Lift & Co. Reports Fourth Quarter and Fiscal Year 2019 Results
24 June 2019 - 9:00PM
Lift & Co. Corp. (“Lift & Co.” or the “Company”)
(TSXV:LIFT) (OTCQB:LFCOF) is pleased to announce results for the
fourth quarter and fiscal year ended March 31, 2019. All amounts
are in Canadian dollars unless otherwise specified. Additional
details may be found in the Company’s financial statements and
MD&A filed on SEDAR.
MANAGEMENT COMMENTARY
The Company is pleased to report another fiscal year of
triple-digit revenue growth. Revenues grew 150% to $5.8 million for
the year and grew 130% to $2.5 million for the quarter. The revenue
increase for the year is the result of growth across all of the
Company’s revenue streams.
“We are pleased with the momentum that we’re seeing across the
Company for all platform products,” said Matei Olaru, CEO of Lift
& Co. “We experienced a year of triple-digit revenue growth and
have achieved numerous milestones during our first seven months as
a publicly traded company. Most importantly, we are seeing returns
from our strategy to develop a platform of digital marketing
products that both generate revenue and double down as data
mousetraps. It is our belief that in addition to the revenue it
generates, the data we gather through our website lift.co creates a
differentiated data product for the emerging cannabis-CPG industry
by combining cannabis consumer behavioural and transactional data,
differentiating us from cannabis data peers.”
“In addition to our investment into the Data Insights product,
our Event Marketing business has continued to show impressive
growth driven by increased ticket sales, attendance records and
strong exhibitor demand,” added Matei Olaru. “On the back of our
success in Canada, we are harnessing that momentum and preparing
our first entrance into the global marketspace with our Lift &
Co. Cannabis Business Conference Europe being held in Berlin this
fall.”
“A month prior to our fiscal year end, we launched CannSell with
a multi-year exclusive approval from the Alcohol and Gaming
Commission of Ontario as part of our Trade Marketing offering. This
engagement mandates CannSell, a digital budtender certification, as
the sole approved and mandatory training certification for cannabis
retailers in Ontario,” continued Matei Olaru. “This is a major
milestone for the Company that allows us to be an exclusive
influencer of 100% of budtenders working in legal cannabis retail
stores in Ontario and, we believe, to deliver the most valuable
emerging digital trade marketing channel for regulated cannabis. To
date, the Company's Trade Marketing products have penetrated
retailers in eight separate Canadian jurisdictions.”
FOURTH QUARTER 2019 FINANCIAL HIGHLIGHTS
- Revenues for the three-month period ended March 31, 2019
increased by $1.4 million, an increase of 130% compared to the same
period in the prior year
- Consumer Marketing and Trade Marketing revenues increased by
$219,765, an increase of 3019% compared to the same period in the
prior year
- Event Marketing revenues increased by $1.2 million, an increase
of 112% compared to the same period in the prior year
- Net loss for the three months ended March 31, 2019 was
$3,669,272 compared to a net loss of $4,072,563 for the same period
in 2018
- As at March 31, 2019 the Company’s cash balance was
$2,324,275
FISCAL YEAR 2019 FINANCIAL HIGHLIGHTS
- Revenues for the year ended March 31,2019 increased by $3.5
million, an increase of 150% compared to the prior fiscal year
- Consumer and Trade Marketing revenues increased by $532,753, an
increase of 367% compared to the prior fiscal year
- Data Insights revenues increased by $130,663, an increase of
177% compared to the prior fiscal year
- Event Marketing revenues increased by $2.8 million, an increase
of 134% compared to the prior fiscal year
- Net loss for the twelve months ended March 31, 2019 was
$7,956,982 compared to a net loss of $5,987,399 for the same period
in 2018
FISCAL YEAR 2019 OPERATIONAL HIGHLIGHTS
- New Digital Products: Lift & Co. launched
several new features on the Company’s leading consumer review
website, lift.co, upon legalization on October 17, 2018. These
include a data-driven product recommendation tool, Lift & Co.
Rewards, and receipt collection technology, which enables the
Company to generate unique insights by directly combining consumer
behaviour and demographics with robust transactional and basket
data.
- Increasing Penetration into Retail: With its
exclusive partnership with Mothers Against Drunk Driving Canada
(“MADD”), the Company initially launched budtender certification
training on July 11, 2018. The Company has since sold into the Nova
Scotia Liquor Corporation, the Prince Edward Island Cannabis
Management Corporation and the Yukon Liquor Corporation. On
February 7, 2019, the Company announced the launch and approval of
CannSell by the Alcohol and Gaming Commission of Ontario as part of
the Company’s Trade Marketing offering. CannSell is the sole
approved mandatory training certification program for cannabis
retailers in Ontario. To date, the Company’s Trade Marketing
products have been adopted by retailers in eight Canadian
jurisdictions.
- Event Marketing Success: Over 19,000 people
attended the Lift & Co. Cannabis Expo Toronto 2018, which was a
28% increase compared to the prior year’s event. Advertising
revenues grew by 90% and booth sales grew by 147%. The Lift &
Co. Cannabis Expo Vancouver 2019 saw a 30% increase in attendance
and a 60% increase in the number of exhibitors, as well as a 55%
increase in ticket sales for the Lift & Co. Cannabis Business
Conference (LCBC) Vancouver 2018. The annual Canadian Cannabis
Awards (“CCAs”)— the gold standard for excellence in cannabis and
another essential offering for brands to differentiate themselves
in a highly regulated market—earned over 48 million media
impressions, an increase of 168% over the prior year. Both the
Toronto and Vancouver LCBCs and the CCAs were sold out events that
continue to increase in size each year.
The Company will be holding a conference webcast today to
discuss its fourth quarter and fiscal year 2019 financial
results.
EARNINGS CONFERENCE CALL DETAILS
Date: Monday, June 24, 2019Time: 1:00 PM Eastern Time
Participant Dial-in Numbers: Local - (+1)
866-211-3050International - (+1) 647-689-6572Conference ID:
5787828
Webcast
Registration:https://event.on24.com/wcc/r/2027833-1/2751119DF49B463A192B7B9D478187E5
Recording Playback Numbers:Local - (+1) 416-621-4642Toll Free -
(+1) 800-585-8367Expiry Date: July 24, 2019 11:59 PM
ABOUT LIFT &
CO.
Lift & Co. (TSXV: LIFT) is a publicly-traded technology company
modernizing the cannabis industry.
Forward-looking statements Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accept
responsibility for the adequacy or accuracy of this release.
Although the Company has attempted to identify important factors
that could cause actual results, performance or achievements to
differ materially from those contained in the forward-looking
statements, there can be other factors that cause results,
performance or achievements not to be as anticipated, estimated or
intended.
There can be no assurance that such forward-looking statements
will prove to be accurate or that management's expectations or
estimates of future developments, circumstances or results will
materialize. Accordingly, readers should not place undue reliance
on forward-looking statements. The forward-looking statements in
this news release are made as of the date of this release. The
Company disclaims any intention or obligation to update or revise
such information, except as required by applicable law, and the
Company does not assume any liability for disclosure relating to
any other company mentioned herein.
SOURCE Lift & Co. Corp.
For further information:
Lift & Co.Sara McMillen Director of Communications and
Government Relations 416-220-9536smcmillen@lift.co
Investor Relations:
Thesis CapitalPrit Singh, 905-510-7636,
psingh@thesiscapital.ca
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