Christina Lake Cannabis Provides Business Update
Christina Lake Cannabis (CLCFF) has provided a business update highlighting significant expansion and operational developments in 2024. The company acquired a new outdoor cultivation facility in Midway, British Columbia, increasing its cultivation footprint by approximately 100 acres. The combined harvest from both Christina Lake and Midway sites yielded about 105,000 kilograms of extraction grade biomass and flower, contributing to an 81% increase in inventory value as of November 30, 2024.
Financial highlights include a 16% revenue increase, with only a 1% increase in Cost of Goods Sold, resulting in a 7.9% improvement in gross margin. The company completed a non-brokered private placement raising $3,108,375 through the issuance of 94,193,182 common shares. Notable expense increases included salaries (41%), repairs and maintenance (48%), and regulatory fees (139%). The company carries $9,292,924 in Convertible Debenture liabilities and plans to focus on debt reduction in 2025.
Christina Lake Cannabis (CLCFF) ha fornito un aggiornamento aziendale evidenziando un'importante espansione e sviluppi operativi nel 2024. L'azienda ha acquisito una nuova struttura di coltivazione all'aperto a Midway, British Columbia, aumentando la propria superficie di coltivazione di circa 100 acri. Il raccolto combinato dai siti di Christina Lake e Midway ha prodotto circa 105.000 chilogrammi di biomassa e fiori di grado estrazione, contribuendo a un aumento dell'81% del valore dell'inventario al 30 novembre 2024.
I punti salienti finanziari includono un aumento del 16% dei ricavi, con solo un incremento dell'1% nel costo delle merci vendute, portando a un miglioramento del 7,9% nel margine lordo. L’azienda ha completato un collocamento privato non mediato raccogliendo $3.108.375 tramite l'emissione di 94.193.182 azioni ordinarie. Gli aumenti di spesa notevoli hanno incluso stipendi (41%), riparazioni e manutenzione (48%) e spese normative (139%). L’azienda detiene passività di $9.292.924 in obbligazioni convertibili e prevede di concentrarsi sulla riduzione del debito nel 2025.
Christina Lake Cannabis (CLCFF) ha proporcionado una actualización empresarial destacando una expansión significativa y desarrollos operativos en 2024. La empresa adquirió una nueva instalación de cultivo al aire libre en Midway, Columbia Británica, aumentando su superficie de cultivo en aproximadamente 100 acres. La cosecha combinada de los sitios de Christina Lake y Midway produjo alrededor de 105,000 kilogramos de biomasa y flores de grado de extracción, contribuyendo a un aumento del 81% en el valor del inventario a partir del 30 de noviembre de 2024.
Los puntos financieros destacados incluyen un aumento del 16% en los ingresos, con solo un aumento del 1% en el costo de los bienes vendidos, lo que resultó en una mejora del 7.9% en el margen bruto. La empresa completó una colocación privada no intermediada, recaudando $3,108,375 a través de la emisión de 94,193,182 acciones comunes. Los aumentos de gastos notables incluyeron salarios (41%), reparaciones y mantenimiento (48%) y tasas regulatorias (139%). La empresa tiene $9,292,924 en pasivos de bonos convertibles y planea centrarse en la reducción de deudas en 2025.
크리스티나 레이크 칸나비스 (CLCFF)는 2024년 중 중요한 확장과 운영 개발을 강조하는 사업 업데이트를 제공했습니다. 이 회사는 브리티시 컬럼비아주 미드웨이에 새로운 실외 재배 시설을 인수하여 재배 면적을 약 100에이커 확대했습니다. 크리스티나 레이크와 미드웨이 사이트에서 수확한 총량은 약 105,000킬로그램의 추출 등급 바이오매스와 꽃을 생산하여, 2024년 11월 30일 기준으로 재고 가치가 81% 증가하는 데 기여했습니다.
재무 주요 사항으로는 16%의 수익 증가가 있으며, 판매 비용은 1% 증가하여 총 마진이 7.9% 개선되었습니다. 회사는 94,193,182주를 발행하여 $3,108,375을 조달하는 비중개 사모 배정을 완료했습니다. 주요 비용 증가 항목으로는 급여(41%), 수리 및 유지보수(48%), 규제 수수료(139%)가 포함되었습니다. 회사는 전환 사채 부채로 $9,292,924를 보유하고 있으며, 2025년에는 부채 감소에 집중할 계획입니다.
Christina Lake Cannabis (CLCFF) a fourni une mise à jour commerciale mettant en évidence une expansion significative et des développements opérationnels en 2024. La société a acquis une nouvelle installation de culture en plein air à Midway, en Colombie-Britannique, augmentant ainsi sa superficie cultivable d'environ 100 acres. La récolte combinée des sites de Christina Lake et de Midway a produit environ 105 000 kilogrammes de biomasse et de fleurs de qualité d'extraction, contribuant à une augmentation de 81% de la valeur des stocks au 30 novembre 2024.
Les points saillants financiers incluent une augmentation de 16% des revenus, avec seulement une augmentation de 1% du coût des biens vendus, entraînant une amélioration de 7,9% de la marge brute. L'entreprise a réalisé un placement privé non médié par des courtiers, levant 3 108 375 $ par l'émission de 94 193 182 actions ordinaires. Les hausses de dépenses notables comprenaient les salaires (41%), les réparations et l'entretien (48%) et les frais réglementaires (139%). L'entreprise a des dettes de 9 292 924 $ en obligations convertibles et prévoit de se concentrer sur la réduction de la dette en 2025.
