Lotus Reports First-Half Results for Fiscal Year 2022
VANCOUVER, BC / ACCESSWIRE / April 29, 2022 / Lotus Ventures Inc. (CSE:J)(OTC PINK:LTTSF) (“Lotus” or the “Company“), a premium licensed cannabis producer and wholesaler announced today financial and operating results for the six months ended February 28, 2022.
FIRST-HALF FINANCIAL RESULTS
- Revenue of $781 thousand compared to the prior year’s first half of $2.8 million. The Company was completing a transition to full production of its recently announced Tranquil Elephantizer cannabis strain in preparation for an upcoming provincial launch.
- Gross margin before fair value changes in biological assets of 38% represents an efficient low-cost production model yielding premium quality cannabis flower consistently. This compares to a 51% gross margin in the prior year.
- Achieved a fifth consecutive quarter with positive EBITDA while earning $241 thousand during the first six months of the Fiscal Year.
FIRST-HALF OPERATING RESULTS
- The Company completed its 80th consecutive harvest without a crop failure demonstrating a robust controlled environment agriculture facility prototype. The facility continues to provide reliability on a commercial scale yielding cannabis flower with high THC and terpene results for the consumer.
- The Tranquil Elephantizer strain is now in full production and is expected to be sold to wholesale partners in the Canadian market. From early laboratory tests, the Tranquil has yielded up to 26% THC and up to 3.3% terpenes. The Company also has several additional exclusive strains in development expected to help diversify the genetic mix in the future.
- The Company completed a first bulk cannabis shipment with two new licensed producers in Canada diversifying its wholesale partners.
SUMMARY OF QUARTERLY RESULTS
During the six months ended February 28, 2022, the Company had net income of $241,420 (2021 – $10,421 net loss). The financial results of the Company for the eight most recent quarters are summarized below:
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Description
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Three months ended
Feb 28, 2022
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Three months ended Nov 30, 2021 | Three months ended Aug 31, 2021 | Three months ended May 31, 2021 | ||||||||||||
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Revenues
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$ | 370,551 | $ | 410,568 | $ | 1,235,937 | $ | 1,437,763 | ||||||||
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Net income (loss)
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$ | 176,127 | $ | 65,293 | $ | 42,625 | $ | 208,893 | ||||||||
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Income (loss) per share, basic and diluted
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$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
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EBITDA
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$ | 399,757 | $ | 279,830 | $ | 264,876 | $ | 433,488 | ||||||||
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Total assets
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$ | 17,678,148 | $ | 17,172,703 | $ | 16,907,742 | $ | 16,845,615 | ||||||||
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Total long-term liabilities
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$Nil | $Nil | $Nil | |||||||||||||
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Cash dividends / share
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$Nil | $Nil | $Nil | |||||||||||||
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Description
|
Three months ended
Feb 28, 2021
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Three months ended Nov 30, 2020 | Three months ended Aug 31, 2020 | Three months ended May 31, 2020 | ||||||||||||
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Revenues
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$ | 1,431,509 | $ | 1,376,270 | $ | 1,782,613 | $ | 1,775,878 | ||||||||
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Net income (loss)
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$ | 329,414 | $ | (339,835 | ) | $ | (241,443 | ) | $ | 1,231,779 | ||||||
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Income (loss) per share, basic and diluted
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$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.01 | ||||||||
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EBITDA
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$ | 547,044 | $ | (116,506 | ) | $ | (26,639 | ) | $ | 1,458,827 | ||||||
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Total assets
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$ | 16,841,875 | $ | 16,413,969 | $ | 16,908,437 | $ | 17,245,515 | ||||||||
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Total long-term liabilities
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$Nil | $Nil | $Nil | |||||||||||||
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Cash dividends / share
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$Nil | $Nil | $Nil | |||||||||||||
A copy of the Financial Statements and Management Discussion and Analysis is available on sedar.com or at lotuscannabis.ca/investors.
ON BEHALF OF THE BOARD:
Lotus Ventures Inc.
“Dale McClanaghan”
Dale McClanaghan, President and CEO
About Lotus Ventures Inc.
Lotus Ventures Inc. (CSE:J) is a Canadian licensed cannabis producer and wholesaler, and the owner of Lotus Cannabis Co.™, a premium consumer brand in Canada. Lotus is a sophisticated cultivator and has sold dried cannabis flower on a wholesale basis to several licensed producers nationwide. Lotus’ cultivation team, best-selling strains, and consistent production have built a strong brand reputation in the market. This has led to Lotus grown flower being sold by wholesale partners in both the premium and ultra-premium flower segments in nine provinces to date.
Lotus Ventures Inc. is listed on the Canadian Securities Exchange under the symbol J and on the OTC Markets under the symbol LTTSF.
For Further Information:
President & CEO
Dale McClanaghan
dalemcclanaghan@gmail.com
604-644-9844
Investor Relations
Daniel McRobert
investors@lotuscannabis.ca
604-842-4625
Visit our website at lotuscannabis.ca or follow our 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 Lotus Ventures Inc. This document includes certain statements that are not descriptions of historical facts but are forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for medical and recreational cannabis products, our expectations regarding the continued growth of the medical and recreational cannabis market, as well as all assumptions, expectations, predictions, intentions, or beliefs about future events. Users are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties have not been documented or mentioned in this document nor in other communications made by the company. The words “believe,” “expect,” “anticipate,” “project,” “targets,” “optimistic,” “intend,” “aim,” “will” or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: Lotus Ventures, Inc.
View source version on accesswire.com:
https://www.accesswire.com/699560/Lotus-Reports-First-Half-Results-for-Fiscal-Year-2022
