B.C.-based cannabis producer shares quarterly sales and production numbers exceeding projections
VANCOUVER, Aug. 8, 2019 /CNW/ - Tantalus Labs Ltd. ("Tantalus Labs"), a B.C.-based licensed cannabis producer celebrated as a leading Canadian cannabis brand, announced today a profitable second quarter with record revenues for the three months ended June 30, 2019. The privately-owned company showcased strong financial results for the second quarter of 2019 due to successful sales and production numbers exceeding targets.
"This quarter demonstrates the financial stability of Tantalus Labs even at an early scale," says Dan Sutton, CEO, Tantalus Labs. He further states that "Tantalus is positioned for consistent growth over the next three years, maturing with the market while enhancing revenue and margin concurrently. Brand leadership has led to increasing demand for our products, and Tantalus looks forward to growing our supply chain profitably."
Gross revenue of $3.23 million for the three months ended June 30, 2019, with a net revenue of $2.65 million – which is a 360% increase from Q1 of 2019; and
Net income of $2.45 million and adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, share-based compensation and IFRS fair value adjustments) of $0.73 million for the three months ended June 30, 2019.
All amounts are expressed in Canadian dollars, unless otherwise noted.
This news follows partnership agreements announced by Tantalus Labs during their second quarter. Valens Groworks has been established as an extraction partner for future products including vape pens and ingestible oils, and Tantalus Labs intends to launch a line of cannabis-infused beverages with Postmark Brewing and Craft Collective Beerworks when legally permitted.
Tantalus Labs operates the first federally licensed cannabis-tailored greenhouse of its kind in North America, SunLab¹, and continues its commitment to leading best practices in sustainable cannabis cultivation. For more information on Tantalus Labs, visit tantaluslabs.com.
Tantalus Labs is committed to Sungrown cultivation of world class cannabis products. Owned and operated in British Columbia, the Tantalus Labs team is a group of specialized scientists, engineers, and designers committed to the advancement of agricultural science. They believe that passion for natural, Sungrown cultivation methods will usher in a brighter future for clean cannabis. For more information, visit tantaluslabs.com.
CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION
Tantalus Labs is not a reporting issuer (or the equivalent thereof) in any jurisdiction, is not listed on any stock exchange, and may never become a reporting issuer or listed on any stock exchange, therefore, any securities issued by Tantalus Labs will be subject to an indefinite hold period which may never expire.
This News Release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.
This News Release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking information, including, without limitation, statements relating to Tantalus Labs': (i) business strategy, objectives, and expected growth; (ii) ability to secure and/or maintain all appropriate cannabis licenses in its jurisdiction(s) of operation; (iii) expectations concerning political and governmental/regulatory changes in in its jurisdiction(s) of operation; (iv) expectations concerning the size and growth of the cannabis, beverage and vape markets, and the effectiveness of Tantalus Labs' products and brand compared to its competitors' products and brands (v) ability to complete certain acquisitions and form certain strategic relationships; and (vi) ability to design, develop, and commercialize its products and navigate potential growth opportunities.
Forward-looking information is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Tantalus Labs to be materially different from those expressed or implied by such forward-looking information, including without limitation: (i) Tantalus Labs' ability to secure and/or maintain all requisite cannabis licenses in its jurisdiction(s) of operation; (ii) the political and regulatory landscape governing the cannabis, beverage and vape markets in Tantalus Labs' jurisdiction(s) of operation; (iii) continued growth of the cannabis market and future growth in cannabis beverage and vape markets; (iv) the effectiveness and popularity of Tantalus Labs' business strategy and its ability to bring its products to commercial production; and (v) the ability to reduce production and energy costs through economies of scale.
Readers are cautioned not to place undue reliance on the above forward-looking information, or any statements related thereto, which should not be construed as exhaustive and speak only as of the date of this News Release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking information is expressly qualified in its entirety by this cautionary statement.