- Sproutly’s financial results for fiscal 2019 show that the company has accomplished a number of important milestones
- Highlights included finalization of the company’s acquisition of Infusion Biosciences Canada and the completion of Sproutly’s Greater Toronto Area production facility
- The next phase of operations involves the launch of Sproutly’s premium flower under the CALIBER brand
Sproutly Canada Inc. (CSE: SPR) (OTCQB: SRUTF) (FRA: 38G), a company engaged in developing and bringing to market cannabis products, recently announced its financial results and most important strategic accomplishments for fiscal year 2019, which ended on February 28, 2019.
Keith Dolo, Sproutly’s CEO, said that FY2019 was a defining year for the company (http://cnw.fm/d6Dc1). Sproutly went public in July 2018, after which it finalized the acquisition of Infusion Biosciences Canada and SSM partners. The acquisition gave Sproutly access to groundbreaking APP technology for the production of water-soluble cannabinoids (Infuz2O) and oil-soluble cannabinoids (Bio Natural Oil).
The differentiating proprietary technologies give Sproutly a competitive advantage in both the infused beverages and edibles niches.
In addition, Sproutly completed its Greater Toronto Area production facility, received a cultivation license from Health Canada and started full-scale production in all 13 growing rooms. The next phase of operations is now to commence, Dolo noted. This phase involves the launch of CALIBER – the company’s premium branded flower. Sproutly also intends to launch a beverages and edibles line to begin establishing its position as a leader in the field of infused products.
The announcement also highlighted some of Sproutly’s most important financial results. A cash position of $9.6 million was reported at the end of February 2019, marking a massive increase from the $0.7 million the year before. During the reporting period, Sproutly also closed a $20.7 million bought deal financing.
Several other highlights in the announcement focus on Sproutly subsidiaries, as well as on additional agreements. Toronto Herbal Remedies (THR), a wholly owned Sproutly subsidiary and a licensed producer under the Cannabis Act, received its processing license from Health Canada. The license allows THR to produce cannabis oil and related products. In addition, the license allows THR to conduct research and development activities like the formulation of new proprietary infused beverage products.
Over the course of the fiscal year, Sproutly entered into an important definitive agreement for the formation of a joint venture with OCC Holdings Ltd., an affiliate of Moosehead Breweries. The aim of the agreement is the production of non-alcoholic, cannabis-infused beverages.
Moosehead Breweries is one of Canada’s oldest and largest independent breweries. The partnership will allow Sproutly to use its Infuz2O technology for the delivery of a water-soluble cannabis formulation in a natural beverage.
Finally, Sproutly also announced its first commercial sale of cannabis flower in Canada.
Sproutly Canada is on a mission to become a leading supplier to the cannabis beverage and edibles market. The company’s Toronto-based licensed facility was set up to allow the cultivation of pharmaceutical-grade cannabis. Through strategic business partnerships, Sproutly aims to expand brand loyalty, ensure effective marketing and form reliable distribution networks for the establishment of brand popularity across the globe.
For more information, visit the company’s website at www.Sproutly.ca
NOTE TO INVESTORS: The latest news and updates relating to SRUTF are available in the company’s newsroom at http://cnw.fm/SRUTF
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