Liberty Health Sciences has announced its financial results for the third quarter ended November 30, 2019. "Consolidated net sales for the quarter ended November 30, 2019 were $16,122,254, compared with $3,172,097 for the quarter ended November 30, 2018, and $32,270,471 for the nine-months ended November 30, 2019, compared with $6,532,505 for the nine months ended November 30, 2018," the team with the company explains. "The Company recorded net income for the quarter ended November 30, 2019 of $6,891,713, compared with a net loss of $9,698,829 for the quarter ended November 30, 2018."
"The significant year-over-year increase in revenue was driven by the Company’s opening of new dispensaries and delivery locations, as well as experiencing an increase in same store sales volume, and an uptick in the registered patient base for medical cannabis use in Florida."
As of November 30, 2019, Liberty had $28,539,868 of cash and cash equivalents compared to $13,291,426 in cash and cash equivalents at February 28, 2019.
The Board of Directors has appointed Victor Mancebo Chief Executive Officer. Mancebo had been serving as interim CEO since Feb 12, 2019. “Victor has achieved tremendous results for the company and we are confident that he will continue to lead the company into a new era of growth, “said William Ralph Pfeiffer, Chairman of Liberty Health Sciences. “He has delivered operational excellence across all areas of the business and the Board has confidence in his ability to deliver value to our shareholders.”
"As one of the earliest companies in Florida to rollout whole flower products in all of its dispensaries, Liberty has reached monthly sales including smokable medical cannabis, of more than $6.1 million as of November 2019," they further explain. "For the past five months Liberty ranks second in Florida for the dispensing of smokable marijuana.
"In support of the ongoing opening of Liberty dispensary locations paving the way for future growth, Liberty initiated a new phase of expansion; cultivation and processing on its 387-acre state-of-the-art Liberty-360 facility comprising of +300,000 square feet of greenhouse processing and production space resulting in the Company being the lowest cost and consistent producer in Florida," they conclude.
For more information:
Liberty Health Sciences
833.254.4877
info@libertyhealthsciences.com
libertyhealthsciences.com