Strengthened management team with the appointment of Nicole Rusaw as Chief Financial Officer
Cash and cash equivalents of CAD$20.3 million as of July 31, 2019
VANCOUVER, British Columbia, Oct. 02, 2019 (GLOBE NEWSWIRE) -- Nabis Holdings Inc. (CSE:NAB) (OTC: NABIF) (FRA: A2PL) (“Nabis™” 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 third quarter ended July 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 and closing acquisitions in Arizona, California, Michigan and Washington. In Arizona, we successfully acquired a 44,000 sq ft cultivation, fulfillment and production facility to serve as our hub of operations. With a definitive agreement signed on a Phoenix, AZ based dispensary along with a manufacturing & supplier agreement in AZ for WISP, a unique vaporizing solution, we are excited about the opportunity for Nabis in this state,” said Shay Shnet, CEO and Director of Nabis.
“We are pleased to report a strong balance sheet with a cash balance that will fund us through our previously announced acquisitions. As we focus on driving our business forward, yesterday we announced a strategic new hire to strengthen our management team. Nicole Rusaw joins Nabis as our Chief Financial Officer as an experienced public company leader with a proven track record. With our enhanced leadership at the helm, we look forward to reaching many milestones performance on our strategic initiatives,” concluded Mr. Shnet.
Third 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 August, the Company signed a definitive agreement to acquire a licensed medical marijuana business including a Phoenix dispensary.
- California: In June, the Company signed a definitive agreement to acquire Desert’s Finest, a 6,000 sq ft dispensary located in Desert Hot Springs, California. Nabis announced yesterday improved terms to the acquisition agreement; press release can be found here.
- Washington: In May, the Company purchased an established extraction and production facility.
Growing Brand Portfolio
- Launched BIS (Be In Synergy), a new CBD exclusive brand created and owned by Nabis.
- Announced strategic alliance with CannaKorp, Inc. for its Wisp Vaporizing System as an authorized manufacturer and supplier of Wisp Pods in Arizona.
- Acquired a 49% stake in Cannova Medical, an Israeli based company and developer of the sublingual strip, an alternative method for cannabis consumption.
Experienced Leadership Team
- Appointed Nicole Rusaw as Chief Financial Officer, effective October 1, 2019.
- Announced industry veteran, Emmanuel Paul as an Independent Director in August 2019.
Capital Markets
- In May, Nabis secured DTC Eligibility for its shares listed on the OTC, improving the trading process in the U.S.
Financial Results for the Third Quarter Ended July 31, 2019
Net loss for the third quarter of 2019 was $5.2 million compared to a net loss of $0.06 million in the third quarter of 2018.
Balance Sheet and Liquidity
As of July 31, 2019, the Company had total assets of $44.6 million, including cash and cash equivalents of $20.3 million and a working capital position of $19.5 million.
As of October 1, 2019, there were 109,604,435 shares of common stock outstanding.
About Nabis Holdings Inc.
Nabis Holdings is a Canadian investment issuer that invests in high quality cash flowing assets across multiple industries, including real property, securities, cryptocurrency, and all aspects of the U.S. and international cannabis sector. Led by two of the co-founders of MPX Bioceutical, one of the largest takeovers in the U.S. Cannabis space to date, the company has a proven track record in emerging markets to create significant shareholder value. The Company is focused on investing across the entire vertically integrated aspects of the space with a focus on revenue generation, EBITDA and growth.
For more information, please visit https://www.nabisholdings.com/.
Forward-Looking Statements
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The risks are without limitations: that the acquisitions will be completed by the Company or completed upon the terms disclosed; the price for cannabis and related products will remain consistent and the consumer demand remains strong; availability of financing to the Company to develop the retail locations; retention of key employees and management; changes in State and/or municipal regulations of retail operations and changes in government regulations generally. Important factors that could cause actual results to differ, materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
For inquiries, please contact:
Investor Contact:
Allison Soss
KCSA Strategic Communications
PH: 212-896-1267
Nabis@kcsa.com
Company Contact:
Shay Shnet, CEO and Director
PH: 905-581-5521 x107
info@nabisholdings.com