TORONTO, Sept. 6, 2018 /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 they experienced a 95% increase in sales revenue in the three-month period ended August 31, 2018 compared to the previous three-month period which ended May 31, 2018.
Liberty's recent quarterly revenue totalled $2.2 million compared to $1.1 million for the previous quarter, a 95% increase. The growth in revenue reflects the wider recognition of the Liberty brands in terms of quality and consistency as well as the patient-centric approach that the Company uses. The corresponding patient count increased to almost 10,000 patients at the end of August from 4,600 at the end of May, a 112% increase over this time period.
"We are proud of our operational successes and as we move into the next quarter and we will focus on continuing to lead the way in the legal cannabis space with our portfolio of high-quality cannabis products, all while increasing shareholder value," said George Scorsis, CEO of Liberty Health Sciences. "Liberty will remain committed to diversifying and adapting to the ever-changing cannabis market, and we are looking forward to expanding our operations across the state of Florida and beyond."
Further adding to the revenue growth is the expanding footprint in the state. The Company operates four dispensaries currently as well as six delivery hubs. Liberty has also signed seven new leases for dispensaries that are at various stages of permitting and construction. These new locations are expected to be opened by the end of February 2019, subject to the receipt of necessary approvals from the Florida Department of Health. The recently announced expansion of its one-day delivery services and the 24-hour or less turnaround throughout the entire state of Florida has also had a favorable impact on patient and revenue growth.
"Liberty is well positioned to continue investing in infrastructure, along with R&D and future genetic study programs," said Scorsis. "Our team of people include some of the best in the industry and the Company will continue to drive further cutting-edge initiatives."
Liberty is well positioned to ensure a steady supply of quality consistent product to meet the growing demand and expanding footprint. Production has already commenced at the partially retro-fitted Liberty 360 facility with the full retro-fit scheduled to be completed in early 2019, in line with the new dispensaries coming on stream.
About Liberty Health Sciences Inc.
Liberty is the cannabis provider committed to providing a trusted, high quality cannabis experience based on our genuine care for all cannabis users and a focus on operational excellence from seed to sale and beyond. Liberty's measured approach to expansion opportunities maximizes returns to shareholders, while keeping consumers' well-being at the forefront of what we do. 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 completion of the retro-fit of the Liberty 360 facility, 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 favourable 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.