for the first quarter ended June 30, 2022 . All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
Hi g h li g h t s
"Through advancements in our North American brand led strategy we delivered a record quarter from BioSteel and maintained #1 share in the premium flower and pre-rolled joint segment, while driving growth of our premium Doja and mainstream Tweed brands. As our U.S. THC ecosystem continues to strengthen with Acreage operating in the recreational cannabis market in New Jersey , along with the expansion of Wana across North America , we remain focused on delivering a robust pipeline of innovation aligned to what consumers are looking for – premium, infused, and ready to enjoy."
David Klein , Chief Executive Officer
"The cost saving program announced earlier in the quarter combined with sound expense discipline contributed to a meaningful decline in operating expenses during the quarter. We expect cost savings to ramp in the second half of the year, enabling us to execute on our path to profitability even as we continue to invest in strategic growth initiatives including in BioSteel and our U.S. THC ecosystem."
Judy Hong , Chief Financial Officer
First Q u ar te r Fiscal 2023 Financial Summary
On an organic basis, excluding C 3 .
Unless otherwise indicated, market share data disclosed in this press release is calculated using the Company's internal proprietary market share tool that utilizes point of sales data supplied by third-party data providers, government agencies and our own retail store operations across the country.
Non-GAAP measure. Excludes Asset Impairment and Restructuring costs, and Acquisition-Related costs.
Adjusted gross margin is a non-GAAP measure, and for Q1 FY2023 excludes $4.0 million of restructuring costs recorded in cost of goods sold (Q1 FY2022 - excludes $1.4 million related to the flow-through of inventory step-up associated with the acquisition of Supreme Cannabis and $nil of restructuring costs recorded in cost of goods sold). See "Non-GAAP Measures".
Net loss includes a non-cash goodwill impairment of $1,725 million related to our cannabis operations reporting unit. This impairment represents the full goodwill balance associated with the cannabis operations reporting unit and was triggered as a result of the decrease in the Company's market capitalization in Q1 FY2023.
Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures".
Free cash flow is a non-GAAP measure. See "Non-GAAP Measures".
R e v e nu e s :
Net revenue of $110 million in Q1 FY2023 declined 19% versus Q1 FY2022. Total global cannabis net revenue of $66 million in Q1 FY2023 represented a decline of 29% over Q1 FY2022 driven in part by a decline in value flower sales in the Canadian recreational cannabis market due to a deliberate business transition to focus on higher margin, premium and mainstream products. Other consumer products revenue of $44 million in Q1 FY2023, represented an increase of 1% over Q1 FY2022. Excluding the impact from acquired businesses and divestiture of C 3 , net revenue declined 17% and global cannabis net revenue declined 28% versus Q1 FY2022.
G r o s s margin:
Reported gross margin in Q1 FY2023 was (1%) as compared to 20% in Q1 FY2022. Excluding non-cash restructuring costs recorded in COGS of $4 million , adjusted gross margin was 2%. Gross margin in Q1 FY2023 was further impacted by lower production output and price compression in the Canadian recreational business, a shift in business mix, and a decrease in the amount of payroll subsidies received from the Canadian government pursuant to a COVID-19 relief program.
O p e rat in g expenses:
Total SG&A ("SG&A") expenses in Q1 FY2023 declined by 8% versus Q1 FY2022, driven by year-over-year reductions in General & Administrative and Research and Development expenses, offset by increases in Sales and Marketing.
The Company recognized a non-cash goodwill impairment of $1,725 million related to our cannabis operations reporting unit which is included in our quarterly net loss. This impairment represents the full goodwill balance associated with the cannabis operations reporting unit and was triggered as a result of the decrease in the Company's market capitalization in Q1 FY2023.
Net Loss in Q1 FY2023 was $2,088 million , which is a $2,478 million increase in the net loss versus Q1 FY2022, driven primarily by the non-cash $1,725 million impairment in goodwill, and non-cash fair value changes.
