Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) www.libertyhealthsciences.com (“Liberty” or the “Company”), a provider of high-quality cannabis, announced its financial results for the second quarter ended August 31, 2020. Consolidated net sales for the quarter ended August 31, 2020 were $18,170,975, compared with $10,627,656 for the quarter ended August 31, 2019, and $36,611,731 for the six months ended August 31, 2020, compared with $16,148,217 for the six months ended August 31, 2019.
The Company had cash and cash equivalents of $17,086,203 as of August 31, 2020, compared to $24,957,245 as of February 29, 2020. In the quarter ended August 31, 2020, the Company made tax payments of $13,998,820.
For the quarter ended August 31, 2020, the Company reported Adjusted EBITDA of $5,632,626, compared with $872,946 for the quarter ended August 31, 2019, and $11,227,903 for the six months ended August 31, 2020, compared with negative Adjusted EBITDA of ($1,731,727) for the six months ended August 31, 2019.
“We continue to strive to post steady operational results and grow our market share to meet the increased demand for our suite of cannabis brands,” said George Gremse, Interim Chief Executive Officer of Liberty. “Despite the challenges we face with COVID-19, we continue to make progress with our strategy and provide our patients with some of the best quality of life medicinal products on the market today.”
Liberty currently operates 26 dispensaries across Florida in the following locations:
| • | Boca Raton | • | Palm Harbor |
| • | Bonita Springs | • | Panama City |
| • | Bradenton | • | Pensacola |
| • | Cape Coral | • | Port St. Lucie |
| • | Dania Beach | • | Sarasota |
| • | Gainesville | • | St. Petersburg |
| • | Jacksonville Beach | • | Stuart |
| • | Lakeland | • | Summerfield |
| • | Merritt Island | • | Tampa (Hyde Parke) |
| • | Miami | • | Tampa (Tetra) |
| • | North Miami | • | Tallahassee |
| • | Orange Park | • | West Palm Beach |
| • | Orlando | • | Winter Haven |
Operational Highlights:
- Liberty announced the opening of its 26th dispensary in Jacksonville Beach to serve the communities of Mayport, Atlantic Beach, Neptune Beach, and Ponte Vedra Beach. The Company plans to have 35 dispensaries open by the end of the fiscal year.
- Liberty established a strategic partnership with Seed Junky™ Genetics to sell and distribute its world-renowned assortment of award-winning cannabis strains in Florida.
- The Company received Florida Department of Health approval to add a new Ethanol Extraction Lab to extract more than 100 kgs of biomass material per day.
About Liberty Health Sciences Inc.
Liberty is the cannabis provider committed to providing a high-quality cannabis experience based on our genuine care for all cannabis users and a focus on operational excellence from seed to sale. For more information, please visit: www.libertyhealthsciences.com.
