Nabis Holdings Reports Fourth Quarter 2019 Financial Results

Nachrichtenquelle: globenewswire
31.12.2019, 00:10  |  784   |   |   

-Q4 includes 21 days of operations from the Company’s Emerald Dispensary in Phoenix, AZ-

VANCOUVER, British Columbia, Dec. 30, 2019 (GLOBE NEWSWIRE) -- Nabis Holdings Inc. (CSE:NAB) (OTC: NABIF) (FRA: A2PL) (“NabisTM” or the “Company”), a leading Canadian investment company with specialty investments in assets across multiple divisions of the cannabis sector, reported its financial results for the three and twelve-month periods ended October 31, 2019. All financial information is provided in Canadian dollars unless otherwise indicated.

“We continue to make progress on our strategic plan by diligently working on building out our investments in both Arizona and Michigan.  Although we are only reporting 21 days of operations from our dispensary in AZ this quarter, we are beginning to see improvements in operational efficiencies and profitability now that the dispensary is under Nabis management," said Shay Shnet, CEO and Director of Nabis. “In parallel with our buildout of our Camp Verde hub, we are also moving full-steam ahead with our dispensary build-outs in Michigan and plan on capitalizing on the newly legalized recreational market by the first half of 2020”.

Fourth Quarter 2019 Highlights and Subsequent Events

Expanded U.S. Footprint:

Arizona

  • In September, the Company acquired a 44,000 sq. ft. cultivation, fulfillment and production facility located in Camp Verde, Arizona near Phoenix. This facility will serve as the hub of Nabis’ operations;
  • In October, the Company acquired exclusive rights to operate the Emerald dispensary in Phoenix, Arizona. Transfer of ownership occurred on October 10, 2019 and the company reported gross revenue of $644K for the first 21 days of operations;

Michigan

  • Subsequent to the end of the quarter, the Company announced that it had completed its investment in an additional two properties that have municipal approvals for two provisioning centres strategically located in Emmet Township and Kawkawlin, Michigan. This brings the Company’s cannabis investment portfolio in Michigan to a total of 7 properties and a parcel of land and well positions the Company to participate in the expanded cannabis market in the state of Michigan now that recreational adult use of cannabis is legal as of December 1, 2019;
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