- BevCanna Enterprises recently published its unaudited financial results for the third quarter of 2021
- The company recorded over 1,000% revenue growth year-over-year which separately recording positive gross profit for the quarter
- In addition to receiving its initial orders from the British Columbia, Alberta and Ontario Cannabis Distribution companies, BevCanna has also signed an agreement with UNFI Canada – thus leading to a significant expansion in its geographical distribution footprint across Canada
- BevCanna also announced the acquisition of Embark Health Inc, a leader in solventless cannabis extraction, as it actively diversifies from its core beverage manufacturing business
BevCanna Enterprises (CSE: BEV) (OTCQB: BVNNF) (FSE: 7BC), a diversified health & wellness beverage and natural products company developing and manufacturing a range of alkaline, plant-based and cannabinoid beverages and supplements for both in-house brands and white-label clients, has recently reported its unaudited financial results for the fiscal quarter ended September 30, 2021. BevCanna announced that the company saw revenues rise by upwards of 1,000 percent to $1.1 million over the quarter with gross profit of $356,168, a significant turnaround from the loss of $40,280 recorded in the equivalent quarter of 2020.
BevCanna has recorded a number of operational highlights over the past few weeks, contributing to the company’s top-line revenue growth – a key driver of which has been the obtention of initial product listings and purchase orders from the British Columbia Liquor Distribution Branch (“BCLDB”), Alberta Gaming and Liquor Commission and the Ontario Cannabis Store, which in turn have resulted in shipments to British Columbia and Ontario delivered over the course of the quarter. Subsequent to the end of the quarter, the company revealed that its initial shipment of the award-winning Keef Brands line of cannabis-infused beverages to the BCLDB had benefited from a surge of consumer interest, with the initial shipment completely sold out via the BCLDB’s online platform.
“As we closed out the third quarter, we delivered impressive revenue growth of more than 1,000 per cent, achieving $1.1 million in sales, compared to $94,000 in the year ago quarter,” commented John Campbell, Chief Financial Officer of BevCanna. “Our third quarter results are further evidence of the Company’s continued execution and the impact that our brands are having on the market.
BevCanna Enterprises has also worked towards broadening its product portfolio, recently signing agreements with The Tinley Beverage Company Inc. (CSE: TNY) (OTCQX: TNYBF), Averi Health Products and Xebra Brand Ltd for the manufacture of their respective products for distribution within the Canadian market. To that end and to further its distribution footprint within the nation, BevCanna separately announced that it had finalized an agreement with leading North American wholesale distributor, United Natural Foods, Inc. (“UNFI”). Pursuant to the agreement, UNFI Canada will carry and distribute BevCanna’s product portfolio, resulting in significant expansion to the company’s growing network of over 3,000+ points of retail distribution across the country.
Lastly, BevCanna Enterprises also revealed that it has arrived at a definitive agreement to acquire Embark Health Inc (“Embark”), a leader within the field of solventless cannabis extract and enhanced delivery technology, with a focus on the formulation and production of advanced cannabis 2.0 products for the B2B, medical and adult-use markets. The agreement will provide BevCanna Enterprises with further impetus in its bid to diversify its business line away from its current focus on plant-based and cannabinoid beverages and supplements and towards a more expansive and wide-ranging product portfolio.
“Our unique and diverse portfolio continues to expand, and with the impending close of our acquisition of Embark, will include an even wider range of adult-use and wellness channels and innovative product categories,” continued Mr. Campbell. “We look forward to welcoming Embark and its team and remain laser-focused on our go-forward organic growth, while continuing to pursue complementary acquisitions, with the goal of further diversifying our brand offerings in the health and wellness categories.”
For more information, visit the company’s website at www.BevCanna.com.
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