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YourWay Cannabis Brands, formerly Hollister Biosciences, has officially rebranded as part of its strategic transformation. This includes a new name and logo, with trading under the ticker 'YOUR' starting December 16, 2021. The rebranding aims to create a 'House of Brands' focused on consumer needs, offering a range of cannabis products tailored for various occasions. The company operates in over 350 dispensaries across the Western United States and emphasizes its commitment to consumer-centric branding strategies.
Hollister Biosciences reported third-quarter fiscal 2021 financial results, achieving revenue of $14.5 million, a 53% increase year-over-year. Gross profit surged by 151% to $3.5 million, while the company transitioned from a $0.6 million loss to a $0.4 million net income. Adjusted EBITDA also improved to $1.2 million compared to a loss of $0.6 million in the prior year. With a cash balance of $7.6 million, up 300% from the previous year, Hollister is positioned well for growth amid strategic transformations.
Hollister Biosciences (CSE: HOLL, OTC: HSTRF) held its 2021 Annual General and Special Shareholder Meeting on November 22, 2021. All proposed matters were approved, including the election of six Board members and the creation of proportionate voting shares (PVS), which carry 1,000 votes each. Major shareholders, including Carl Saling and Jake Cohen, plan to convert significant common shares into PVS, which are designed to limit the voting rights of U.S. holders to maintain foreign private issuer status.
Hollister Biosciences Inc. (OTC: HSTRF) will release its third quarter financial results for the fiscal year ending September 30, 2021, on November 29, 2021, after market close. A conference call is scheduled for November 30, 2021, at 4:00 PM ET, where the company will discuss its financial performance. Hollister operates a multi-state cannabis business with a strong presence in Arizona and California, featuring popular products like Venom Extracts, which captured up to 30% of category sales in Arizona in 2020.
Hollister Biosciences (CSE: HOLL, OTC: HSTRF) announced a favorable decision from the Ontario Securities Commission regarding its upcoming annual general meeting. The Commission granted an exemption from certain disclosure rules for issuers with outstanding restricted securities. If shareholders approve the creation of a new class of proportionate voting shares, these shares will carry more voting rights compared to common shares, allowing holders 1,000 votes per share. This move could enhance governance and shareholder engagement.
Hollister Biosciences Inc. (CSE: HOLL; OTC: HSTRF) announced significant operational and strategic updates focused on governance and growth. Jake Cohen has been appointed CEO, while Eula Adams takes the role of Interim CFO. The company is initiating a corporate rebranding and internalizing key functions like finance and marketing to enhance shareholder value. With approximately $12 million in working capital and a projected revenue of $70 million for 2021, Hollister aims to expand its market reach through a revitalized brand strategy and new board members.
Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) announced the appointment of Kevin Harrington and Jakob Ripshtein to its Board of Directors. Harrington, recognized as an original "Shark" on ABC's Shark Tank, brings extensive entrepreneurial experience, having significantly contributed to the growth of Celsius Holdings, now valued over $5.4 billion. Ripshtein, a CPA and former President of Aphria Inc., has a strong background in financial strategy within the beverage sector. Both leaders aim to enhance Hollister's growth potential, with company stock options issued at C$0.27 expiring on August 30, 2026.
Hollister Biosciences Inc. reported robust Q2 2021 financial results with revenue of $17.6 million, up from $8.5 million in Q2 2020, but down from $23.1 million in Q1 2021. The net income for the quarter was $1.6 million, compared to $0.3 million in the previous year, though it decreased from $2 million in Q1 2021. Adjusted EBITDA rose to $3.2 million from $0.5 million in 2020. The company aims for a 2021 revenue target of $70 million.
Hollister Biosciences Inc. (OTC: HSTRF) has announced the launch of the Hollister Brand Campus in Arizona, which will include over 700,000 square feet of cultivation area and a 28,500 square foot processing facility. This initiative aims to enhance gross margins, diversify product offerings, and leverage the growing Arizona cannabis market. CEO Carl Saling noted that the project is expected to significantly impact gross margins and support future expansion. The company plans to utilize cash on hand for initial capital costs estimated at $3 million.
Hollister Biosciences Inc. (OTC: HSTRF) has been added to the Solactive US Marijuana Companies Index as of June 21, 2021. This inclusion means the company is now a holding in the Horizons US Marijuana Index ETF (NEO: HMUS). The Solactive Index provides exposure to North American life sciences companies involved in the marijuana and hemp sectors. Hollister has a strong presence in Arizona and California, with over 370 dispensaries selling its cannabis and hemp products, including the leading brand Venom Extracts, which sold over 4 million grams in 2020.
