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GABY Inc. (GABY or the Company) is a company that has decided to wind down its operations due to financial constraints. The write-down of its Type 10 retail license in California has made the continued operation of the retail business untenable. The company defaulted on its obligations under a Promissory Note and has executed a Consent to Strict Foreclosure and Release Agreement. Effective July 15, 2023, Ebon Johnson will resign from the board of directors. GABY's common shares trade on the CSE and OTC markets.
The Company will explore the feasibility of continuing to operate its CBD business under the Lulu's and 2Rise brands.
GABY Inc. (CSE:GABY)(OTCQB:GABLF) announced that CEO Margot Micallef will present at the Emerging Growth Conference on June 8, 2022. This online event aims to inform investors about GABY's expansion strategies, particularly as the cannabis sector anticipates growth from the Safe Banking Act and potential federal legalization. Micallef emphasized the importance of such events in fostering investor understanding in a regulatory-challenged market. The presentation is set for 10:30 AM ET, with a recording available post-event.
GABY reported substantial operational improvements for Q1 2022, showcasing a revenue increase of 115% to $7.3 million year-over-year. The gross profit margin surged to 44% from 7% last year, while Adjusted EBITDA rose to $0.5 million from negative $0.8 million. Additionally, net income increased to $1.5 million, recovering from negative $2.5 million. The company also closed Sonoma Pacific Distribution, erasing a $3 million liability. GABY remains optimistic about sustaining revenue and improving operations amidst market normalization.
GABY Inc. (CSE:GABY)(OTCQB:GABLF) reported its Q4 2021 and FY 2021 results, highlighting significant growth post-acquisition of Mankind. Q4 revenue reached $8.2 million, a sevenfold increase year-over-year, while FY revenue was $32.4 million. Gross profit margins improved to 47% in Q4 and 36% for FY, up from 3% and -4% respectively. Adjusted EBITDA turned positive at $0.9 million for Q4. The company expects to realize $3 million in cost savings in 2022, aiming for sustained profitability and cash flow improvements.
GABY Inc. (CSE:GABY)(OTCQB:GABLF) reported significant growth in its Q4 2021 and year-end results, achieving $9.2 million in Q4 revenue and $32.4 million for the year, marking a sevenfold increase compared to the previous year. Gross profit margins improved dramatically to 47% in Q4 from 3% last year, with Adjusted EBITDA turning positive at $0.9 million for Q4. The company also cut costs by $3 million, contributing to a 42% reduction in net loss. GABY's Mankind acquisition has laid the groundwork for further growth and profitability into 2022.
GABY Inc. (CSE:GABY, OTCQB:GABLF) announced that its Mankind Dispensary has been named one of California's top 20 dispensaries by Leafly. The recognition highlights Mankind's exceptional customer service and innovative 'no glass barriers' retail experience. Recently, Mankind celebrated significant milestones, including serving one million customers and being listed among Inc Magazine's fastest-growing companies. Founder Margot Micallef expressed pride in the brand's reputation and plans for continued growth through exclusive product drops and community projects.
GABY Inc. has appointed Paul Stacey as the new Senior Vice President Finance and Chief Financial Officer, effective immediately. Mr. Stacey succeeds Marshall Minor, who is transitioning to a consulting role until April 30, 2022, to assist with ongoing projects such as the fiscal year audit. Mr. Stacey brings extensive experience from previous roles in the cannabis industry and private equity, enhancing GABY's leadership. GABY, a consolidator of cannabis dispensaries, operates Mankind Dispensary in San Diego and plans to grow through acquisitions.
GABY Inc. (CSE:GABY)(OTCQB:GABLF) reported impressive financial results for the fiscal year 2021, with revenues exceeding $32MM, a 675% increase from 2020. The company also achieved a gross profit of over $11MM, a remarkable recovery from a $0.5MM loss in the previous year. The Q4 2021 gross margin was above 45%, improving from 39% in Q3. These results reflect GABY's successful retail cannabis strategy and operational efficiencies post-Mankind acquisition, positioning the company for expansion and future growth.
GABY Inc. has announced its recent eligibility approval by the Depository Trust Company (DTC), enhancing U.S. investor access to its shares under the symbol GABLF. This development facilitates electronic clearing and settlement, a significant milestone for GABY as it seeks to expand its investor base. Founder and CEO Margot Micallef highlighted that this approval removes barriers for U.S. investors, paving the way for increased trading volumes. GABY continues to operate Mankind Dispensary in California, offering a diverse range of cannabis products.
GABY Inc. (CSE:GABY, OTCQB:GABLF) announced third-quarter revenue of $9.5 million, up significantly from $806.7 thousand year-over-year. The company achieved a gross profit of $3.7 million with a record gross margin of 39.3%, compared to 2.8% in the same quarter last year. Adjusted EBITDA improved to $1.9 million from a loss of $1.3 million. Despite a net loss of $4.3 million, attributed largely to non-cash items, management anticipates ongoing revenue growth and improved margins following the closure of low-margin operations.
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