Adjusted EBITDA loss in Q1 FY2023 was $75 million, an $11 million increase in Adjusted EBITDA loss versus Q1 FY2022 primarily driven by the decline in gross margin, partially offset by the reduction in our total SG&A expenses.
F r e e Cash Flow:
Free Cash Flow in Q1 FY2023 was an outflow of $143 million, a 23% decrease in outflow versus Q1 FY2022. Relative to Q1 FY2022, the Free Cash Flow outflow decrease reflects a decrease in the cash used for operating activities and optimizing our capital expenditures as part of the previously-noted restructuring actions.
Cash and short-term investments amounted to $1.2 billion at June 30 , 2022, representing a decrease of $0.2 billion from $1 .4 billion at March 31 , 2022 reflecting primarily EBITDA losses, and the upfront payment made as consideration for the options to acquire Jetty Extracts upon federal permissibility of THC in the U.S.
Strong brand performance and innovation are helping stabilize market share in core segments of the Canadian recreational cannabis market
Medical cannabis revenues increasing, with multiple potential growth drivers
Gains in distribution and sales velocity of BioSteel RTD drove record revenue in Q1 FY2023
U.S. THC Ecosystem continues to strengthen
IRI data for the 4 weeks ended June 12, 2022.
Until such time as the Company elects to exercise its rights to acquire Wana Brands, the Company will have no direct or indirect economic or voting interests in Wana Brands, the Company will not directly or indirectly control Wana Brands, and the Company, on the one hand, and Wana Brands, on the other hand, will continue to operate independently of one another.
Until such time as the Company elects to exercise its rights to acquire Acreage Holdings, the Company will have no direct or indirect economic or voting interests in Acreage Holdings, the Company will not directly or indirectly control Acreage Holdings, and the Company, on the one hand, and Acreage Holdings, on the other hand, will continue to operate independently of one another.
First Quarter Fiscal 2023 Revenue Review
(in millions of Canadian dollars, unaudited)
For Q1 FY2023, amount is net of excise taxes of $11.6 million and other revenue adjustments of $0.6 million (Q1 FY2022 - $17.8 million and $3.0 million, respectively).
For Q1 FY2023, amount is net of excise taxes of $1.2 million (Q1 FY2022 - $1.4 million).
For Q1 FY2023, amount reflects other revenue adjustments of $0.6 million (Q1 FY2022 - $0.4 million).
For Q1 FY2023, amount reflects other revenue adjustments of $1.7 million (Q1 FY2022 - $1.9 million).
(in millions of Canadian dollars, unaudited)
Beverages, edibles, topicals and vapes 15,16
Beverages, edibles, topicals and vapes
The Q1 FY2023 and Q1 FY2022 financial results presented in this press release have been prepared in accordance with U.S. GAAP.
Excludes the impact of other revenue adjustments.
Other revenue adjustments represent the Company's determination of returns and pricing adjustments and relate to the Canadian recreational business‐to‐business channel.
Includes the impact of other revenue adjustments, which represent the Company's determination of returns and other pricing adjustments.
Webcast and Conference Call Information
The Company will host a conference call and audio webcast with David Klein , CEO and Judy Hong , CFO at 10:00 AM Eastern Time on August 5, 2022.
Webcast Information A live audio webcast will be available at https://app.webinar.net/bXk1q7d6DRl
Replay Information A replay will be accessible by webcast until 11:59 PM ET on November 5, 2022 at https://app.webinar.net/bXk1q7d6DRl
Adjusted EBITDA is a non-GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Adjusted EBITDA is calculated as the reported net income (loss), adjusted to exclude income tax recovery (expense); other income (expense), net; loss on equity method investments; share-based compensation expense; depreciation and amortization expense; asset impairment and restructuring costs; restructuring costs recorded in cost of goods sold; and charges related to the flow-through of inventory step-up on business combinations, and further adjusted to remove acquisition-related costs. Asset impairments related to periodic changes to the Company's supply chain processes are not excluded from Adjusted EBITDA given their occurrence through the normal course of core operational activities. The Adjusted EBITDA reconciliation is presented within this news release and explained in the Company's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission ("SEC").
