Eve & Co Announces Financial Results for the Year Ended December 31, 2020
STRATHROY, Ontario, April 30, 2021 (GLOBE NEWSWIRE) — Eve & Co Incorporated (the “Company” or “Eve & Co”) (TSX-V: EVE; OTCQX: EEVVF) is pleased to announce its financial results for the year ended December 31, 2020. The financial statements and management discussion and analysis for such period are available on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and on Eve & Co’s website at www.evecannabis.ca.
The Company is pleased to provide the following highlights of its progress over the year ended December 31, 2020 and subsequent events:
- The Company recognized gross sales of cannabis to the adult-use and wholesale markets of $3.8 million;
- On March 6, 2020, the Company announced that it had received its European Union certificate of Good Manufacturing Practice (the “EUGMP”);
- On April 2, 2020, the Company announced that it had made its initial sales to Canadian medical cannabis patients through its agreement with Cannalogue (1961627 Ontario Corp., doing business as Cannalogue) entered into on March 9, 2020;
- On May 4, 2020, the Company announced the amendment to its Licence by Health Canada of a second processing area of 7,300 sq. ft. which will permit the Company to create eleven additional processing rooms required to dry and process the product from Flowering Area #3;
- On July 6, 2020, Health Canada extended the Licence term to July 6, 2023;
- On July 17, 2020, Health Canada approved an amendment to the Licence granting the sale of cannabis extracts, edibles and topicals. This licensing amendment will allow the Company to significantly expand its product offering to consumer markets;
- On August 6, 2020, the Company announced a licensing agreement with Colio in respect of its Girls’ Night Out brand, creating a partnership of “sister brands”. The agreement contemplates developing a premium cannabis-infused beverage for distribution by Eve & Co and licensing of Colio’s Girls’ Night Out Brand. The term of the agreement is for an initial three-year period with a two year option in favour of NMC and contemplates licensing royalties;
- On August 11, 2020, the Company announced that it had entered into a supply agreement with AMP for the purchase and export to Germany of medical cannabis flower. The first export quantity of approximately 50 kilograms is expected – regulatory approvals dependent – during the second quarter of 2021 and 50 kilograms quarterly thereafter;
- On November 2, 2020, the Company announced the launch of its cannabis-infused bath bombs, The Dreamer and The Boss, having made its first shipment of The Dreamer Bath Bomb to Newfoundland and Labrador on October 30, 2020;
- On November 9, 2020, the Company announced that it had signed a cannabis extraction agreement with Nextleaf. Pursuant to this agreement, the Company will provide cannabis biomass to be processed into distilled THC and CBD oils at Nextleaf’s extraction plant in Vancouver, British Columbia;
- On November 10, 2020, the Company announced that it had successfully completed its first significant commercial shipment of EUGMP certified cannabis to Bavaria Weed GmbH, one of its European cannabis distribution partners;
- On December 15, 2020, the Company announced that it had entered into a licensing agreement with Dr. Kerklaan Therapeutics to establish the exclusive right and license to manufacture, import and export, warehouse, package, advertise, market, distribute and sell various products in Canada under the Dr. Kerklaan Therapeutics brand, under the Eve & Co brand, or as co-branded products under the Eve & Co and Dr. Kerklaan Therapeutics brands.
- On February 11, 2021, the Company announced that it had successfully completed its first shipment of cannabis products to New Brunswick. Its cannabis products can be purchased at licensed New Brunswick retailers and online; and
- On April 28, 2021, the Company announced that it had successfully completed its first shipment of cannabis products to Alberta. Its recreational cannabis products will be available online and can be purchased by the province’s privately owned licensed retailers.
ABOUT EVE & CO
Eve & Co, through its wholly-owned subsidiary NMC, holds cultivation and processing licences under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and extraction of cannabis oil and has received its European Union certificate of Good Manufacturing Practice. NMC was Canada’s first female-founded licensed producer of medicinal marijuana and received its cultivation licence from Health Canada in 2016. Eve & Co is led by a team of agricultural experts and has a licensed 1,000,000 square foot greenhouse located in Strathroy, Ontario.
Certain statements in this press release constitute forward-looking information. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company’s expansion, licensing, the expected increase in production capacity, the expanded product lines, the commencement of shipments to Germany, opportunities for growth, the effects of COVID-19, sales, future strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict, including those described in the Company’s management’s discussion and analysis for the year ended December 31, 2020 which is available on the Company’s SEDAR profile. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. The forward-looking information and forward looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities law.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
President and Chief Executive Officer Eve & Co Incorporated
Telephone: (855) 628-6337
Interim Chief Financial Officer
Eve & Co Incorporated
Telephone: (855) 628-6337