Business
Green Rise Announces Fourth Quarter and Year End 2019 Financial and Operating Results
Toronto, Ontario--(Newsfile Corp. - April 17, 2020) - Green Rise Capital Corporation, doing ...
About this update from Green Rise Foods Inc
[{"type":"text","content":"Green Rise Announces Fourth Quarter and Year End 2019 Financial and Operating ResultsToronto, Ontario--(Newsfile Corp. - April 17, 2020) - Green Rise Capital Corporation, doing business as Green Rise Foods, (TSXV: GRF) (\"Green Rise\" or the \"Company\")  today released its financial and operating results for the fourth quarter and year ended December 31, 2019. Green Rise's audited and consolidated financial statements (the \"Financial Statements\") and related management's discussion and analysis (the \"MD&A\") for the periods ended December 31, 2019 are available on SEDAR. As 2019 was the Company's first full year of operations, management is very pleased with the results, which met or exceeded internal expectations. KEY BACKGROUND INFORMATION Partway through the 2018 growing season, the Company acquired an 81-acre farm with an existing 51-acre producing greenhouse in Leamington, Ontario. As such, the Company's 2018 production represents approximately 60% of 2019 levels on a comparable basis.On September 30, 2019, the previously announced reverse takeover of Green Rise by Bull Market Farms Inc. (\"Bull Market\") was completed (the \"RTO Transaction\"), which represented the Company's qualifying transaction as defined by the policies of the TSX Venture Exchange (\"TSXV\"). Accordingly, the current period and comparative figures in the MD&A and Financial Statements are reflective of Bull Market's operating activities, and should be read in conjunction with the audited consolidated financial statements (\"financial statements\") as at December 31, 2019 of Green Rise along with the audited consolidated financial statements of Bull Market Farms Inc. and the notes to those statements as at, and for the year ended, December 31, 2018, which are available on SEDAR. All figures referred to in this news release are denominated in Canadian dollars, unless otherwise noted. 2019 HIGHLIGHTSAnnual revenue for 2019 totaled $13.7 million, a 65% increase over 2018, primarily due to the Company operating its greenhouse for the full year in 2019 compared to a partial year in 2018, as the farm was acquired mid-growing season. Further, Green Rise's decision to plant a new variety of beefsteak tomatoes improved yields in 2019 by approximately 5% and contributed to an increase in production relative to 2018. Fourth quarter revenue was $2....