Business
Dash and Simply Solventless Announce Record Revenue and EBITDA in Q3 2022 (Unaudited) for Simply Solventless, Simply Solventless Convertible Debenture Financing, and Expected Timeline for RTO Transaction
Calgary, Alberta--(Newsfile Corp. - November 29, 2022) - Dash Capital Corp. (TSXV: DCX.P) (" Dash...
About this update from Simply Solventless Concentrates Ltd
[{"type":"text","content":"Dash and Simply Solventless Announce Record Revenue and EBITDA in Q3 2022 (Unaudited) for Simply Solventless, Simply Solventless Convertible Debenture Financing, and Expected Timeline for RTO TransactionCalgary, Alberta--(Newsfile Corp. - November 29, 2022) - Dash Capital Corp. (TSXV: DCX.P) (\"Dash\") and Simply Solventless Concentrates Ltd. (\"SSC\") are pleased to announce SSC has achieved record revenue and EBITDA for Q3 2022 (ended September 30, unaudited and not reviewed by SSC's auditor) and the launch of a private placement financing of SSC convertible debentures. Dash and SSC are also pleased to provide an update regarding the expected timing of the previously announced amalgamation of Dash and SSC (defined as the Transaction below) which, subject to completion of the Transaction, will result in the Resulting Issuer (as defined below) trading under the ticker symbol \"HASH\" on the TSX Venture Exchange (\"TSXV\").SSC Q3 2022 Financial ResultsAs announced in the joint news releases of Dash and SSC dated July 6, 2022, on June 30, 2022, SSC closed the acquisition of the fully licensed Rocky View County facility (the \"Acquisition\").Please see Figure 1 below for SSC's unaudited financial results before and after the Acquisition. The financial results have not been reviewed by SSC's auditor.In the first quarter following the facility Acquisition, SSC's revenue increased by 307%, from $203,034 (Q2 2022) to $826,798 (Q3 2022). SSC's EBITDA improved from an EBITDA loss of $840,137 (Q2 2022) to positive EBITDA of $170,196 (Q3 2022). This is an increase quarter over quarter of over $1,000,000 in EBITDA.Figure 1: SSC Quarterly Financial Results**Non-IFRS measures. Unaudited and not reviewed by SSC’s auditor. Projections based on management estimates and actual results could vary materially. To view an enhanced version of Figure 1, please visit:https://images.newsfilecorp.com/files/8100/146097_figure1.jpgDuring September and October 2022, SSC achieved its first months of net income profitability. SSC continues to work towards a strong fourth quarter. The Canadian cannabis market is currently at a point of transition. Market share is being captured from large cannabis companies by craft cannabis brands that offer exceptional products to discerning cannabis consumers. While many cannabis companies have demonstrated unpreceden...