Liberty Health Sciences Experiences a Significant Increase in Year-Over-Year Revenue and Provides Update on its Liberty 360 and Ohio Operations
TORONTO, Dec. 7, 2018 /CNW/ - Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) www.libertyhealthsciences.com("Liberty" or the "Company"), a provider of high quality cannabis, announced today that they experienced a significant increase in sales revenue in the quarter ended November 30, 2018 compared to the same period in the prior year. For the quarter ended November 30, 2018, revenue increased by 45% compared to the quarter ended August 31, 2018.
Liberty's recent quarterly revenue totalled $3.2 million and its fiscal year-to-date revenue totaled $6.5 million. This continued growth in revenue reflects the Company's improvement on returning patient count and the expanding dispensary base, as well as the strength of its partnerships with best-in-class brands such as PAX and Mary's Medicinals.
Liberty's patient count increased by 46% during the quarter ended November 30, 2018 to approximately 14,500 patients. Supporting this growth is Liberty's accelerated pace in opening dispensaries, adding three additional dispensaries over the last quarter for a total of seven dispensaries and six delivery hubs opened to date. Liberty expects to open another seven dispensaries by the end of February 2019 to a total of 14 dispensaries across Florida, including locations in Miami, Boca Raton and Gainesville, subject to the receipt of all necessary approvals from the Florida Department of Health. Under the state regulations, the Company is entitled to open up to 30 dispensaries. Accordingly, Liberty will continue to seek suitable locations in response to the state's growing patient count.
"We are happy with the progress we are making as we continue to move forward on both dispensary openings and operational capacity,"
said George Scorsis, CEO of Liberty Health Sciences.
"Liberty remains committed to growth and operational excellence across Florida and to potential expansion opportunities in other states."
In support of the ongoing opening of its dispensary locations, Liberty expects to finish construction in phases on the planned 225,000 square feet Liberty 360 facility including the state-of-the-art processing and production space in 2019. Liberty is currently operating 20,000 square feet of cultivation space at the Liberty 360 property as well as 24,000 square feet at the original Alachua property to support the growing demand for product. The next phase, expected to be completed in early 2019, will add 80,000 square feet of cultivation space. Liberty is fully funded to complete these capital expenditures.
"Our cultivation team is doing an excellent job and we continue to get amazing yields from our operations,"
said Lewis Swarts, VP Operations of Liberty Health Sciences.
"The automation we have introduced into our processing operations is paying dividends as we are able to keep up with the increase in demand from our growing patient base."
In addition to the expanded cultivation and processing space, the facility will also include a state-of-the-art research and development lab. With the completion of the processing plant, Liberty's extraction capacity will increase by nine times its current level.
The completion of Liberty 360 will allow Liberty to significantly increase its production capacity, expand its product line and provide scientific and technical support for Liberty's operations in other states. Liberty currently employs just under 200 people across its operations and dispensaries. With the anticipated completion of Liberty 360, the Company expects to employ a diverse workforce of up to 500 people including patient liaisons, scientists, engineers and cultivation specialists.
In Ohio, Liberty, together with their joint venture partners, the Schottenstein Group, expects to open their dispensary in Dayton, Ohio at the end of March 2019. Its processing facility will open subsequent to that in the spring of 2019, each depending on the receipt of the required regulatory approvals. The joint venture has secured a 10,000 square foot processing facility, which will be used for extraction, refining, formulation and packaging.
"Liberty is committed to bringing the same high-quality offerings to Ohio as we have in Florida,"
"With the knowledge base gained over our last year of operation, we believe we have the team and tools to continue to succeed."
About Liberty Health Sciences Inc.
Liberty is the cannabis provider committed to providing a trusted, high quality cannabis experience based on our genuine care for all cannabis users and a focus on operational excellence from seed to sale and beyond. Liberty'smeasured approach to expansion opportunities maximizes returns to shareholders, while keeping consumers' well-being at the forefront of what we do. For more information, please visit: www.libertyhealthsciences.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "believe", "plan", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, expectations related to the Company's production capabilities, expectations concerning the receipt of all necessary approvals from the Florida Department of Health, the Ohio State Board of Pharmacy, and other regulators, expectations concerning the opening of new dispensaries and the Company's planned expansion and opening of the Liberty 360 facility, expectations concerning employment numbers , and the Company's future expansion and growth strategies. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the medical marijuana industry in the United States generally, income tax and regulatory matters; the ability of Liberty to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Liberty Health Sciences Inc.