VANCOUVER, BC / ACCESSWIRE / July 31, 2023 / Lotus Ventures Inc. (CSE:J)(OTC PINK:LTTSF) (“Lotus” or the “Company“) a B.C. based award-winning licensed cannabis producer and owner of the Lotus Cannabis Co.™ brand, announced the financial and operating results for the nine-month period ended May 31, 2023.
Over the last six months, Lotus has continued its Keylime Kush campaign, resulting in the launch of three Keylime Kush SKUs in British Columbia and one in Ontario. The success of these launches has allowed the Keylime Kush to make an impactful entry into over 300 retail stores between the two provinces. With the product now thriving in the market for half a year, the Company has achieved several milestones:
SALES AND MARKETING MILESTONES
Q3 OPERATING OVERVIEW
SUMMARY OF QUARTERLY RESULTS
During the three months ended May 31, 2023, the Company had a net loss of $340,735 (2022 – $103,573 net loss). The financial results of the Company for the eight most recent quarters are summarized below:
Description
|
Three months ended May 31, 2023 | Three months ended Feb 28, 2023 | Three months ended Nov 30, 2022 | Three months ended Aug 31, 2022 | ||||||||||||
Revenues
|
$ | 512,726 | $ | 589,172 | $ | 144,603 | $ | 449,574 | ||||||||
Net income (loss)
|
$ | (340,735 | ) | $ | (131,035 | ) | $ | (765,102 | ) | $ | (4,930,606 | ) | ||||
Income (loss) per share, basic and diluted
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.05 | ) | |||||||
EBITDA
|
$ | (82,635 | ) | $ | 129,041 | $ | (570,107 | ) | $ | (4,633,554 | ) | |||||
Total assets
|
$ | 13,828,742 | $ | 13,959,942 | $ | 13,564,565 | $ | 13,471,193 | ||||||||
Total long-term liabilities
|
$Nil | $Nil | $Nil | |||||||||||||
Cash dividends / share
|
$Nil | $Nil | $Nil |
Description
|
Three months ended May 31, 2022 | Three months ended Feb 28, 2022 | Three months ended Nov 30, 2021 | Three months ended Aug 31, 2021 | ||||||||||||
Revenues
|
$ | 459,090 | $ | 370,551 | $ | 410,568 | $ | 1,235,937 | ||||||||
Net income (loss)
|
$ | (103,573 | ) | $ | 176,127 | $ | 65,293 | $ | 42,625 | |||||||
Income (loss) per share, basic and diluted
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
EBITDA
|
$ | 122,671 | $ | 399,757 | $ | 279,830 | $ | 264,876 | ||||||||
Total assets
|
$ | 17,640,121 | $ | 17,678,148 | $ | 17,172,703 | $ | 16,907,742 | ||||||||
Total long-term liabilities
|
$Nil | $Nil | $Nil | |||||||||||||
Cash dividends / share
|
$Nil | $Nil | $Nil |
For further information regarding the financial statements for the nine months ended May 31, 2023, please refer to sedarplus.ca.
ON BEHALF OF LOTUS VENTURES INC:
Lotus Ventures Inc.
“Dale McClanaghan”
Dale McClanaghan, President and CEO
About Lotus Ventures Inc.
Lotus Ventures Inc. is a B.C. based, award-winning licensed cannabis producer and owner of the Lotus Cannabis Co.™ brand. Lotus is a highly experienced cultivator with its flagship product, the Keylime Kush reaching over 300 retail stores in its first six months in the market. Lotus’ talented team has grown several unique and exclusive cultivars, including the Keylime Kush, Black Blossom, Tranquil Elephantizer, and Kalifornia. Lotus’ cannabis flower is currently available in British Columbia and Ontario.
Lotus Ventures Inc. is listed on the Canadian Securities Exchange (CSE:J), on the OTC Markets (OTC PINK:LTTSF) and on the Frankfurt Stock Exchange (FRA:LV9).
For More Information:
President & CEO
Dale McClanaghan
(604) – 644 – 9844
Investor Relations
Daniel McRobert
investors@lotuscannabis.ca
(604) – 842 – 4625
General Information
info@lotuscannabis.ca
(604) – 842 – 4625
To learn more, visit lotuscannabis.ca and follow the Lotus Cannabis Co.™ brand on social media.
Instagram: @lotuscannabisco
Twitter: @lotuscannabisco
LinkedIn: @lotuscannabisco
Facebook: @lotuscanna
Forward-Looking Information:
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 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/771317/Lotus-Announces-Third-Quarter-Financial-Results
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