MYMMF - MYM Releases Second Quarter 2021 Financial Results Posts Record Revenue and Net Profit
(TheNewswire)
V ancouver , BritishColumbia - TheNewswire - January 29, 2021 - MYMNutraceuticals Inc., (C NSX :MYM. CN ) (OTC:MYMMF)(“MYM” or the “Company”) today announced its secondquarter 2021 Financial Statements and Management Discussion &Analysis (“ MD&A ”),which are available on Sedar.com.
“This was our first full quarter since theacquisition of Highland Grow and a monumental one for the business onmany fronts.” said Michael Wiener, CEO of MYM. “We generated gross revenue of approximately $4.1M in the quarterand posted our first net profit in company history.”
Key Operating Highlights
-
- Gross revenue of $4.1 million, an increase of 303%from the prior quarter
- Positive EBITDA of $845,776
- Entered the Alberta market
- Introduced additional new SKUs across both theHighland Grow and Coastal Connection brands
| For the three months ended November 30, |
| 2020 |
| 2019 |
| Revenue |
| $ |
| 4,091,655 |
| $ |
| - |
| Excise tax |
| (593,060) |
| - |
| Net revenue |
| 3,498,595 |
| - |
| Cost of sales |
| 1,615,337 |
| - |
| Gross profit before fair value changes |
| 1,883,258 |
| Fair value changes |
| (109,001) |
| Gross profit |
| 1,992,259 |
| - |
| Other selling and administrative expenses |
| 1,058,781 |
| 2,751,461 |
| Writedown of assets |
| 87,702 |
| 7,439,177 |
| EBITDA (1) |
| 845,776 |
| (10,190,638) |
| Net interest expense |
| 30,890 |
| 116,329 |
| Depreciation and accretion expenses |
| 269,405 |
| 523,701 |
| Net income (loss) from continuing operations |
| 545,481 |
| (10,830,668) |
| Net income (loss) from discontinued operations |
| 32,500 |
| (110,878) |
| Net income (loss) and comprehensive income(loss) |
| 577,981 |
| (10,941,546) |
| Working capital excluding deposits and prepaids |
| $ |
| 1,971,740 |
| $ |
| 1,353,079 |
Key Financial Highlights
-
(1) In this press release,reference is made to EBITDA and working capital. These metrics andmeasures are not recognized measures under IFRS, do not have meaningsprescribed under IFRS and as a result are unlikely to be comparable tosimilar measures presented by other companies. These measures areprovided as information complementary to those IFRS measures byproviding a further understanding of our operating results from theperspective of management. As such, these measures should not beconsidered in isolation or in lieu of review of our financialinformation reported under IFRS. Definitions and reconciliations forall terms above can be found in the Company's MD&A for the threemonths ended November 30, 2020, filed on SEDAR. The key financialhighlights are not in accordance to IFRS,,but are provided for thepurpose of calculating EBITDA .
“We are still in the early days, but I am verypleased to see the initial results of our team’s hard work anddedication” said Michael Wiener, “We have established ourselves asa market leader in both the ultra-premium and craft-value segmentswithin Atlantic Canada, and we are making tremendous progress towardsreplicating this success in other parts of the country. Theadvancements we made this quarter and the underlying financial resultsare evidence that our business model is working.”
About MYM Nutraceuticals Inc.
MYM is a Canadian cultivator, processor, anddistributor of premium cannabis via its two wholly owned subsidiaries– SublimeCulture Inc., in Laval, QC and Highland Grow Inc., inAntigonish, NS. MYM shares trade in Canada,Germany and the United States under the following symbols: (CSE: MYM)(OTC: MYMMF) (FRA:0MY) (DEU:0MY) (MUN:0MY) (STU:0MY).
ON BEHALF OF THE MYM BOARD
Michael Wiener, CEO
MYM Nutraceuticals Inc.
www.mym.ca
Investor Relations
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Linkedin: https://www.linkedin.com/company/mymnutra/
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