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Cliff Notes for Q2:

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BriarPatch Member Profile
 
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BriarPatch   Friday, 08/11/17 09:07:06 AM
Re: None
Post # of 236663 
Cliff Notes for Q2:

1) Revenue of 7.84m no longer includes revenue from floral business which reduced revenue by approx. 4.4m
2) Because of the deletion of the floral business, Edible Garden margins have increased from 6.1% to 25.4%
3) Overall company margins have increased from 15.9% to 19.2%
4) Margins on the cannabis side suffered some from price reductions leading up to July 1 in order to gain market share after NV rec started.
5) Cannabis revenue increased from 3.8m to 6m. Keep in mind this is only medical at this point.
6) Selling, General and Administrative (sg&a) increased by 12.4%
7) Cost of Goods Sold (cogs) decreased by 22%
8) Net loss decreased from 4.93m to 454k, a 90.79% reduction in losses
9) Cash balance of 9.1m
10) Shareholder equity increased from 52.1m to 68.2m
11) Debt was reduced by 5m off principle and an additional 1.5m post-closing of the quarter
12) July revenue from NV alone was 2.2m of which Reno accounted for 50%. This was way better than anyone expected
13) July sales from NV do not include wholesale of IVXX brands because cultivation is not up and running yet. This will be another great way to monetize NV. A PR on NV cultivation is coming soon.
14) Oakland facility is going through a cosmetic makeover to better reflect the Blüm brand. Currently about 75% done
15) Blüm San Leandro dispensary and extraction lab expected to be completed by end of Q3 with an anticipated opening in Q4
16) Excited about the craft cultivator deal in northern CA and plan to do a lot more in the future once CA regulations are clear next year
17) New marketing campaign for Edible Garden with TV commercials. Emphasis is on SuperLeaf brand
18) Corporate Governance: three board members stepped down to make room for independent board members in preparation for up-listing sometime in the future
19) Advisory board initiated to provide strategic growth. First member is Alan Gladstone. Mr. Gladstone founded the company Anna's Linens and grew it to 305 stores in 23 states with an annual revenue of $400m. Blüm wants to be a national chain
20) Conversion rate of preferred B shares adjusted so if/when a reverse split happens management will be on equal footing with common shareholders.
21) The State and Local governments in NV are working with dispensaries and cultivators continuously trying to improve the regulatory environment.
22) January 2018 CA goes recreational. CA is the world’s sixth largest economy and brings in 250 million + visitors per year. M&A is still a priority in CA
23) Oakland is going through a restructuring with Salwa in the driver’s seat. Focus will be on improving sales, marketing margins etc.
24) Cannabis and produce revenues continue to expand
25) the new influx of revenue is greatly reducing cash burn. Sometime in the not too distant future the company should be cash flow break even. The company will keep shareholders posted as to the progress of this game-changing achievement
26) No adjustment to guidance at this time because there's just not enough info yet from NV. WTS Derek is really excited about Q3

Big improvements in areas that needed addressed. Tremendous progress and growth is being achieved.

In short…
Margins are way up
Cannabis revenues are way up
COGS are way down
Net losses are way way down
Shareholder Value continues to grow.
and Business is Booming!

or should I say Business is Blüming...



Opinions, everybody has one!
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