Free Cash Flow is a non- GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. This measure is calculated as net cash provided by (used in) operating activities less purchases of and deposits on property, plant and equipment. The Free Cash Flow reconciliation is presented within this news release and explained in the Company's Quarterly Report on Form 10-Q to be filed with the SEC.
Adjusted Gross Margin and Adjusted Gross Margin Percentage are non-GAAP measures used by management that are not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Adjusted Gross Margin is calculated as gross margin excluding restructuring and other charges recorded in cost of goods sold, and charges related to the flow-through of inventory step-up on business combinations. Adjusted Gross Margin Percentage is calculated as Adjusted Gross Margin divided by net revenue. The Adjusted Gross Margin and Adjusted Gross Margin Percentage reconciliation is presented within this news release.
Canopy Growth (TSX:WEED,NASDAQ:CGC ) is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation, we offer product varieties in high quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Our global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its colour-coded classification system and is a market leader in both Canada and Germany . Through our award-winning Tweed and Tokyo Smoke banners, we reach our adult-use consumers and have built a loyal following by focusing on top quality products and meaningful customer relationships. Canopy Growth has entered into the health and wellness consumer space in key markets including Canada , the United States , and Europe through BioSteel sports nutrition, and This Works skin and sleep solutions; and has introduced additional federally-permissible CBD products to the United States through our First & Free and Martha Stewart CBD brands. Canopy Growth has an established partnership with Fortune 500 alcohol leader Constellation Brands. For more information visit www.canopygrowth.com.
Notice Regarding Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable securities laws, which involve certain known and unknown risks and uncertainties. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as "intend," "goal," "strategy," "estimate," "expect," "project," "projections," "forecasts," "plans," "seeks," "anticipates," "potential," "proposed," "will," "should," "could," "would," "may," "likely," "designed to," "foreseeable future," "believe," "scheduled" and other similar expressions. Our actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.
Forward-looking statements include, but are not limited to, statements with respect to:
Certain of the forward-looking statements contained herein concerning the industries in which we conduct our business are based on estimates prepared by us using data from publicly available governmental sources, market research, industry analysis and on assumptions based on data and knowledge of these industries, which we believe to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. The industries in which we conduct our business involve risks and uncertainties that are subject to change based on various factors, which are described further below.
The forward-looking statements contained herein are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including: (i) management's perceptions of historical trends, current conditions and expected future developments; (ii) our ability to generate cash flow from operations; (iii) general economic, financial market, regulatory and political conditions in which we operate; (iv) the production and manufacturing capabilities and output from our facilities and our joint ventures, strategic alliances and equity investments; (v) consumer interest in our products; (vi) competition; (vii) anticipated and unanticipated costs; (viii) government regulation of our activities and products including but not limited to the areas of taxation and environmental protection; (ix) the timely receipt of any required regulatory authorizations, approvals, consents, permits and/or licenses; * our ability to obtain qualified staff, equipment and services in a timely and cost-efficient manner; (xi) our ability to conduct operations in a safe, efficient and effective manner; (xii) our ability to realize anticipated benefits, synergies or generate revenue, profits or value from our recent acquisitions into our existing operations; (xiii) our ability to continue to operate in light of the COVID-19 pandemic and the impact of the pandemic on demand for, and sales of, our products and our distribution channels; and (xiv) other considerations that management believes to be appropriate in the circumstances. While our management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.
