VANCOUVER, BC / ACCESSWIRE / May 2, 2023 / Lotus Ventures Inc. (CSE:J)(OTC PINK:LTTSF) ("Lotus" or the "Company") a North Okanagan based licensed cannabis producer and the owner of Lotus Cannabis Co.™, a premium-craft consumer brand in Canada announced the financial and operating results for the six-month period ending February 28, 2023.
The second fiscal quarter marked a significant milestone in the business evolution of Lotus, as the company proudly launched its own Lotus Cannabis Co. ™ branded flower in the province of British Columbia. Specifically, the Keylime Kush strain was introduced in a variety of formats including a 3.5 gram and a 14 gram flower option, as well as a 3 x 0.5 gram pre-roll option. In light of this development, the following outlines the Company's activities and outcomes achieved during the First Half of Fiscal Year 2023.
Figure 1: The Lotus Keylime Kush Flower and Pre-Roll Lineup
Q1 2023 SALES AND MARKETING OVERVIEW
Q2 2023 OPERATIONAL OVERVIEW
Q2 2023 FINANCIAL OVERVIEW
SUMMARY OF QUARTERLY RESULTS
During the six months ended February 28, 2023, the Company had net loss of $896,237 (2022 - $241,420 net income). The financial results of the Company for the eight most recent quarters are summarized below:
Description | Three months ended Feb 28, 2023 | Three months ended Nov 30, 2022 | Three months ended Aug 31, 2022 | Three months ended May 31, 2022 |
Revenues | $589,172 | $144,603 | $449,574 | $459,090 |
Net income (loss) | ($131,035) | ($765,102) | ($4,930,606) | ($103,573) |
Income (loss) per share, basic and diluted | $0.00 | $0.00 | ($0.05) | $0.00 |
EBITDA | 86,672 | ($570,107) | ($4,633,554) | $122,671 |
Total assets | $13,959,942 | $13,564,565 | $13,471,193 | $17,640,121 |
Total long-term liabilities | $Nil | $Nil | $Nil | $Nil |
Cash dividends / share | $Nil | $Nil | $Nil | $Nil |
Description | Three months ended Feb 28, 2022 | Three months ended Nov 30, 2021 | Three months ended Aug 31, 2021 | Three months ended May 31, 2021 |
Revenues | $370,551 | $410,568 | $1,235,937 | $1,437,763 |
Net income (loss) | $176,127 | $65,293 | $42,625 | $208,893 |
Income (loss) per share, basic and diluted | $0.00 | $0.00 | $0.00 | $0.00 |
EBITDA | $399,757 | $279,830 | $264,876 | $433,488 |
Total assets | $17,678,148 | $17,172,703 | $16,907,742 | $16,845,615 |
Total long-term liabilities | $Nil | $Nil | $Nil | $Nil |
Cash dividends / share | $Nil | $Nil | $Nil | $Nil |
For further information regarding the financial statements for the First Half of Fiscal Year 2023, please refer to sedar.com.
ON BEHALF OF LOTUS VENTURES INC:
Lotus Ventures Inc.
"Dale McClanaghan"
Dale McClanaghan, President and CEO
About Lotus Ventures Inc.
Lotus Ventures Inc. is a licensed producer of cannabis based in British Columbia, Canada. The company owns and operates the Lotus Cannabis Co.™ brand, which has successfully marketed its cannabis through wholesale partners across all provinces in Canada. Lotus is a highly experienced cultivator on a mission to produce the purest and most consistent premium cannabis products in the country. Situated in the North Okanagan region of British Columbia, Lotus Cannabis boasts a talented team that has launched several popular cultivars, including the Keylime Kush, Black Blossom, Tranquil Elephantizer, and Kalifornia. Currently, Lotus' cannabis flower is available for purchase in British Columbia, Alberta, and Ontario.
To invest in the Company, Lotus Ventures Inc. is listed on the Canadian Securities Exchange (CSE:J), on the OTC Markets (OTC:LTTSF) and on the Frankfurt Stock Exchange (FRA:LV9).
For More Information:
President & CEO
Dale McClanaghan
(604) - 644 - 9844
Investor Relations
Daniel McRobert
investors@lotuscannabis.ca
(604) - 842 - 4625
General Information
info@lotuscannabis.ca
(604) - 842 - 4625
To learn more, visit lotuscannabis.ca and follow the Lotus Cannabis Co.™ brand on social media.
Instagram: @lotuscannabisco
Twitter: @lotuscannabisco
LinkedIn: @lotuscannabisco
Facebook: @lotuscanna
Forward-Looking Information:
This document includes certain statements that are not descriptions of historical facts but are forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for medical and recreational cannabis products, our expectations regarding the continued growth of the medical and recreational cannabis market, as well as all assumptions, expectations, predictions, intentions, or beliefs about future events. Users are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties have not been documented or mentioned in this document nor other communications made by the company. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: Lotus Ventures Inc.