Business
Westleaf Inc. Announces Third Quarter 2019 Results of Newly Acquired We Grow B.C. Ltd.
Westleaf Inc. Announces Third Quarter 2019 Results of Newly Acquired We Grow B.C. Ltd. ...
About this update from Decibel Cannabis Company Inc
[{"type":"text","content":"\n\n\n\nWestleaf Inc. Announces Third Quarter 2019 Results of Newly Acquired We Grow B.C. Ltd.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Jan. 2, 2020\n\n\n\nCALGARY, Jan. 2, 2020 /CNW/ - Westleaf Inc. (the \"Company\" or \"Westleaf\") (TSX-V:WL) (OTCQB:WSLFF) and its newly acquired wholly-owned subsidiary We Grow B.C. Ltd. (\"We Grow\"), released today the We Grow unaudited third quarter financial results for the fiscal year 2019, for the three and nine month interim period ending September 30, 2019. We Grow's unaudited condensed interim consolidated financial statements (\"Financial Statements\") for the three and nine months ended September 30, 2019 and related Management Discussion and Analysis (\"MD&A\") for the reporting period are available under the Company's profile at www.sedar.com.\n\n \n \n\n \nQ3 2019 Financial Highlights: \nNet revenues of $4.4 million for the nine months ended September 30, 2019, including net revenues of $2.7 million for the three months ended September 30, 2019, an increase from $nil net revenues for the three and nine months ended September 30, 2018. Net revenues reflect a record revenue quarter for We Grow with increasing demand for Qwest-branded cannabis products in British Columbia, Alberta, Saskatchewan, Ontario and Prince Edward Island. Adjusted EBITDA of $0.8 million for the three months ended September 30, 2019, representing We Grow's first quarter of positive Adjusted EBITDA, driven by strong wholesale pricing of Qwest-branded cannabis products on a per gram basis, and disciplined control of production costs and corporate expenses. See \"Non-GAAP Measures\" below. Net comprehensive loss of $0.5 million for the nine months ended September 30, 2019, including a net comprehensive loss of $0.4 million for the three months ended September 30, 2019, a decrease from the net comprehensive loss of $2.6 million for the nine months ended September 30, 2018, and $0.8 million for the three months ended September 30, 2018.Highlights Subsequent to Quarter End: \nOn December 23, Westleaf and We Grow announce...