LiveWell Canada Releases Financial Results for Six Months Ended June 30, 2018
OTTAWA, ONTARIO, OCTOBER 29, 2018, /CNW Telbec/ – LiveWell Canada Inc. (“LiveWell” or the “Company“), (TSXV:LVWL), a cannabis and hemp company focused on advanced research on CBD and other cannabinoids, as well as developing and producing health and wellness products, has released its operating and financial results for the six months ended June 30, 2018. The Company’s audited consolidated financial statements and related management discussion and analysis for the period are available on the Company’s SEDAR profile at www.sedar.com and on the Company’s website at investors.livewellcorp.com.
Key operational highlights for first half of 2018:
- Raised total capital of $20.1 million, including $3.9 million of debt and $16.2 million in equity, net of share issuance costs.
- Began trading on the TSX Venture exchange on June 21, 2018, under the symbol “LVWL”.
- Received historic Ottawa City Council approval in February 2018 to grow cannabis on an agricultural property.
- Acquired 458 acres of land and building in Litchfield, Québec, in April 2018 to become LiveWell’s future Research and Innovation Center.
- Began construction of two hybrid greenhouse production projects in Ottawa, Ontario, and Litchfield, Québec.
- Entered into a strategic partnership agreement with Canopy Growth and Canopy Rivers to support and develop the Ottawa and Litchfield projects.
- Added significant board expertise with the appointment of Hugh Notman and the Honourable Lawrence Cannon, Canada’s former ambassador to France.
Key developments subsequent to June 30, 2018
- Published CBD from Industrial Hemp white paper prepared by LiveWell’s research team and conducted cross-Canada education sessions on CBD from hemp.
- Augmented management expertise with the additions of Peter Geimer as Vice President Sales and Marketing, and Jean Bernard as Vice President Information Security and Technology.
- Received letter of interest from the Government of Québec to finance up to 25% of LiveWell’s Research and Innovation Centre in Litchfield, Québec.
- Completed construction of the Ottawa facility for cultivation licensing by Health Canada and submitted evidence package (approximately 20,000 square feet of grow space and 41,000 square feet of support space).
- Secured large supply of industrial hemp biomass to produce significant CBD isolate for sale in 2019 and signed first CBD offtake agreement.
- Announced LiveWell’s grow team for the Ottawa cannabis facility site, with the appointment of Gary Sidhu as Master Grower, and Sajjad Ahmad as Quality Assurance and Compliance Manager.
- Signed a binding LOI to acquire Acenzia, a leading developer and manufacturer of supplements and natural health products. Acenzia’s advanced manufacturing and research facility is Health Canada-certified, FDA registered, and is NSF certified for GMP and for Sport. This acquisition will enable LiveWell to further its health-related research in cannabis and hemp, and fast-track its product development in preparation to launch medical and self-directed consumer products.
- Announced a leadership change with the appointment of David Rendimonti as CEO in addition to his President role. Mr. Rendimonti has more than 30 years of experience as a leader in the healthcare industry.
Refer to LiveWell’s website (www.livewellcorp.com) for news releases on the above events for further details.
The pace of development at LiveWell has escalated since June 30, 2018, concurrent with the Company refining its corporate vision, strategy and leadership team to position the company for growth in the global health and wellness market for CBD and other cannabinoids. “In 2018 we laid the foundation to deliver on our vision to be a leading health and wellness company providing next-generation CBD prescription and consumer health products,” said David Rendimonti, President and CEO of LiveWell. “It is a vision that we execute on each and every day. Over the next 12 months, LiveWell will continue to make waves as we develop and prepare our suite of products, in addition to delivering wholesale CBD to the market.”
About LiveWell Canada
LiveWell Canada Inc. is an innovative Canadian hemp and cannabis company focused on advanced research on CBD and other cannabinoids, as well as developing and distributing prescription and consumer health and wellness products. The company has greenhouses under construction located in Ontario and Québec, and is supported by business partners such as Canopy Growth and Canopy Rivers. For more information, visit livewellcorp.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE LiveWell Canada Inc.
For more information, visit livewellcorp.com
English – Deborah Stokes, 819-576-3789 – [email protected]
French – Sonya Lord – 866- 308-1518 – [email protected]
Nicole Marchand – 416-428-3533 – [email protected]
David Rendimonti, President and CEO
Steven Archambault, Chief Financial Officer
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements about the Company and its business. Often, but not always, forward-looking statements can be identified by the use of words such as “plan”, “continue”, “expect”, “schedule”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements (including negative variations) that certain events or conditions “may” or “will” occur. Such statements are based on the current expectations of management. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of unknown and known risk factors and uncertainties affecting the Company, including risks regarding the cannabis and hemp industry, economic factors, the equity markets and risks associated with growth and competition. The Company cautions that this foregoing list of material factors is not exhaustive, and readers are encouraged to read all Risk Factors disclosed in the Company’s MD&A dated October 26, 2018.
The forward-looking information contained in this press release represents expectations of the Company as of the date of this press release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable securities laws.