Tue March 3, 2020 12:12 AM
GlobeNewswire
About: WLDFF
VANCOUVER, British Columbia, March 03, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – Wildflower Brands Inc. (WLDFF) (CSE: SUN, OTC:WLDFF) (the “Company”) announces more than $5.5M in revenues in its second quarter, compared to $1.4M in the previous year’s second quarter and $6.3M in the first quarter. Revenues were expected to be down due to the Robson store having to close in order to move to its newly renovated, licensed 2,800 square foot facility at Robson and Granville. This was the first cannabis retail license the regulators moved in British Columba.
Further, revenues were expected down due to a steep drop in vape sales due to the vapegate crisis.
Highlights for the quarter ending December 31, 2019 (with comparisons to the prior quarter except as otherwise noted) include the following:
* Revenues of $5,514,502 (Q2 2018: $1,410,135), including sales in British Columbia’s provincially regulated cannabis market, US nationwide e- commerce sales, nationwide US wholesale sales and from the sales in California’s State’s regulated market through the licenses held there;
* Cost of goods sold of $2,705,797 (Q1 2018: $810,698) related to the cost of the products and packaging sold during the period;
* Wages and benefits of $889,613(Q2 2018: $296,889) related to wages and related benefits paid to employees;
* Consulting fees and management fees of $192,543 (Q2 2018: $211,656) related to fees paid to the Company’s CEO, CFO, COO and board of directors, as well as individuals providing business consulting services;
* Advertising and marketing costs of $107,808 (Q2 2018: $8,557) related to advertising and marketing campaigns for the Company’s cannabis products;
* Investor relations and shareholder communications of $115,688 (Q2 2018: $12,824) related to fees paid to investor relations personnel and costs associated with public relations;
* Professional fees of $134,802 (Q2 2018: $27,410) related to general corporate matters;
* General office and miscellaneous expenses of $291,199 (Q2 2018: $73,841) related to office supplies and incidental expenditures for the Company’s Vancouver-based offices, Washington State subsidiary office, and Californian subsidiary office;
* Interest expense of $626,488 (Q2 2018: $184,097) related to the interest accrued on the loans payable, lease obligations, promissory notes and convertible debentures issued during the period;
* Foreign exchange gain (loss) of ($274,597) (Q2 2018: $627,339) related to translating the transactions of the Company’s foreign subsidiaries with a functional currency other than the Canadian dollar.
* Net gain (loss) before other items of $265,579 (Q2 2018: (299,812) related to the business operations.
ABOUT WILDFLOWER BRANDS
The Company is a Vancouver-based pioneer in the cannabis industry that develops, designs and operates brands throughout North America. Our brands work together to make Wildflower a leader in cannabis innovation throughout the globe. The Company operates British Columbia’s largest retail cannabis chain under the brand City Cannabis Co.
On Behalf of the Board of Directors
“William MacLean”
____________________________
William MacLean
Director and CEO
The Canadian Securities Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release.
Wire Service Contact
NetworkWire (NW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkWire.com
Recent SUN News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 03:56:35 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/08/2024 11:27:13 AM
- Sunoco LP Announces First Quarter 2024 Financial and Operating Results • PR Newswire (US) • 05/08/2024 11:00:00 AM
- Sunoco LP Announces Purchase of NuStar Preferred Units and Full Redemption of NuStar Logistics Subordinated Notes • PR Newswire (US) • 05/03/2024 08:01:00 PM
- Sunoco LP Completes Acquisition of NuStar Energy L.P.; Announces a 4% Increase in Quarterly Distribution • PR Newswire (US) • 05/03/2024 12:45:00 PM
- Sunoco LP and NuStar Energy L.P. Announce NuStar's Unitholder Approval of the Sunoco Transaction • PR Newswire (US) • 05/01/2024 08:30:00 PM
- Sunoco LP Completes Acquisition of European Liquid Fuels Terminals and Divestiture of West Texas Assets; Reaffirms 2024 Adjusted EBITDA Guidance Range • PR Newswire (US) • 04/17/2024 11:00:00 AM
- Sunoco LP Announces Pricing of Private Offering of Senior Notes • PR Newswire (US) • 04/16/2024 09:37:00 PM
- Sunoco LP Announces Private Offering of Senior Notes • PR Newswire (US) • 04/16/2024 12:30:00 PM
- Sunoco LP and NuStar Energy L.P. Announce Expiration of Hart-Scott-Rodino Act Waiting Period • PR Newswire (US) • 04/09/2024 11:00:00 AM
- Sunoco LP and NuStar Energy L.P. Announce Expiration of Hart-Scott-Rodino Act Waiting Period • Business Wire • 04/09/2024 11:00:00 AM
- Sunoco LP Announces First Quarter 2024 Earnings Release and Call Timing • PR Newswire (US) • 04/05/2024 08:00:00 PM
- Form S-4 - Registration of securities, business combinations • Edgar (US Regulatory) • 02/26/2024 10:17:01 PM
- Sunoco LP Files 2023 Annual Report on Form 10-K • PR Newswire (US) • 02/16/2024 09:03:00 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/16/2024 05:21:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/14/2024 02:43:43 PM
- Sunoco LP Announces Fourth Quarter and Full Year 2023 Financial and Operating Results • PR Newswire (US) • 02/14/2024 12:00:00 PM
- Sunoco LP Maintains Quarterly Distribution • PR Newswire (US) • 01/25/2024 09:30:00 PM
- Sunoco's NuStar Buy Augurs Expansion in Rack Marketing and Trading -- OPIS Analysis • Dow Jones News • 01/23/2024 06:22:00 PM
- Rowley Law PLLC is Investigating Proposed Acquisition of NuStar Energy L.P. • PR Newswire (US) • 01/22/2024 11:02:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/22/2024 10:26:06 PM
- Sunoco LP to Acquire NuStar Energy L.P. in Transaction Valued at $7.3 Billion • PR Newswire (US) • 01/22/2024 12:45:00 PM
- DOE Awards Five Contracts to Supply 3.2 Million Bbl of Crude to SPR in April -- OPIS • Dow Jones News • 01/19/2024 08:49:00 PM
- Sunoco LP Announces Fourth Quarter and Full Year 2023 Earnings Release and Call Timing • PR Newswire (US) • 01/11/2024 09:30:00 PM
- Sunoco to Buy European Liquid-Fuel Terminals • Dow Jones News • 01/11/2024 12:53:00 PM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM