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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 the appointment of Founder and CEO, Margot Micallef, to the UCSB Women in Leadership Executive Program Advisory Board. This move reinforces GABY's commitment to fostering diversity, as female executives lead only 22% of cannabis firms. Micallef aims to inspire future leaders within the industry, promoting inclusivity. GABY operates Mankind Dispensary, a significant player in California's cannabis market, and emphasizes gender diversity with 50% of its leadership being female. This appointment occurs in a critical period for the cannabis sector.
GABY Inc. (CSE:GABY, OTCQB:GABLF) announced significant operational improvements at its Mankind Dispensary in San Diego, following its acquisition in April 2021. Key initiatives include hiring experienced leadership, achieving $2.3 million in annual savings, and improving logistics to reduce inventory days from 45 to 20. The launch of proprietary brands boosted cannabis flower sales, contributing over $1 million in six months. Community initiatives like employee ownership and environmental efforts highlight GABY's commitment to culture. These developments are expected to strengthen its market position.
GABY Inc. announced the appointment of Board Member Javier Estades as the new Chairman of the Cigar Association of America. Estades, also the CEO of Tabacalera USA Inc., brings extensive experience in retail and consumer packaged goods, beneficial for GABY as it pursues retail consolidation in the cannabis sector. The synergy between the premium cigar and cannabis industries, particularly in customer experience and brand loyalty, is highlighted. GABY operates the well-respected Mankind Dispensary in California.
GABY Inc. has retained Hybrid Financial Ltd. to boost investor engagement following its recent upgrade to the OTCQB under the ticker GABLF. This partnership aims to connect with financial professionals across North America, enhancing visibility for U.S. investors. GABY reported a record Q2 revenue of $11.3 million and a 35% gross profit margin, alongside accolades including recognition in Inc. Magazine's list of fastest-growing companies. GABY focuses on cannabis retail and operates Mankind Dispensary in California.
GABY Inc., a California cannabis dispensary consolidator, announced that its subsidiary Mankind has been included in Inc. Magazine's 2021 list of the fastest-growing companies in the U.S., ranking 2,039 with a growth rate of 217% from 2017 to 2020. This achievement highlights Mankind's brand loyalty and unique customer experience. CEO Margot Micallef emphasized that this recognition supports GABY's expansion strategy in California's cannabis market. Mankind boasts an impressive 88% repeat customer rate, indicating strong sales momentum even amid pandemic challenges.
GABY Inc. reports a successful second quarter for 2021, with record revenues of $11.3 million and a gross profit of $3.9 million, marking substantial growth from the previous year. The gross margin improved to a record high of 35.0% compared to 2.9% in Q2 2020. Adjusted EBITDA rose to $0.9 million from a negative $1.6 million. Despite a net loss of $1.6 million, the company anticipates sustainable growth through operational efficiencies and additional dispensaries, bolstered by the integration of Mankind Dispensary.
GABY Inc. has appointed Marshall Minor as its new Chief Financial Officer (CFO). Minor brings extensive experience from previous roles in the cannabis and real estate sectors, including at Shryne Group and MGM Resorts. His hiring aligns with GABY's expansion strategy across California, particularly in consolidating operations post-merger with Mankind Dispensary. GABY is also closing its Sonoma Pacific Distribution location to streamline operations and improve product availability. The company issued 16.2 million Restricted Share Units to employees, further aligning them with shareholder interests.
GABY Inc. has appointed Loreto Grimaldi to its board of directors, effective immediately. Grimaldi, a seasoned lawyer and business executive, brings over 25 years of experience in corporate law, mergers, and operations across regulated industries. He currently serves as Chief Operating and Legal Officer at Tricor Automotive Group and has held significant board roles in the cannabis sector. GABY's CEO, Margot Micallef, emphasized Grimaldi's expertise in M&A and retail operations, aligning with GABY's strategy to consolidate cannabis dispensaries in California.
GABY Inc. announces the statewide launch of Kind Republic™, a lifestyle cannabis brand, on June 28, 2021. This brand, formerly exclusive to Mankind Dispensary, generated over $1 million in revenue during a six-month soft launch at a 71% gross margin. Manufactured by GABY's subsidiary, Sonoma Pacific Distribution, Kind Republic™ will be available across California. The launch is expected to enhance GABY's brand longevity and revenue growth, leveraging its consolidation strategy in the cannabis market.
GABY Inc. (CSE:GABY)(OTCQB:GABLF) reported a substantial Q1 2021 revenue of $3.4 million, marking a 135% increase year-over-year. The company's pro forma revenue reached a record $12.3 million, an impressive rise of 8.5 times compared to Q1 2020. Despite challenges, GABY achieved a pro forma EBITDA of $1 million, compared to negative $2.5 million in the previous year. Their gross margin improved significantly to 37% from a negative 15%. Management emphasizes ongoing integration and cost-cutting efforts, aiming to optimize operations post-acquisition of Mankind Dispensary.
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