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WINNIPEG, Manitoba, Nov. 05, 2019 (GLOBE NEWSWIRE) — DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: VRNDF) (“Delta 9” or the “Company”) is pleased to provide guidance on select third quarter results for the three-month and nine-month period ending September 30, 2019 based on preliminary results:
- Delta 9 anticipates revenues for the three-month period ending September 30, 2019 to be between $6.3 million and $6.9 million compared with $1.25 million for the three-month period ending September 30, 2018.
- The Company anticipates revenues for the nine-month period ending September 30, 2019 to be between $20.8 million and $21.4 million for the period ending September 30, 2018, compared to $2.3 million for the same period the prior year.
- The Company anticipates reporting direct cannabis production cost per gram of $1.08 and total cost per gram of $1.21 for the three-month period ending September 30, 2019, compared with $1.05 and $1.21 respectively for the previous quarter.
- Delta 9 anticipates reporting total grams produced of 871,516 for the three-month period ending September 30, 2019, compared with 675,233 grams the previous quarter.
“We are anticipating reporting strong year-over-year results for the third quarter of this year,” said John Arbuthnot, CEO of Delta 9. “As the Canadian cannabis industry has faced headwinds over the summer of this year, we have focused on our continued retail store rollout, increasing our production capacity and sell through rates into our provincial markets, and hitting critical milestones on projects in our business to business segment. We will provide investors with a full breakdown on our progress in these areas as a part of our third quarter results.”
Full third quarter results will be released on November 13, 2019, 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 September 30, 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 September 30, 2019 are issued.
Third Quarter 2019 Results Conference Call
Delta 9 will release the results for its third quarter on November 13, 2019. A conference call to discuss the results for its third quarter is scheduled for November 14, 2019, 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:||November 14, 2019|
|TIME:||9:00am Eastern Time|
|Dial in #||1-888-886-7786|
Available until 12:00 midnight Eastern Time, Feb 28, 2020
|Replay passcode:||107644 #|
For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
E-mail: [email protected]
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 TSX Venture Exchange under the symbol “DN” and on the OTCQX under the symbol VRNDF. For more information, please visit www.delta9.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 ended September 30, 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.