WINNIPEG, Manitoba, March 10, 2020 (GLOBE NEWSWIRE) -- DELTA 9 CANNABIS INC. (DN.TO) (VRNDF) (“Delta 9” or the “Company”) is pleased to provide guidance on select fourth quarter and year end results ending December 31, 2019 based on preliminary results:
- The Company anticipates revenues for the three-month period ending December 31, 2019 to be between $10 million and $10.5 million compared with;
- $5.27 million for the same period in 2018, an increase of
- $6.66 million sequentially from the third quarter of 2019.
- The Company anticipates revenues for the year ending December 31, 2019 to be between $31.1 million and $31.9 million, compared to $7.57 million for the same period the prior year.
- The Company anticipates reporting direct cannabis production cost per gram of $0.91 and total cost per gram of $1.04 for the fourth quarter 2019, compared with $1.08 and $1.21 respectively for the third quarter of 2019.
- Delta 9 anticipates reporting total grams of cannabis produced of 1,305,806 for the fourth quarter of 2019, compared with 871,517 grams of cannabis for the third quarter 2019.
“We are anticipating reporting record year-over-year and sequential results for the fourth quarter of 2019”, said John Arbuthnot, CEO of Delta 9. “Delta 9 is working very hard to separate itself from its peers by posting strong financial results and continuing to grow and diversify its revenue streams from its three core business units.”
Delta 9 has focused its business strategy on;
- Continuing its retail store rollout
- Increasing its production and wholesale distribution capacity
- Increasing sell through rates into provincial markets
- Achieving critical milestones on projects in its business to business segment.
Delta 9 will provide investors with a full breakdown on its progress in these areas as a part of its year end and fourth quarter results which will be released on March 19, 2020, after the close of the market, followed by a conference call the next morning, details for which can be found at the end of this release.
The preliminary estimated financial results and other data for the quarter ended December 31, 2019 set forth above are subject to the completion of the Company's financial closing procedures. These preliminary estimated financial results have been prepared by and are the responsibility of the Company's management. The Company’s independent registered public accounting firm, Baker Tilly HMA LLP, has reviewed these preliminary estimated financial results and other data, but did not audit or express an opinion on them. The Company currently expects that its final results of operations and other data will be consistent with the estimates set forth above, but such estimates are preliminary and the Company’s actual results of operations and other data could differ materially from these estimates due to the completion of its financial closing procedures, final adjustments and other developments that may arise between now and the time such consolidated financial statements for the period ended December 31, 2019 are issued.
2019 Year End Results Conference Call
Delta 9 will release the results for its year end and fourth quarter results on March 19, 2020. A conference call to discuss the above results is scheduled for March 20, 2020, pre-market. The conference call will be hosted that day at 9:00 a.m. Eastern Time by John Arbuthnot, Chief Executive Officer, and Jim Lawson, Chief Financial Officer, followed by a question and answer period.
|DATE:||March 20 2020|
|TIME:||9:00am Eastern Time|
|Dial in #||1-888-886-7786|
|Available until 12:00 midnight Eastern Time, June 30, 2020|
|Replay passcode:||382536 #|
For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. The Company sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTCQX under the symbol VRNDF. For more information, please visit www.delta9.ca.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to Delta 9’s financial results for the quarter and year ended December 31, 2019. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including the Company’s actual financial results being different from its estimates as well as all risk factors set forth in the annual information form of Delta 9 dated April 30, 2019 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.