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IONIC BRANDS Announces Fiscal 2019 Second Quarter Financial Results

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Marillionaire Member Level  Thursday, 10/03/19 09:25:42 AM
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IONIC BRANDS Announces Fiscal 2019 Second Quarter Financial Results
IONIC BRANDS ACHIEVES US$3.9M IN SECOND QUARTER REVENUES, EXPERIENCING 377% INCREASE IN QUARTER ON QUARTER AND 6 MONTHS REVENUE OF $5.9M.

TACOMA, Wash., Aug. 29, 2019 (GLOBE NEWSWIRE)

IONIC BRANDS CORP. (CSE: IONC) (OTC: IONKF) (FRA: 1B3)

(“IONIC BRANDS” or the “Company”) is pleased to announce its second quarter 2019 financial results as it achieves a milestone of $5.9M of revenue for the first half of year. Highlights for the quarter ended June 30, 2019 Completed a number of strategic synergistic acquisitions Cannabis-infused coffee patents Zoots Premium Cannabis-Infused Edibles Vegas Valley Growers (subject to regulatory approval) Completed a concurrent brokered and non-brokered debenture unit offering raising gross proceeds of approximately C$20 million.

John Gorst, Chairman & CEO of IONIC BRANDS, stated, “We are very pleased with our second quarter financial results, achieving our focus of increasing sales growth while closing a successful financing for various strategic business acquisitions all in a span of three months.” OVERALL PERFORMANCE During the three months ended June 30, 2019, the Company’s main focus was on increasing its sales both by acquisition and expansion. For the three months ended June 30, 2019, revenue from product and services sales was $3,053,372, representing an increase of 450%, compared to product sales revenue of $554,690 during the same period in the prior year.

The increase in product sales is primarily due to the Company’s effort in developing its business and also the result of two acquisitions. In addition, business development expenses increased compared to the prior year is due to increased marketing expenditures connected with new product introductions and expansion initiatives into the states of Oregon and California and also the result of two acquisitions.



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