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Green Rise Foods Announces Results For the Year Ended December 31, 2021, and Provides Update On its Fiscal 2022 Crop
Toronto, Ontario--(Newsfile Corp. - May 2, 2022) - Green Rise Foods Inc. (TSXV: GRF) ("Green...
About this update from Green Rise Foods Inc
[{"type":"text","content":"Green Rise Foods Announces Results For the Year Ended December 31, 2021, and Provides Update On its Fiscal 2022 CropToronto, Ontario--(Newsfile Corp. - May 2, 2022) - Green Rise Foods Inc. (TSXV: GRF) (\"Green Rise\" or the \"Company\") is pleased to announce the release of its consolidated financial results for the year ended December 31, 2021.The Company generated record sales of $17.7 million with Adjusted EBITDA of $4.4 million for the fiscal year ended December 31, 2021 across 73 acres of cultivation capacity, representing an increase of 43% over the same period in 2020. Year-to-Date Financial ResultsAchieved record sales of $17.7 million for the fiscal year ended December 31, 2021, a 15% increase over $15.4 million realized in the prior-year period.Generated Adjusted EBITDA of $4.4 million for the fiscal year ended December 31, 2021, compared to $6.5 million realized in the prior-year period.The complete audited consolidated financial statements and associated Management's Discussion and Analysis are available under the Company's profile at www.sedar.com.Fiscal 2022 Crop Update:\"We look forward to a robust 2022 growing season. GR1, our 36 Acre Medley Range, is now in full swing with an additional packing line commissioning in the next couple of months. GR2, our Beef Steak Range, begins full production within the next week. The range is now stable with a full complement of competent labour and seasoned management, and we expect yields, revenues, and EBITDA at our GR2 Range to return to normalized annual levels,\" said Vincent Narang, Chief Executive Officer of Green Rise. Mr. Narang further added, \"The shipping at the Company's GR1 Range, started last month, on 27 Acres of Medley and 9 Acres on Piccolo varieties. The alignment to full Medley production for 2022 at GR1 provides focus to our staff and labour as well as a high-demand product under contract pricing, adding greater certainty to our yields, revenues, and return to shareholders.\"The Company continues to monitor its labor and input costs and resulting inflationary pressures. Costs to date are as budgeted. ABOUT GREEN RISEGreen Rise is a grower of fresh produce with 73 acres of greenhouse ranges located in Kingsville, Ontario. Poised to be the \"best-in-class\" contract grower of fresh produce, the Company takes pride in providing high-quality, consistent and rel...