Sativa Wellness Group Announces Second Consecutive Profit Filing Q3 2021 Financial Statements
Sativa Wellness Group has reported a strong financial performance in Q3 2021, achieving a profit for the second consecutive quarter. Revenue reached C$8.60 million (GBP 5.02 million), soaring 977% compared to Q3 2020, and 724% year-to-date. Q3 gross profit improved to C$4.59 million (GBP 2.68 million), marking a 990% increase from the previous year. The company now operates over 80 clinics and has signed a distribution agreement in Germany. The net profit amounted to C$14,000 (GBP 8,000), a significant turnaround from a C$1.19 million loss last year.
- Q3 2021 revenue of C$8.60m, a 977% increase compared to Q3 2020.
- YTD 2021 revenue of C$16.94m, a 724% increase from the previous year.
- Gross profit in Q3 2021 was C$4.59m, up 990% year-over-year.
- Net profit of C$14k in Q3 2021, a reversal from a C$1.19m loss in the previous year.
- EBITDA improved to GBP 268k from C$1.02m negative EBITDA in Q3 2020.
- Expansion into the German market with a distribution agreement for CBD products.
- None.
VANCOUVER, BC / ACCESSWIRE / November 9, 2021 / Sativa Wellness Group Inc. (CSE:SWEL)(OTC PINK:SCNNF) ("Sativa Wellness" or the "Company") announced today a second quarterly profit in Q3 2021. The Company has filed the Financial Statements and Management's Discussion and Analysis for Q3 September 2021, demonstrating continued strong growth. All amounts unless stated otherwise are presented in British Pounds (GBP).
The Company has continued to exceed all targets set to meet its ambition of diversifying within the Health and Wellness sector by offering wellness testing through a network of Goodbody clinics. As at the date of this announcement, the Company has over 80 clinics in operation and the Company is rolling out a range of additional tests to supplement its COVID testing.
Excluding currency exchange, the profit showed a stronger operational result and materially outperformed Q2 as well as all previous quarters.
Q3 2021 Highlights compared to Q3 2020 and Q2 2021:
- Q3 2021 Revenue
977% higher vs comparative quarter 2020. C$8.60m (£5.02m) revenue, C$7.80 (£4.55m) more than the equivalent period the previous year, making it the highest revenue quarter since inception and the third quarter in succession to exceed the turnover of previous quarters. This is a C$2.64 (£1.54m) or44% increase on Q2. - YTD 2021 Revenue
724% higher vs comparative period in 2020. C$16.94m (£9.88m) revenue, C$14.88m (£8.68m) more than the equivalent period the previous year. - Q3 2021 Gross profit
990% higher vs comparative quarter 2020. C$4.59m (£2.68m), which is C$4.17m (£2.43m more than the equivalent period the previous year. The gross profit percentage margin at53% was in line with the previous year. - Net profit of C
$14 k (£8k), compared to C$1.19m (£696K) loss in the same period the previous year. - Q3 2021 EBITDA £268K, compared to C
$1.02m (£595K) negative EBITDA in the same period the previous year and C$141 K (£82K) EBITDA in Q2. - German Distribution Agreement for CBD products signed with partners Lexamed GMBH
- Announced launch of its ‘Best Price, Best Quality CBD Oil' with Guarantee.
- Launch of website membership scheme and new product range to include larger 30ml bottles.
Subsequent to Q3 2021:
- Launch of the Company's UK online telemedical GP service.
- Number of tests booked in a day exceeding 850 tests and £100,000
- Number of clinics exceeding 80
Geremy Thomas, Executive Chairman, says; "I am so pleased the significant growth of the business accelerated through Q3. We are exceeding expectations and the strategy introduced earlier in the year continues to validate our mission to deliver to consumers and partners a diverse health and wellness company. Whilst we remain cautious in managing our CBD investment, focusing on ‘Best Price, Best Quality, our work with our pharmacy partners in creating local community diagnostic hubs continues, consistent with the published NHS long-term plan"
The 2020 Financial Statements and Management Discussion and Analysis, the Q3 2021 Financial Statements and Management Discussion and Analysis and further information regarding the Company can be found under the Company's profile on www.sedar.com.
The Directors of the Company accept responsibility for the contents of this announcement.
On behalf of the Board of Directors,
Marc Howells
Chief Executive Officer
Sativa Wellness Group Inc.
+44 (0) 20 7971 1255
enquiries@sativawellnessgroup.com
www.sativawellnessgroup.com
Anne Tew
Chief Financial Officer
Sativa Wellness Group Inc.
+44 (0) 20 7971 1255
enquiries@sativawellnessgroup.com
www.sativawellnessgroup.com
Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release. This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Sativa's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" "plan is" or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur", "will be achieved" or "shortly". The forward-looking information and forward-looking statements contained herein include, but are not limited to information concerning the Financials Statements and plans to build on the financial strategy.
Although Sativa believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this press release, and Sativa does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
SOURCE: Sativa Wellness Group Inc.
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