Meta Growth Achieves Record Quarterly Revenue of $17.1 Million for the Fourth Quarter of 2019

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NEWS PROVIDED BY National Access Cannabis Corp d/b/a Meta Growth 


TORONTO, Dec. 23, 2019 /CNW/ – National Access Cannabis Corp. (TSXV: META) d/b/a Meta Growth (“Meta Growth“, “META” or the “Company“), Canada’s largest publicly traded recreational cannabis retailer by revenue1, today announced its financial results for the fourth quarter and fiscal year ended August 31, 2019.  All amounts are expressed in Canadian dollars.

Q4 2019 Financial Highlights

  • Total Quarterly Revenue of $17.1 million
  • Total Gross Margin = 33% 
  • Retail Cannabis Stores Adjusted EBITDA Margin = 14% 
  • 30 Operating Retail Stores at the end of the quarter, 6 of which opened during the quarter

“We achieved four quarters of consecutive revenue growth in fiscal year 2019,”

said Mark Goliger, CEO of Meta Growth. 

“We continue to expand our store footprint in the western provinces, and we are excited to begin opening stores in Ontario soon.  We are also looking forward to providing our customers with access to Cannabis 2.0 products in the very near future.  While we are very proud of our industry leading achievements to date, we recognize that we are just at the beginning stages of a very dynamic and high growth industry, and look forward to capitalizing on the many opportunities we have planned for FY 2020.”

For a more comprehensive overview of the financial highlights presented in this press release, please refer to Meta Growth’s Audited Consolidated Financial Statements for the years ended August 31, 2019 and 2018, and the Company’s Management Discussion and Analysis for the year ended August 31, 2019.  Both of these documents are available on the Company’s SEDAR profile at www.sedar.com.

Summary Financial Tables 







Three months ended
August 31, 2019
Medical Cannabis
Education 
Retail Cannabis
Stores
ResearchCorporateTotal
Revenue286,06016,780,50217,066,562
Cost of goods sold(34,720)(11,485,185)(11,519,905)
Gross profitGross profit margin (%)251,34088%5,295,31732%-n/a-n/a5,546,65733%
Operating expenses(460,884)(4,137,766)(284,797)(4,140,187)(9,023,634)
Income / (Loss) from 
operations
(209,544)1,157,551(284,797)(4,140,187)(3,476,977)
Adjusted EBITDAAdjusted EBITDA %(197,902)n/a2,349,75614%(284,797)n/a(2,573,559)n/a(706,502)n/a
Other income / (expenses)(8,920,784)(3,827,011)500,067(12,247,728)
Deferred tax recovery1,948,0631,948,063
Net Income / (loss)(9,130,328)(2,669,460)(284,797)(1,692,057)(13,776,642)






Twelve months ended
August 31, 2019
Medical Cannabis
Education 
Retail Cannabis
Stores
ResearchCorporateTotal
Revenue1,240,06252,861,59854,101,660
Cost of goods sold(205,500)(36,240,391)(36,445,891)
Gross profitGross profit margin (%)1,034,56283%16,621,20731%-n/a-n/a17,655,76933%
Operating expenses(2,294,277)(17,163,268)(847,207)(19,904,039)(40,208,791)
Loss from operations(1,259,715)(542,061)(847,207)(19,904,039)(22,553,022)
Adjusted EBITDA(928,242)7,202,874(847,207)(10,163,831)(4,736,406)
Adjusted EBITDA %  n/a14%n/an/an/a
Other income / (expenses)(8,936,848)(3,911,429)500,067(12,348,210)
Deferred tax recovery2,824,6302,824,630
Net loss(10,196,563)(4,453,490)(847,207)(16,579,342)(32,076,602)

Financial Measures
There are measures included in this news release that do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies.  The Company includes these measures because it believes certain investors use these measures and metrics as a means of assessing financial performance.  EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.  

Adjusted EBITDA







Three months ended
August 31, 2019
Medical Cannabis
Education 
Retail 
Cannabis
Stores
ResearchCorporateTotal
Income/(Loss) from operations(209,544)1,157,551(284,797)(4,140,187)(3,476,977)
Amortization of property and 
equipment
11,642516,140527,782
Amortization of intangible assets419,133419,133
Finance and other costs816,474816,474
Professional fees – fundraising and 
acquisition
315,512315,512
Integration and restructuring costs
Pre-operating retail expenses676,065676,065
Share based compensation15,50915,509
Adjusted EBITDAAdjusted EBITDA %(197,902)n/a2,349,75614%(284,797)n/a(2,573,559)n/a(706,502)n/a






Twelve months ended 
August 31, 2019
Medical Cannabis
Education 
Retail
Cannabis
Stores
ResearchCorporateTotal
Loss from operations(1,259,715)(542,061)(847,207)(19,904,039)(22,553,022)
Amortization of property and 
equipment
331,4731,380,2411,711,714
Amortization of intangible assets1,676,5321,676,532
Finance and other costs5,307,5845,307,584
Professional fees – fundraising and 
acquisition
1,411,7221,411,722
Integration and restructuring costs380,479380,479
Pre-operating retail expenses6,364,6946,364,694
Share based compensation963,891963,891
Adjusted EBITDAAdjusted EBITDA %(928,242)n/a7,202,87414%(847,207)n/a(10,163,831)n/a(4,736,406)n/a

Management defines Adjusted EBITDA as the net income or loss from operations, as reported before interest, tax, and adjusted by removing non-cash items, including stock-based compensation expense, depreciation, amortization, and further adjusted to remove integration and restructuring related costs, as well as upfront costs required to open a retail store.  Management believes Adjusted EBITDA is a useful financial metric to assess its operating performance on a cash adjusted basis before the impact of non-cash items, acquisition related costs, and non-recurring expenditures.  Adjusted EBITDA is a non-IFRS financial measure that does not have any standardized meaning and therefore may not be comparable to similar measures presented by other issuers.

About Meta Growth 


With a portfolio of 36 licensed retail locations in its nationwide network, Meta Growth is a leader in secure, safe and responsible access to legal recreational cannabis in Canada. Through its Canada-wide network of Meta Cannabis Co.™, Meta Cannabis Supply Co.™ and NewLeaf Cannabis™ recreational cannabis retail stores, Meta Growth enables the public to gain knowledgeable access to Canada’s network of authorized Licensed Producers of cannabis. National Access Cannabis d/b/a Meta Growth is listed on the TSX Venture Exchange under the symbol (TSXV: META).

For more information on Meta Growth, visit: 
metagrowth.com    
metacannabis.com 
newleafcannabis.ca


This article is written and published by The Cannabis Stock


Disclaimer : The Cannabis Stock wants to promote the cannabis market with the best articles and news on the market. The Cannabis Stock does not recommend selling or buying any of the company mentioned and is not responsible for any losses that may result.

The Cannabis Stock and its employees may from time to time own shares of the companies named in the articles. All the facts reported by the cannabis stock are information that comes directly from the companies, from their website or on Sedar and are only published as information.




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