World News: 12:45 GMT Wednesday 14th August 2019. [Aleafia Health Inc. via Globe Newswire via SPi World News]
TORONTO , Aug. 14, 2019 (GLOBE NEWSWIRE) -- Aleafia Health Inc. (TSX: ALEF, OTC: ALEAF, FRA: ARAH) (“” or the “”) is pleased to provide a corporate update and report its Second Quarter 2019 financial results for the period ended June 30, 2019. Aleafia Health has filed its consolidated financial statements and related management’s discussion and analysis, both of which are available on Aleafia Health’s profile at . All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
“The foundation that our team has built over the last year is now beginning to prove its worth as we report marked improvements with record revenue generated, significant cost reductions and a growing base of active, registered medical cannabis patients,” said Aleafia Health CEO Geoffrey Benic. “And despite these substantial improvements, there remains a tremendous amount of room to grow. Leveraging our global distribution platform, brands and data-driven production expertise requires a significant increase in cannabis supply and extraction capacity. This has been the strategy we have executed on since day one and 2019 will see this objective become reality.”
“We will continue moving at the pace that has brought our incredibly young company, even by the standards of the cannabis industry, from pre-revenue a year ago to the results we’ve achieved today,” Benic added. “The best is yet to come.”
The Company announced on May 6, 2019, its entrance into the German medical cannabis market by expanding the scope of Emblem’s joint venture with German pharmaceutical wholesaler and logistics company Acnos Pharma GmbH (“”). The Company owns 60 per cent of the JV, and will leverage Acnos’ supply chain network, including access to approximately 20,000 pharmacies and 110 distribution centres in the world’s largest medical cannabis market.
Additionally, Aleafia Health indirectly owns an interest in, and has a supply agreement with, a leading cannabis retailer Fire & Flower.
The Brand Agreements provide the exclusive rights to the formulas, production and packaging technologies to produce, market and sell the California brands in Canada in exchange for royalties paid on product sales. The Company will provide further updates on the brand portfolio as the legalization of new products approaches. The Company is in compliance with applicable laws in the jurisdictions in which it operates.
FoliEdge Academy also forms an important of Aleafia Health’s cannabis health and wellness ecosystem. Clinic patients and registered patients will soon access the unique, proprietary courses, as will the patients of strategic international partners.
This conference call will be webcast live over the internet and can be accessed through the link provided above. Audio of the call will be available to participants through both the conference call line and webcast; however, the presentation may only be viewed via the webcast. Participants who miss the live call can view a replay at any time via the link provided.
Nicholas Bergamini, VP Investor Relations1-833-TSX-ALEF (879-2533)IR@AleafiaHealth.comLEARN MORE:
Aleafia Health is a leading, vertically integrated cannabis health and wellness company with four primary business units: Cannabis Cultivation & Products, Health & Wellness Clinics, Cannabis Education, and Consumer Experience with ecommerce, retail distribution and provincial supply agreements.
Aleafia Health owns three major cannabis product & cultivation facilities, two of which are licensed and operational including the first large-scale, operational outdoor cultivation facility in Canadian history. The Company produces a diverse portfolio of commercially proven, high-margin derivative products including oils, capsules and sprays. Aleafia Health operates the largest national network of medical cannabis clinics and education centres staffed by MDs, nurse practitioners and educators and has international operations in three continents.
Innovation is at the heart of Aleafia Health’s competitive advantage. The Company maintains a medical cannabis dataset with over 10 million data points to inform proprietary illness-specific product development and its highly differentiated education platform FoliEdge Academy. The Company is committed to creating sustainable shareholder value and has been named the 2019 top performing company of the year by the TSX Venture Exchange prior to graduation to the TSX.
This news release contains forward-looking information within the meaning of applicable Canadian and United States securities laws. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including risks contained in the Company’s annual information form filed with Canadian securities regulators available on the Company’s SEDAR profile at . Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release are made as of the date of this news release and the Company does not undertake any obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities legislation. This press release includes certain measures which have not been prepared in accordance with International Financial Reporting Standards (“IFRS”) such as Adjusted EBITDA. Adjusted EBITDA does not measure performance under IFRS and should not be considered in isolation or as a substitute for net and comprehensive income or loss prepared in accordance with IFRS or as a measure of operating performance or profitability.
Globe Newswire: 12:45 GMT Wednesday 14th August 2019
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