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TORONTO, Nov. 26, 2021 (GLOBE NEWSWIRE) -- Hempsana Holdings Ltd. (the “Company” or “Hempsana”) today announced third quarter (“Q3”) financial results for the three- and nine-month period ended September 30, 2021.
Randy Ko, Hempsana’s CEO, commented: “during the third quarter, we successfully completed the RTO and then turned our attention to our manufacturing and operational capabilities. Health Canada also amended our cannabis licence and authorized us to actively sell cannabis extracts, beverages, edibles, and topical products. This is great news, as it means that we can now supply and sell finished cannabis products directly to provincial distributors and other authorized Canadian retail supply channels. In order to leverage our new capabilities, we continued to establish relationships with supply partners, leading brands and corporate customers. While the market conditions for licensed processors have been challenging, we believe that we have laid a foundation for long term growth.”
Operational and Financial Highlights:
Operationalized Isolate and Minor Cannabinoid Production Capabilities: During the quarter, the Company invested $110,374 to extend their commercial production capabilities to support the production of isolates and minor cannabinoids.
Increased Production Utilization to 65%
Processed 500+ kgs of Cannabis Biomass
Processed 50+ kg of THC Crude
Processed 150+kg of CBD Crude
Processed 10+kg of CBD Distillate
Total Net loss and comprehensive loss for Q3 2021 was $(2,460,126), compared to $(302,453) in Q3 2020.
Total expenses in Q3 2021 were $2,483,676 compared to $297,807 in Q3 2020. The higher expenses were primarily driven by Listing Expenses of $1,949,739, of which $1,747,239 were non-cash expenses that reflected the value of the shares given to former shareholders of Stralak Resources Inc. as part of the RTO.
The Company also incurred one time professional & legal expenses for the RTO transaction as well higher costs as the Company began commercial production activities.
About Hempsana Holdings Ltd.
The Company’s business involves the manufacturing of cannabis derivatives and producing cannabis extracts for use in finished products, including vapeables, topical creams and infused consumables. Hempsana’s Health Canada Standard Processing Licensed, and EU-GMP compliant facility provides the Company with access to wholesale and retail channels in Canada and internationally.
For additional information regarding Hempsana, please contact:
Director and Chief Executive Officer
T: (647) 255-8849
This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the business and operations of the Company. The forward-looking statements and information are based on certain key expectations and assumptions made by management, including expectations and assumptions concerning the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information. There can be no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, general economic conditions and the state of the regulatory environment. Please refer to the Company’s public record on SEDAR at www.sedar.com for more details on the risks faced by the Company. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward- looking information for anything other than its intended purpose. Management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.