By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking statements in this press release and other reports we file with, or furnish to, the Securities and Exchange Commission (the "SEC") and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf. Such factors include, without limitation, changes in laws, regulations and guidelines and our compliance with such laws, regulations and guidelines; the risk that the COVID-19 pandemic may disrupt our operations and those of our suppliers and distribution channels and negatively impact the demand for and use of our products; consumer demand for cannabis and U.S. hemp products; our limited operating history; inflation risks; the risks and uncertainty regarding future product development; our reliance on licenses issued by and contractual arrangements with various federal, state and provincial governmental authorities; the risk that cost savings and any other synergies from the CBI Group Investments may not be fully realized or may take longer to realize than expected; the implementation and effectiveness of key personnel changes; the risks that our Restructuring Actions will not result in the expected cost savings, efficiencies and other benefits or will result in greater than anticipated turnover in personnel; risks associated with jointly owned investments; risks relating to our current and future operations in emerging markets; future levels of revenues and the impact of increasing levels of competition; risks related to the protection and enforcement of our intellectual property rights; our ability to manage disruptions in credit markets or changes to our credit ratings; future levels of capital, environmental or maintenance expenditures, general and administrative and other expenses; the success or timing of completion of ongoing or anticipated capital or maintenance projects; risks related to the integration of acquired businesses; the timing and manner of the legalization of cannabis in the United States ; business strategies, growth opportunities and expected investment; the adequacy of our capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute our business plan (either within the expected timeframe or at all); counterparty risks and liquidity risks that may impact our ability to obtain loans and other credit facilities on favorable terms; the potential effects of judicial, regulatory or other proceedings, or threatened litigation or proceedings, on our business, financial condition, results of operations and cash flows; risks related to stock exchange restrictions; risks associated with divestment and restructuring; volatility in and/or degradation of general economic, market, industry or business conditions; our exposure to risks related to an agricultural business, including wholesale price volatility and variable product quality; third-party transportation risks; compliance with applicable environmental, economic, health and safety, energy and other policies and regulations and in particular health concerns with respect to vaping and the use of cannabis and U.S. hemp products in vaping devices; the anticipated effects of actions of third parties such as competitors, activist investors or federal, state, provincial, territorial or local regulatory authorities, self-regulatory organizations, plaintiffs in litigation or persons threatening litigation; changes in regulatory requirements in relation to our business and products; and the factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended March 31, 2022 . Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements.
Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that the forward-looking statements may not be appropriate for any other purpose. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements are made as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking statements, except as required by law. The forward-looking statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements.
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(in thousands of Canadian dollars, except number of shares and per share data, unaudited)
Prepaid expenses and other assets
Other accrued expenses and liabilities
Current portion of long-term debt
Liability arising from Acreage Arrangement
Canopy Growth Corporation shareholders' equity:
Common shares - $nil par value; Authorized - unlimited number of shares;
Issued - 417,217,611 shares and 394,422,604 shares, respectively
Total Canopy Growth Corporation shareholders' equity
Total liabilities and shareholders' equity
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands of Canadian dollars, except number of shares and per share data, unaudited)
Selling, general and administrative expenses
Asset impairment and restructuring costs
Loss from equity method investments
(Loss) income before income taxes
Net loss attributable to noncontrolling interests and
Net (loss) income attributable to Canopy Growth Corporation
Basic (loss) earnings per share
Basic weighted average common shares outstanding
Diluted (loss) earnings per share
Diluted weighted average common shares outstanding
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of Canadian dollars, unaudited)
Cash flows from operating activities:
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property, plant and equipment
Share of loss on equity method investments
Asset impairment and restructuring costs
Non-cash fair value adjustments and charges related to
settlement of convertible senior notes
Change in operating assets and liabilities, net of effects from
Prepaid expenses and other assets
Accounts payable and accrued liabilities
Other, including non-cash foreign currency
Net cash used in operating activities
Cash flows from investing activities:
Purchases of and deposits on property, plant and equipment
Redemption (purchases) of short-term investments
Net cash proceeds (outflows) on sale of subsidiaries
Sale of (investments in) equity method investments
Investment in other financial assets
Net cash outflow on acquisition of subsidiaries
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Proceeds from exercise of stock options
Net cash (used in) provided by financing activities
Effect of exchange rate changes on cash and cash equivalents
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
Adjusted Gross Margin 1 Reconciliation (Non-GAAP Measure)
(in thousands of Canadian dollars except where indicated; unaudited)
