Elixxer’s Investment in Italian Medical Cannabis (Evolution BNK) Shows Significant Revenue Growth
Montreal, Quebec–(Newsfile Corp. – February 10, 2022) – Elixxer Ltd. (TSXV: ELXR) (OTCQB: ELIXF) (“Elixxer” or the “Company) is proud to announce that one of its investee companies, Evolution BNK (“Evolution“) based in Pavia, Italy, is now fully operational. Over the course of 2021, Evolution completed its indoor growing facility and obtained all governmental approvals to initiate the harvesting of medical grade cannabis.
Notwithstanding a very short production window for the period up to the end of December 2021, Evolution managed to garner initial sales of EUR 527,000 and, according to Evolution’s management team, has already secured orders for EUR 626,000 so far this year, with a forecast of EUR 2.4 million anticipated for the year 2022 due to growing demand for CBD based products in Italy. Estimated costs for 2022 are EUR 1.3 million (excluding taxes) with an EBITDA of EUR 1.6 million. These revenues were generated by the sale of biomass and trimmed flowers and distributed through strategic partnerships that Evolution established with various distributors in both the retail and pharma sectors. It should be noted that none of the figures provided in this release have been audited. Elixxer invested EUR 3 million via convertible debt in Evolution when it was a pre-revenue company and has the right to convert into 49% of the equity and receives a 5% royalty on sales.
Ferras Zalt (CEO) said, “the Canadian cannabis market is over supplied and real growth opportunities in Cannabis are in Australia and Europe. Similar to the success of Little Green Pharma in Australia, we plan to work with management at Evolution to take the company public or sell it to a strategic partner. We believe it will create significant value for Elixxer shareholders”.
About Elixxer Ltd. (www.Elixxer.com)
Elixxer is a Canadian public company listed on the TSX Venture Exchange (TSXV: ELXR) and the US OTC-QB exchange (OTCQB: ELIXF).
Through its partners, Elixxer presently has significant interests in Australia, Jamaica, Switzerland, Italy and Canada.
For further information please contact:
Ferras Zalt, Chairman and Interim CEO: +44 20 7409 6680; ferras@elixxer.com
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This press release may contain forward-looking statements with respect to Elixxer and its operations, strategy, investments, financial performance and condition. These statements can generally be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of Elixxer could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under “Risk Factors and Risk Management” in Elixxer’s most recent Management’s Discussion and Analysis filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to Elixxer and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and Elixxer has no obligation to update such statements, except to the extent required by applicable securities laws.
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