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SAN MATEO, Calif., May 30, 2019 (GLOBE NEWSWIRE) -- Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF) (the “Company” or “Plus Products”), a leading cannabis branded products company in the US, today released its unaudited financials for the quarter ended March 31, 2019 expressed in US$.
Financial Highlights and Subsequent Events
Unaudited financial highlights from Q1 2019:
For further information, please refer to summary of unaudited financial information at the end of this press release as well as the Company’s unaudited financial statements along with the MD&A (Management Discussion & Analysis) filed under the Company’s profile at www.sedar.com and with the CSE.
Retail Data Highlights
According to BDS Analytics, the Company’s retail sales in the first quarter were $10.84 million, an increase of 4.9% over the fourth quarter of 2018. Additionally, PLUS “Uplift” and PLUS “Restore” remained the #1 and #2 best-selling edible products in California in both dollars and units sold.
In fact, PLUS “Uplift” was the top-selling branded product across all categories of more than approximately 13,700 products sold across all categories in California, according to Headset.
“Our Q1 results represent continued strong revenue performance and gains in market share,” said Jake Heimark, co-founder & CEO of PLUS Products. “As we progress further into 2019, we hope for an increase in the enforcement and regulatory clarity in the illegal cannabis market. Our involvement and leadership in the National Cannabis Roundtable aligns with our goals in helping to structure the laws that will one day serve to make cannabis safe and approachable for everyone.”
About Plus Products
PLUS creates low dose and delicious cannabis food products that enhance the everyday lifestyle. PLUS’ mission is to use nature to bring balance to people’s lives - that starts with high-quality, precisely dosed products that deliver consistent experiences. PLUS’ food products, which include gummies and mints in a variety of delectable flavors, are manufactured at PLUS’ own factory in Adelanto, CA, where dosage is tested twice internally and then tested twice again by an independent lab. PLUS is headquartered in San Mateo, CA with 80 employees.
PLUS supports regulation in the cannabis industry and actively collaborates with regulators. The company recently rolled out child-resistant tins a year ahead of the California deadline, and it participates regularly in the National Cannabis Roundtable with John Boehner as honorary chairman.
For further information contact:
Director of Investor Relations
Tel +1 650.223.5478
Moxie Communications Group
The CSE does not accept responsibility for the adequacy or accuracy of this release.
The financial information included in this press release is not required for any regulatory purpose and is therefore provided solely for additional investor guidance. Where possible the information has been constructed by management from available unaudited interim financial information.
This news also release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (“forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur and include, but are not limited to the execution of definitive agreements and the closing of the transaction.. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the ability to retain key personal, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the continued development of adult-use sales channels, managements estimation of consumer demand in in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete capital projects and facilities improvements, the ability to expand and maintain distribution capabilities, the impact of competition, and the possibility for changes in laws, rules, and regulations in the industry. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Adjusted uncompressed weighted average shares outstanding and loss per share
The Company has additionally determined the adjusted uncompressed weighted average shares outstanding and loss per share, basic and diluted. The Company believes these measures to be representative of loss and comprehensive loss on a per share basis; however, these performance measures have no standardized meaning. As such, there are likely to be differences in the method of computation when compared to similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with GAAP, some investors use this information to evaluate the Company’s performance. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
PLUS PRODUCTS INC.
SUMMARY FINANCIAL INFORMATION – this information should be read in conjunction with our unaudited interim financial statements for the three month period ended March 31, 2019 and the notes thereto filed under the Company’s profile at www.sedar.com
Three Months Ended
|Operating and Other Expenses||4,061,693||1,188,151|
|Loss per uncompressed share||(0.09||)||(0.05||)|
|Cash dividends per share||-||-|
Three Months Ended
|Recent Quarterly Results||Mar 31
|Results from Operations||(982,140||)||(1,029,647||)||(1,671,861||)||(2,817,510||)||(3,007,728|
|Loss Before Income Taxes||(996,481||)||(1,041,647||)||(1,678,505||)||(2,963,468||)||(3,369,836|
|Net Income (Loss)||(1,015,315||)||(1,109,420||)||(1,796,977||)||(2,914,103||)||(3,444,860|
|Weighted Average Uncompressed Shares||21,635,781||24,551,555||33,071,397||39,424,708||39,696,672|
|Net Income (Loss) Per Uncompressed Share||(0.05||)||(0.05||)||(0.05||)||(0.07||)||(0.09|