Liberty Health Sciences Reports Fiscal Year 2021 Third Quarter Financial Results

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*Note: All references to dollar values refer to Canadian dollars unless otherwise stated.

TORONTO, Jan. 29, 2021 /CNW/ – Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: (“Liberty” or the “Company”), a provider of high-quality cannabis, announced its financial results for the third quarter ended November 30, 2020. Consolidated net sales for the quarter ended November 30, 2020 were $13,048,315, compared with $16,122,254 for the quarter ended November 30, 2019, and $49,660,046 for the nine months ended November 30, 2020, compared with $32,270,471 for the nine months ended November 30, 2019. 

LHS Logo (CNW Group/Liberty Health Sciences Inc.)

The Company had cash and cash equivalents of $11,251,402 as of November 30, 2020, compared to $24,957,245 as of February 29, 2020. In the quarter ended November 30, 2020, the Company had a net reduction on the balance of its convertible debt of $2,171,638.  

For the quarter ended November 30, 2020, the Company reported Adjusted EBITDA of $2,547,406, compared with $4,420,409 for the quarter ended November 30, 2019, and $13,814,989 for the nine months ended November 30, 2020, compared with Adjusted EBITDA of $2,688,161 for the nine months ended November 30, 2019.

“Although performance for this quarter was well below the prior growth track, cultivation and processing issues have been addressed with management changes including the hiring of a Vice President of Operations, adding additional genetic strains, cultivation facility upgrades, and enhanced operating procedures,” said George Gremse, Interim Chief Executive Officer of Liberty.  “December and January results show the recovery of revenues in the fourth quarter, driven by solid retail sales of flower products and record levels of non-flower products. The new dispensaries opened in December, January, and those planned for February, in addition to the introduction of new products, will support further revenue growth.”

Liberty currently operates 29 dispensaries across Florida in the following locations:

·         Boca Raton·         Palm Harbor
·         Bonita Springs·         Panama City
·         Bradenton·         Pensacola
·         Cape Coral·         Port St. Lucie
·         Dania Beach·         Sarasota
·         Ft. Myers·         St. Augustine
·         Gainesville·         St. Petersburg
·         Jacksonville Beach·         Lake City·         Lakeland·         Stuart·         Summerland·         Tampa (Hyde Parke)
·         Merritt Island·         Miami·         Tampa (Tetra)·         Tallahassee
·         North Miami·         West Palm Beach
·         Orange Park·         Orlando·         Winter Haven

Operational Highlights:

  • Liberty announced the opening of three new dispensaries in St. Augustine, Lake City and Ft. Myers. The Company plans to open two more dispensaries by the end of February 2021 and an additional 11 stores throughout the rest of the year, for a total of 42 locations throughout Florida, subject to approval from the Florida Department of Health. 
  • Darrin Potter joined Liberty as Vice President of Operations and is responsible for the Company’s cultivation, processing, extraction, packaging, and distribution operations. He will also manage the expansion of the LHS360 production facility in Gainesville.

About Liberty Health Sciences Inc.

Liberty is the cannabis provider committed to providing a high-quality cannabis experience based on our genuine care for all cannabis users and a focus on operational excellence from seed to sale. For more information, please visit:

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