Restructuring costs recorded in cost of good sold
Charges related to the flow-through of inventory
1 Adjusted gross margin and adjusted gross margin percentage are non-GAAP measures. See "Non-GAAP Measures".
Adjusted EBITDA 1 Reconciliation (Non-GAAP Measure)
(in thousands of Canadian dollars, unaudited)
Loss on equity method investments
Asset impairment and restructuring costs
Restructuring costs recorded in cost of goods sold
Charges related to the flow-through of inventory
1 Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures".
2 From Consolidated Statements of Cash Flows.
Free Cash Flow Reconciliation 1 (Non-GAAP Measure)
(in thousands of Canadian dollars, unaudited)
Net cash used in operating activities
Purchases of and deposits on property, plant and equipment
1 Free cash flow is a non-GAAP measure. See "Non-GAAP Measures".
(in thousands of Canadian dollars, unaudited)
Segmented Adjusted Gross Margin 1 Reconciliation (Non-GAAP Measure)
(in thousands of Canadian dollars except where indicated; unaudited)
Restructuring costs recorded in cost of good sold
Charges related to the flow-through of inventory
Restructuring costs recorded in cost of good sold
1 Adjusted gross margin and adjusted gross margin percentage are non-GAAP measures. See "Non-GAAP Measures".
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New dispensary expands patient access to medical cannabis; grand opening specials available
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the United States today announced the opening of a new medical dispensary in Kissimmee, Florida . Located at 51 N. Doverplum Ave., the doors will open at 9 a.m. on Thursday, August 4, 2022 with ongoing regular hours of 9 a.m. 9 p.m. from Monday through Saturday and 10 a.m. 8 p.m. on Sunday .
Grand opening festivities throughout the day at the new dispensary will include numerous partner giveaways, music, food trucks, deals and specials, and all registered patients will receive a 25% discount. Trulieve also offers statewide home delivery, convenient online ordering and in-store pickup. As always, all first-time guests are eligible for a 50% new customer discount at any Florida -based location.
"Trulieve is proud to continue being at the forefront of expanding access to medical marijuana for Florida's patient population," said Trulieve's Chief Executive Officer Kim Rivers , "Trulieve is committed to investing in the Kissimmee community, as well as offering patients access to high quality products and providing exceptional customer experiences."
As the state's leading medical cannabis provider, Trulieve's retail employees are trained to provide personalized patient care and support individuals at every stage of their cannabis journeys. Trulieve dispensaries throughout Florida offer on-site consultations to help patients obtain appropriate medical products and dosages to ensure optimal cannabis experiences.
Trulieve patients across Florida can choose from the largest selection of THC and CBD products available in a variety of consumption methods, including smokable flower, concentrates, edibles, capsules, syringes, tinctures, topical creams, vaporizers, and more.
Designed to meet every patient's needs, our portfolio of in-house brands includes Alchemy, Co2lors, Cultivar Collection, Modern Flower, Momenta, Muse, Roll One and Sweet Talk. Patients also have access to beloved brands such as Bellamy Brothers , Bhang, Binske, Blue River , Black Tuna, DeLisioso, Love's Oven, Miami Mango, O.pen and Sunshine Cannabis, all available exclusively at Trulieve in Florida .
For more information, or to learn how to become a registered patient, please visit Trulieve.com and connect on Instagram or Facebook .
About Trulieve Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona , Florida , and Pennsylvania . Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. To learn more about Trulieve, visit Trulieve.com .
Facebook: @Trulieve Instagram: @Trulieve_ Twitter: @Trulieve
Investor Contact Christine Hersey , Executive Director of Investor Relations +1 (424) 202-0210 Christine.Hersey@Trulieve.com
Media Contact Rob Kremer , Executive Director of Corporate Communications +1 (404) 218-3077 Robert.Kremer@Trulieve.com
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Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE dispensaries today reported its financial results for the second quarter ended June 30, 2022. Financial results are reported in accordance with U.S. generally accepted accounting principles ("GAAP") and all currency is in U.S. dollars.
