DENVER, CO / ACCESSWIRE / July 29, 2019 / International Cannabrands Inc. (CSE: JUJU) (the “Company“) is pleased to announce that its 51% subsidiary La Vida Verde, Inc., (“LVV”), expects to record a 44.7% growth in Q2 revenue over Q1 of this year.
For Q2 of 2019, LVV recorded approximately $1.79 million in revenue, a $552 thousand increase over Q1 2019. This is a 5.4% decrease over Q2 2018, net of the prior year loss of a major customer no longer in business in California. All figures are unaudited and based on Management’s review of LVV’s results as determined as at the date hereof.
Selected financial information for LVV for the three months ended June 30, 2019 (all of which has been prepared by LVV’s management), includes the following: Revenue of $1,786,000; Net Income of $38,000; Total Assets of $2,946,000 and Total Liabilities of $204,000.
After replacing an underperforming distributor in Q1, LVV brought product back in-house in early April. Through the subsequent expansion of their in-house sales efforts, the team was able to outperform the previous quarter and expects to see further growth as the year continues.
“We are tremendously pleased with La Vida Verde’s strong performance, and we anticipate they’ll continue to increase market share in existing and new territories within California,” shared Steve Gormley, CEO of the Company.
In addition to an investment in in-house sales and marketing, LVV has also expanded its reach through a delivery partnership with Driven (see press release dated March 28, 2019), a distribution partnership with Nabis (see press release dated May 6, 2019), a sales agreement with Bettie Janes (see press release dated June 25, 2019) and the expansion of supply and distribution into Nevada through the agreement with Flower One (see press release dated July 11, 2019).
Bryce Berryessa, President of La Vida Verde commented: “By leveraging these outstanding partners alongside LVV’s team, we’re looking to establish a powerful sales and distribution engine servicing the entire state of California. We look forward to further expanding our footprint and getting our family of products into the hands of new customers.”
Steve Gormley commented: “Traditional operating lines are just not available to junior companies and particularly those in the cannabis space. This facility allows the Company to smooth out its cash flow and back stop its operations if needed, while we navigate our early design. We need to employ all the tools we can to ensure the success and growth of the Company, and we feel the team we have chosen in Sea Otter is first class.”
About La Vida Verde, Inc.
In addition to LVV’s wholesale flower, packaged flower and pre-rolls, its differentiating products include gummies, upscale protein bars, new chocolate forms and super cookies. LVV Brands currently include Skunk Feather Cannabis™ and Blank Brand™. LVV has been operating in California since 2015, and currently has extraction, manufacturing and distribution capability. LVV is a leader in the extraction field, being one of the first to incorporate full spectrum testing in every product, testing for potency, terpenes, pesticides and residual solvents. Its concentrates are pharmaceutical grade and free of any pesticides, microbial contaminants, heavy metals or additives. LVV has recently doubled its manufacturing capability and has installed state-of-the-art technology. LVV believes that the best medicine starts with the food you eat and it takes pride in producing products for people who are search for a natural and healthy alternative for nurturing their bodies. All its products use only healthy fats, are vegan, organic, gluten-free, paleo friendly and low glycemic.
About International Cannabrands (ICI)
ICI’s strategy centers on acquiring micro brands, distribution and specific manufacturing/cultivation companies in the cannabis space. The Company’s business model is to generate revenue from cannabis cultivation, brands ranging from flower to edibles and from THC to CBD, oil extraction, ancillary products and apparel in the United States. ICI markets products with THC content where that practice has been legalized at the state level through either medicinal or full recreational use. ICI also markets products containing CBD in the US and internationally. ICI owns 51% of La Vide Verde, Inc. and has the exclusive rights to Julian Marley’s JuJu Royal™ brand. The Company believes as the legal cannabis market evolves, high-quality, unique products will increasingly capture market share and provide a valuable platform for growth.
International Cannabrands Contact:
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Disclaimer concerning Forward-looking Statements
Certain statements included herein constitute “forward-looking statements” relating to the performance of LVV and the Company, within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Additional risks and uncertainties regarding the Company are described in its publicly-available disclosure documents filed by the Company on SEDAR (www.sedar.com). The forward-looking statements contained in this news release represent the Company’s expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. Except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
SOURCE: International Cannabrands Inc.
View source version on accesswire.com: