Zenabis Global Announces Second Quarter 2019 Financial Results скачать в хорошем качестве

Zenabis Global Announces Second Quarter 2019 Financial Results

Zenabis Global Announces Second Quarter 2019 Financial Results - RICH TV LIVE - AUGUST 15, 2019 - Subscribe -    / richtvlive   Visit - http://www.richtvlive.com/ #RICHTVLIVE #ZENABIS #FINANCIALS - Zenabis Global Inc. (TSX:ZENA) ("Zenabis" or the "Company") today announced its financial results for the second quarter ended June 30, 2019. All amounts, unless specified otherwise, are expressed in Canadian dollars. Key Production Metrics During the three months ended June 30, 2019, Zenabis cultivated 2,473 kg of dried cannabis, outperforming original design capacity by 35% and exceeding the Company's 1,770 kg forecast by 40%; As a result of the consistent cultivation outperformance at Zenabis Altholville, Zenabis has revised its annual production capacity estimate for Zenabis Atholville to 46,300 kg from 34,300 kg of dried cannabis, increasing Zenabis' total licensed cultivation capacity to 54,000 kg of dried cannabis from 42,800 kg; During the three months ended June 30, 2019, Zenabis' indoor cost of cultivation was $0.78 per gram at Zenabis Atholville; as a result, Zenabis has revised its cultivation cost estimate for Zenabis Langley from $0.75 per gram to $0.50 per gram. Zenabis remains on track to achieve an annual cannabis cultivation capacity of 143,200 kg1 under its current capital program. "We executed at or above plan in the second quarter and, in so doing, continued to make significant progress towards our goal of becoming one of the largest licensed producers of medical and adult-use recreational cannabis in Canada," said Andrew Grieve, Chief Executive Officer of Zenabis. "Notably, the buildout and completion of our growing facilities has progressed generally on time and on budget. The completion of Zenabis Atholville and Zenabis Langley Site A - Part 1 helped us increase our licensed annual production capacity from 10,200 kg of dried cannabis as at March 31, 2019 to 54,000 kg of dried cannabis today. We are on track to achieve our new target of 143,200 kg of annual cannabis cultivation capacity under our existing capital program. "We achieved meaningful growing process efficiencies during the quarter, such that our dried cannabis output outperformed original design capacity by 35%," continued Mr. Grieve. "Our strength on the cultivation front has given us the confidence to raise our cultivation capacity estimate for Zenabis Atholville by 12,000 kg per annum, from 34,300 kg to 46,300 kg of dried cannabis. We expect our performance ratio in July to exceed 10% of our amended Zenabis Atholville design capacity (more than 40% over original design capacity) based on preliminary results." Commenting on Zenabis' revenue growth expectations for the remainder of 2019, Mr. Grieve said, "In the second half of 2019, we expect to cultivate approximately 16,100 kg and 1,650 kg of dried cannabis from Zenabis Atholville and Zenabis Langley (Site A – Part 1), respectively. Given our increasing cultivation forecast profile, we expect to achieve meaningful quarter-over-quarter revenue growth through the remainder of the year." Capacity and Cultivation Cost Estimate Revisions Based on the 35% outperformance achieved in the second quarter of 2019, actual production capacity at Zenabis Atholville is expected to be higher than the originally announced design capacity estimate. As a result, Zenabis is increasing its annual production capacity estimate for Zenabis Atholville (the "Zenabis Atholville Capacity Amendment"), upon full licensing, to 46,300 kg (being the total design capacity of the facility) from 34,300 kg of dried cannabis. Disclaimer RICH TV LIVE company profiles and other investor relations materials, publications or presentations, including web content, are based on data obtained from sources we believe to be reliable but are not guaranteed as to accuracy and are not purported to be complete. As such, the information should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed in RICH TV LIVE reports company profiles or other investor relations materials and presentations are subject to change. RICH TV LIVE and its affiliates may buy and sell shares of securities or options of the issuers mentioned on this website at any time. Investing is inherently risky. RICH TV LIVE is not responsible for any gains or losses that result from the opinions expressed on this website, in its research reports, company profiles or in other investor relations materials or presentations that it publishes electronically or in print. Disclosure - https://www.richtvlive.com/feature-.html We strongly encourage all investors to conduct their own research before making any investment decision. For more information on stock market investing, visit the Securities and Exchange Commission ("SEC") at www.sec.gov/Canadian CSA https://www.securities-administrators....