Highlights for the second quarter and six months ended June 30, 2022:
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
"We are pleased with our second quarter results, especially in this challenging economic environment. Five percent revenue growth and greater than 300 basis point improvement in Adjusted EBITDA margins over the previous quarter demonstrate the results of our focus. We continue to maintain a strong balance sheet, which gives us ample flexibility to support our growth initiatives," said Green Thumb Founder, Chairman and Chief Executive Officer Ben Kovler.
"Despite the macro and consumer headwinds, our team continued to execute and build momentum. The complexity in U.S. cannabis makes us work harder and smarter every day to create long-term value for all our stakeholders. We are confident in our strategy, we believe in our brands, and we are committed to promoting well-being through the power of cannabis for the American people," concluded Kovler.
Total revenue for the second quarter 2022 was $254.3 million, up 4.8% sequentially and up 14.6% from $221.9 million in the prior year period. Revenue growth was primarily driven by increased retail sales in New Jersey, reflecting the legalization of adult-use cannabis; increased retail sales in Illinois; 19 additional retail locations versus second quarter last year, and increased traffic in the Company's 77 open and operating retail stores.
All 15 of Green Thumb's state markets contributed to second quarter revenue: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia. The Company continued to invest in expanding its cultivation and manufacturing capabilities across its footprint.
Gross profit for the second quarter 2022 was $125.8 million or 49.5% of revenue compared to $122.9 million or 55.4% of revenue year-over-year. Gross profit performance was driven by increased sales in the Company's retail business, new store openings, New Jersey adult-use sales and continued growth in the Illinois market.
Total selling, general and administrative expenses for the second quarter were $63.5 million or 25.0% of revenue, compared to $72.1 million or 32.5% of revenue for the second quarter 2021. The decrease in total expenses primarily reflected a non-cash reduction in acquisition-related contingent liabilities.
Net income attributable to the Company for the second quarter 2022 was $24.4 million or $0.11 per basic and $0.10 per diluted share, compared to a net income of $22.1 million, or income of $0.10 per basic and diluted share in the prior year period.
In the second quarter 2022, EBITDA was $86.5 million or 34.0% of revenue versus $65.9 million or 29.7% of revenue for the comparable period. Adjusted Operating EBITDA, which excluded non-cash stock-based compensation of $6.8 million and other non-operating adjustments of ($14.6 million), was $78.7 million or 31.0% of revenue as compared to $79.3 million or 35.7% of revenue for the second quarter 2021.
For additional information on these non-GAAP financial measures, see below under "Non-GAAP Financial Information."
As of June 30, 2022, current assets were $311.5 million, including cash and cash equivalents of $145.3 million. Total debt outstanding was $253.4 million.
Total basic and diluted weighted average shares outstanding for the three months ended June 30, 2022, were 236.8 million shares and 237.8 million shares, respectively.
On July 14, 2022, Green Thumb announced it exercised its right to extend the maturity date of its senior non-brokered debt by one year, from April 30, 2024 to April 30, 2025. The Company's senior secured notes (the "Notes"), which have a total principal amount of approximately $250 million, bear interest at a rate of 7.0% per annum that is paid quarterly. The extended maturity date did not involve any amendments to the Notes or any additional consideration to the existing lenders.
On June 29, 2022, the Company entered into the third amendment (the "Amendment") to its existing lease agreement with Innovative Industrial Properties, Inc. associated with one of its cultivation and production facilities. The Amendment provided an additional tenant improvement allowance of $55 million to be used on enhancements to the facility.
Green Thumb in the Community
On June 2, 2022, the Company opened applications for the third round of Good Green grant applications to 501(c)3 organizations that encompass one or more of the brand's three pillars: education, employment and expungement. Good Green is a flower brand delivering a high-quality, affordable product that gives back to communities disproportionately affected by the War on Drugs. Green Thumb plans to donate more than $1 million in grants via Good Green by year end. Applications and additional information are available at www.good.green .