Christina Lake Cannabis (CLCFF) hat ein Unternehmensupdate bereitgestellt, das eine bedeutende Expansion und operationale Entwicklungen im Jahr 2024 hervorhebt. Das Unternehmen hat eine neue Freilandanbauanlage in Midway, British Columbia, erworben und seine Anbaufläche um etwa 100 Acres erhöht. Die kombinierte Ernte der Standorte Christina Lake und Midway ergab etwa 105.000 Kilogramm Biomasse und Blüten von Extraktionsqualität, was zu einer Wertsteigerung des Inventars um 81% zum 30. November 2024 beitrug.
Finanzielle Höhepunkte umfassen einen Umsatzanstieg von 16%, wobei die Kosten der verkauften Waren nur um 1% stiegen, was zu einer Verbesserung der Bruttomarge um 7,9% führte. Das Unternehmen hat eine nicht vermittelte Privatplatzierung abgeschlossen, die 3.108.375 US-Dollar durch die Ausgabe von 94.193.182 Stammaktien gesammelt hat. Bemerkenswerte Kostensteigerungen umfassten Gehälter (41%), Reparaturen und Wartung (48%) sowie Regulierungsgebühren (139%). Das Unternehmen trägt Verbindlichkeiten von 9.292.924 US-Dollar in Form von wandelbaren Anleihen und plant, sich 2025 auf die Schuldenreduzierung zu konzentrieren.
- Harvest yield increased to 105,000 kg from 38,000 kg in previous year
- Revenue grew by 16% year-over-year
- Gross margin improved by 7.9%
- Successfully raised $3.1M through private placement
- Reduced debt by $1.8M through share issuance
- General and administrative expenses decreased by 5%
- Significant debt burden with $9.3M in convertible debentures
- Recognized bad debt expense of $324,074
- Substantial increase in operating expenses (salaries +41%, maintenance +48%, regulatory fees +139%)
- Significant shareholder dilution from 94.2M new shares issued
VANCOUVER, British Columbia, Jan. 31, 2025 (GLOBE NEWSWIRE) -- Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”) (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) is pleased to provide the following business update.
In 2023 the Company identified a need to secure the supply chain of biomass and flower as part of a strategy to meet growing customer demand and allow for much needed product and customer diversification. To address that need, the Company acquired a new outdoor cultivation facility in Midway, British Columbia as previously announced on February 12, 2024.
The remainder of the year was focused on preparing the facility and execution of the inaugural crop at the Midway facility. The total cultivation footprint increased by approximately 100 acres which was challenging in terms of resources required and there were many lessons learned. Despite those challenges the CLC team was able to successfully complete the 2024 harvest.
“The 2024 crop is in and I’m proud to share our progress. Our efforts have been focused on the successful execution of our expansion plan which now includes two cultivation sites. The purchase of the Midway property provided some great opportunities but was a big challenge as well. I am pleased to say that the team did a good job, and we were able to pull off a successful crop at both sites.” said Christina Lake CEO Mark Aiken.
The planting style and density was different than the Christina Lake site with plants grown directly in ground. The total harvest from the Christina Lake and Midway sites yielded approximately 105,000 kilograms of combined weight in extraction grade biomass and flower. The increase in harvested mass contributed to the growth in inventory value as at November 30, 2024 by approximately
“To give a little context around those challenges, we had 5 times the Cultivation footprint, preparation, and requirements to execute on our 2024 crop. We are pleased to have made this strategic move as it allows CLC to capitalize on the growing flower demand and secures our extraction input biomass needs in a time when external feedstock supply is constrained, and the cost of external input biomass continues to increase.
Last year CLC was required to purchase biomass from outside sources to supplement the previously announced approximate 38,000 kg’s of biomass and flower harvested in 2023. With our expansion, we are no longer reliant on external feedstock sources.” said CEO Mark Aiken.
As reported in the financial statements for the period ending November 30, 2024 the company increased revenue by approximately
Total General and administrative expenses decreased by approximately
As previously announced, the Company completed the final tranche of a non-brokered private placement in December 2024 with gross proceeds of
In addition, the Company had been carrying significant debt in the form of Convertible Debentures with large debenture repayments upcoming in 2025. The Company proactively settled debt through the issuance of common shares at a price equal to the concurrent private placement, resulting in approximately
“We expect 2025 to be another strong year of growth underpinned by this year’s solid harvest numbers.” said CEO Mark Aiken.
About Christina Lake Cannabis Corp.
Christina Lake Cannabis is a licensed producer of cannabis under the Cannabis Act with a standard cultivation license and corresponding processing amendment from Health Canada as well as a research and development license. Christina Lake Cannabis’ facilities consist of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, research facilities, and a facility dedicated to processing and extraction. A 342-acre property which includes approximately 100-acres of licensed outdoor grow space, green houses, and a dry room. Christina Lake Cannabis also owns a 99-acre plot of land adjoining its principal site. CLC focuses its production on creating high quality outdoor flower, extracts and distillate for its B2B client base.
On behalf of Christina Lake Cannabis:
“Mark Aiken”
Mark Aiken, CEO
For more information about CLC, please visit: www.christinalakecannabis.com
Jennifer Smith
Investor Relations and Media Inquiries
investors@clcannabis.com
902-229-7265
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.
This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “likely”, “probably”, “often”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. 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. Forward looking information in this news release includes, but is not limited to, future crop sizes and expected yields, sales of flower and biomass, future harvest results, future debt settlements or repayment of outstanding debts, the Company’s objectives, goals or future plans, statements, harvesting results, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include future growth potential of the Company, fluctuations in general macroeconomic conditions, fluctuations in securities markets, expectations regarding the size of the future harvest, fluctuations on pricing within cannabis markets, the ability of the Company to successfully achieve its business objectives, plans for expansion, inability to obtain adequate insurance to cover risks and hazards and general market conditions. Additional factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on http://www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected
Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. These statements speak only as of the date of this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
FAQ
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