Meta Growth Achieves Record Quarterly Revenue of $17.1 Million for the Fourth Quarter of 2019
TORONTO, Dec. 23, 2019 /CNW/ – National Access Cannabis Corp. (TSXV: META) d/b/a Meta Growth (“Meta Growth”, “META” or the “Company”), Canada’s largest publicly traded recreational cannabis retailer by revenue1, today announced its financial results for the fourth quarter and fiscal year ended August 31, 2019. All amounts are expressed in Canadian dollars.
Q4 2019 Financial Highlights
- Total Quarterly Revenue of $17.1 million
- Total Gross Margin = 33%
- Retail Cannabis Stores Adjusted EBITDA Margin = 14%
- 30 Operating Retail Stores at the end of the quarter, 6 of which opened during the quarter
We achieved four quarters of consecutive revenue growth in fiscal year 2019. We continue to expand our store footprint in the western provinces, and we are excited to begin opening stores in Ontario soon. We are also looking forward to providing our customers with access to Cannabis 2.0 products in the very near future.
Mark Goliger, CEO of Meta Growth
While we are very proud of our industry leading achievements to date, we recognize that we are just at the beginning stages of a very dynamic and high growth industry, and look forward to capitalizing on the many opportunities we have planned for FY 2020.
For a more comprehensive overview of the financial highlights presented in this press release, please refer to Meta Growth’s Audited Consolidated Financial Statements for the years ended August 31, 2019 and 2018, and the Company’s Management Discussion and Analysis for the year ended August 31, 2019. Both of these documents are available on the Company’s SEDAR profile at www.sedar.com.
There are measures included in this news release that do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. The Company includes these measures because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.
Management defines Adjusted EBITDA as the net income or loss from operations, as reported before interest, tax, and adjusted by removing non-cash items, including stock-based compensation expense, depreciation, amortization, and further adjusted to remove integration and restructuring related costs, as well as upfront costs required to open a retail store. Management believes Adjusted EBITDA is a useful financial metric to assess its operating performance on a cash adjusted basis before the impact of non-cash items, acquisition related costs, and non-recurring expenditures. Adjusted EBITDA is a non-IFRS financial measure that does not have any standardized meaning and therefore may not be comparable to similar measures presented by other issuers.
About Meta Growth
With a portfolio of 36 licensed retail locations in its nationwide network, Meta Growth is a leader in secure, safe and responsible access to legal recreational cannabis in Canada. Through its Canada-wide network of Meta Cannabis Co.™, Meta Cannabis Supply Co.™ and NewLeaf Cannabis™ recreational cannabis retail stores, Meta Growth enables the public to gain knowledgeable access to Canada’s network of authorized Licensed Producers of cannabis. National Access Cannabis d/b/a Meta Growth is listed on the TSX Venture Exchange under the symbol (TSXV: META).
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