This press release includes certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.
EBITDA: Earnings before interest, taxes, other income or expense and depreciation and amortization.
Adjusted Operating EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash stock-based compensation, one-time transaction related expenses, or other non-operating costs.
Green Thumb will host a conference call on Wednesday, August 3, 2022, at 5:00 pm ET to discuss its second quarter 2022 financial results for the quarter ended June 30, 2022. The earnings call may be accessed by dialing 844-883-3895 (Toll-Free) or 412-317-5797 (International). A live audio webcast of the call will also be available on the Investor Relations section of Green Thumb's website at https://investors.gtigrows.com and will be archived for replay.
Green Thumb Industries Inc. ("Green Thumb"), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including &Shine, Beboe, Dogwalkers, Doctor Solomon's, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called RISE. Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 77 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 4,000 people and serves millions of patients and customers each year. The company was named to Crain's Chicago Business Fast 50 list in 2021 and 2022 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021. More information is available at www.GTIgrows.com .
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that we believe are, or may be considered to be, "forward-looking statements." All statements other than statements of historical fact included in this document regarding the prospects of our industry or our prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as "may," "will," "expect," "intend," "estimate," "foresee," "opportunity," "project," "potential," "risk," "anticipate," "believe," "plan," "forecast," "continue," "suggests" or "could" or the negative of these terms or variations of them or similar terms or expressions of similar meaning. Furthermore, forward-looking statements may be included in various filings that we make with the Securities and Exchange Commission (the "SEC"), or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These known and unknown risks include, without limitation: cannabis remains illegal under U.S. federal law, and enforcement of cannabis laws could change; the Company may be subject to action by the U.S. federal government; state regulation of cannabis is uncertain; the Company may be subject to heightened scrutiny by Canadian regulatory authorities; the Company may face limitations on ownership of cannabis licenses; the Company may become subject to U.S. Food and Drug Administration or the U.S. Bureau of Alcohol, Tobacco and Firearms; cannabis businesses are subject to applicable anti-money laundering laws and regulations and have restricted access to banking and other financial services; the Company lacks access to U.S. bankruptcy protections; the Company may face difficulties acquiring additional financing; the Company operates in a highly regulated sector and may not always succeed in complying fully with applicable regulatory requirements in all jurisdictions where it carries on business; the Company has limited trademark protections; the Company may face difficulties in enforcing its contracts; cannabis businesses are subject to unfavorable tax treatment; cannabis businesses may be subject to civil asset forfeiture; the Company is subject to proceeds of crime statutes; the Company faces exposure to fraudulent or illegal activity; the Company's use of joint ventures may expose it to risks associated with jointly owned investments; the Company faces risks related to its products; the Company is dependent on the popularity of consumer acceptance of the Company's brand portfolio; the Company's business is subject to the risks inherent in agricultural operations; the Company faces risks related to its information technology systems and potential cyber-attacks and security breaches; the Company faces an inherent risk of product liability and similar claims; the Company's products may be subject to product recalls; the Company may face unfavorable publicity or consumer perception; the Company faces intense competition; the Company's voting control is concentrated; the Company's capital structure and voting control may cause unpredictability; sales of substantial amounts of the Company's Subordinate Voting Shares by our shareholders in the public market may have an adverse effect on the market price of the Subordinate Voting Shares; and the Company is governed by the corporate laws of British Columbia, Canada which in some cases have a different effect on shareholders than the laws in Delaware, United States. Further information on these and other potential factors that could affect the Company's business and financial condition and the results of operations are included in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and elsewhere in the Company's filings with the SEC, which are available on the SEC's website or at https://investors.gtigrows.com. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this document, which reflect management's opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. You are advised, however, to consult any additional disclosures we make in our reports to the SEC. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this document.
