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TORONTO, May 27, 2022 (GLOBE NEWSWIRE) -- Hempsana Holdings Ltd. (the “Company” or “Hempsana”) today announced first quarter financial results for the three-month period ended March 31, 2022.
Randy Ko, Hempsana’s CEO commented: “During the first quarter of 2022 we extended our cannabinoid portfolio with the commercialization of cannabigerol (“CBG”) with plans to commercialize cannabinol (“CBN”) in Q2. We also advanced our contract manufacturing business by signing commercial agreements with several leading brands. With our first OCS product launch of the UfeelU branded CBG cannabis extract expected in May, we are seeing growing interest from brands looking to leverage our rare cannabinoid manufacturing capabilities and unique curated product formulations.”
Completion of our first commercial run of CBG
Increased Production Utilization to 90%, compared to 65% during Q3
Processed 3940+ kgs of Biomass
Processed 350+ kgs of Full Spectrum Crude (THC/CBD)
Processed 220+ kgs of Distillate (THC/CBD/CBG)
Processed 60+ kgs of Isolate (CBD/CBG)
Revenues were $354,855 for the three months ended March 31, 2022. This represents a 321% quarter over quarter increase over Q4 2021’s revenues of $84,351.
Net loss and comprehensive loss were $242,375 in Q1 2022 compared to a net loss of $746,496 in Q1 2021.
Net loss per share was $(0.01) in Q1 2022, compared to $(0.04) in Q1 2021.
The lower net loss in 2022 reflects lower investor relations costs compared to 2021.
About Hempsana Holdings Ltd.
The Company’s business involves the manufacturing of cannabis derivatives and producing cannabis extracts for use in finished products, including vapeables, topical creams and infused consumables. Hempsana’s Health Canada Standard Processing Licensed, and EU-GMP compliant facility provides the Company with access to wholesale and retail channels in Canada and internationally.
For additional information regarding Hempsana, please contact:
Director and Chief Executive Officer
T: (647) 255-8849
This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the business and operations of the Company. The forward-looking statements and information are based on certain key expectations and assumptions made by management, including expectations and assumptions concerning the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information. There can be no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to, general economic conditions and the state of the regulatory environment. Please refer to the Company’s public record on SEDAR at www.sedar.com for more details on the risks faced by the Company. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward- looking information for anything other than its intended purpose. Management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.