In March 2020, the World Health Organization categorized coronavirus disease 2019 (together with its variants, "COVID-19") as a global pandemic. COVID-19 continues to spread throughout the U.S. and other countries across the world, and the duration and severity of its effects are currently unknown. The Company continues to implement and evaluate actions to strengthen its financial position and support the continuity of its business and operations. The Company's unaudited interim condensed and consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of such financial statements and reported amounts of revenue and expenses during the periods presented. Such estimates and assumptions affect, among other things, the Company's goodwill, long-lived asset and intangible assets; operating lease right of use assets and operating lease liabilities; valuation of deferred income taxes; the allowance for doubtful accounts; assessment of the Company's lease and non-lease contract expenses; and measurement of compensation cost for bonus and other compensation plans. While the Company's revenue, gross profit and operating income were not impacted during the first six months of 2022, the uncertain nature of the spread of COVID-19 and the uncertainty of the impact of nationwide vaccine programs may impact the Company's business operations for reasons including the potential quarantine of the Company's employees or those of its supply chain partners.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
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Gedeon's demonstrated cannabis and commercial expertise will further Canopy Growth's Strategy for North American Cannabis Leadership
Canopy Growth Corporation ("Canopy Growth" or "the Company") (TSX: WEED) (NASDAQ: CGC), a world-leading diversified cannabis, hemp, and cannabis device company, is pleased to announce that the appointment of Christelle Gedeon Ph.D., as the Company's new Chief Legal Officer.
Named one of Canada's Law Department Leaders of the Year and listed on the Legal 500 GC Powerlist in 2020, and the 2019 Canadian General Counsel Awards Tomorrow's Leader, Christelle is an accomplished commercial lawyer and strategist with more than a decade of legal and strategic experience including most recently as the Chief Legal Officer and Corporate Secretary for The Metals Company (TMC). Prior to this, she served as the Chief Legal Officer and Corporate Secretary at Aphria, Inc., where she oversaw the reverse takeover of Tilray, Inc.
"Christelle is a proven leader in the legal and cannabis industries, and we are excited to have her join Canopy Growth as we continue to build the leading brand-driven cannabis company in North America ," said David Klein , CEO of Canopy Growth. "As a company, we have set clear priorities including achieving profitability while advancing our competitive positioning through a premium focus in Canada , high-impact CPG brands, and the continued growth of our U.S. THC ecosystem. I am confident that Christelle's commercial and legal acumen will be key to further bringing our strategy to fruition."
In addition to her demonstrated expertise in the cannabis industry, Christelle brings experience with complex regulatory structures, intellectual property management, corporate governance, government relations, and strategic acquisitions. She has also had a direct role in the completion of more than 50 mergers, acquisitions, and strategic investments including during her time as a partner at Fasken, a leading Canadian law firm, where she advised life sciences clients on commercial, regulatory, and government affairs matters.
Christelle received her LL.B/B.C.L. from McGill University and is a member in good standing of both the Ontario and Quebec bars. She is also a registered trademark agent in and holds a Ph.D. in Clinical Pharmacology and Toxicology from the University of Toronto . Her appointment to the role of Chief Legal Officer at Canopy Growth is effective immediately.
Canopy Growth (TSX:WEED, NASDAQ:CGC) is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation, we offer product varieties in high-quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Our global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its colour-coded classification system and is a market leader in both Canada and Germany . Through our award-winning Tweed and Tokyo Smoke banners, we reach our adult-use consumers and have built a loyal following by focusing on top quality products and meaningful customer relationships. Canopy Growth has entered into the health and wellness consumer space in key markets including Canada , the United States , and Europe through BioSteel sports nutrition, and This Works skin and sleep solutions; and has introduced additional hemp-derived CBD products to the United States through our First & Free and Martha Stewart CBD brands. Canopy Growth has an established partnership with Fortune 500 alcohol leader Constellation Brands. For more information, visit www.canopygrowth.com .
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