Liberty Health Sciences Archives - Green Market Report

Debra BorchardtOctober 28, 2020
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Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF ) announced that Victor Mancebo has resigned from the Board of Directors and his role as Chief Executive Officer, effective December 31, 2020. George J. Gremse, a member of the Board of Directors, has been appointed as Interim CEO during the process of identifying a permanent CEO.

This comes after shareholders expressed dissatisfaction with the company’s disappointing cannabis production in the state of Florida. A recent state report from the Office of Medical Marijuana dated October 16-22 showed that Liberty, with 26 dispensing locations, had produced only 3,937,111 mgs of medical marijuana with THC. AltMed Florida, which also has 26 locations, produced 14,854,911 mg. of medical marijuana with THC. The same report listed Liberty as producing 1,189,520 ounces of “marijuana in smoking form” while AltMed produced 3,410,551 ounces. Sales also fell as the same report showed that Liberty’s sales fell 26% in the THC category, but rose 75% in flower sales. However, Liberty only sold 1,200 ounces of flower versus AltMed’s 3,400 ounces of flower.

One shareholder by the name of James Baker suggested organized shareholder activism. He reached out on Twitter to ask if others wanted to join his efforts in sending a letter to the board of directors.

Such activism will gain the attention of the financialpress and be far more weighty than individuual complaints, which obviously fall on deaf ears are are ignored.

Earlier this week, Liberty asked its debt holders for a 12-month extension on Senior Secured Convertible Debentures from the original November 22, 2020 maturity date (that were originally issued on November 22, 2017). They were offered to increase the interest from 12% to 13%. $6 million is currently outstanding. Debenture holders that don’t choose the extension are said to be repaid from existing funds held at the company. 

For its part the company said in a statement, “We are grateful for Victor’s leadership and contributions to Liberty,” said Chairman William R. Pfeiffer. “As a Board Member and an Officer of the company Victor was instrumental in building Liberty into the company that it is today with a network of dispensaries spanning the state of Florida. We thank Victor for those efforts and wish him the very best on all his future endeavors.”

Gremse has held senior management positions in both Fortune 500 companies and start-ups. He holds a degree in agriculture from Cornell University and an MBA from Baruch College of the City University of New York.


Debra BorchardtJune 26, 2020
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Liberty Health Sciences Inc. (OTCQX: LHSIF) reported net sales of $50 million for the fiscal year 2020 ending February 29, 2020, versus $10 million for 2019. The company also delivered net income for the fiscal year 2020 of $22.2 million, which included the gain on the sale of a property of $14.2 million. The earnings per share reported were $0.06. This was an improvement over the net loss of $22 million for the fiscal year 2019. All figures are in Canadian dollars.

The company attributed the increase in revenue to the introduction of 200 new products the opening of new dispensaries, expanded delivery infrastructure, as well as an upsurge in same-store sales volume and an increase in the registered patient base for Medical Marijuana Use in Florida. The company also said that its expenses dropped from $25.5 million in 2019 to $25.1 million in 2020.

“End of year fiscal 2020 proved to be the highest net revenue increase in the Company’s history and reflects our customer loyalty and strength of our brand,” said Victor Mancebo, Chief Executive Officer of Liberty. “Liberty’s continued growth directly ties to the strategic initiatives we have set in place, which has been increasing our Florida production, retail base, and delivery footprint along with expanding our product portfolio and brand partnerships. We continue to work on innovative strategies that complement our expansion plans while at the same time provide our patients a more accessible medicine platform.”

Dispensary Expansion

Liberty currently operates 25 dispensaries throughout Florida and has lease agreements in place for 10 additional locations and is negotiating for another ten locations. The company said it has implemented health and safety measures for employees, patients and facilities following guidance from public health officials worldwide in response to the COVID-19 pandemic to ensure adequate in-store product supply and customer convenience due to increased demand.

The latest location opened this month in Stuart Florida with a 5,000 square foot dispensary featuring a spacious display and retail area, two private consultation rooms, and one large waiting. Locally inspired wall-art will be featured throughout the store on a rotating basis.

“We are excited to open our doors to new friends and patients in our first dispensary to be situated in Martin County ,” said Mancebo. “We are thrilled to expand our dispensary footprint along Florida’s Treasure Coast during these trying times and have remained committed to ensure our patients safe and reliable access to our premium products. We continue to take steps to keep our employees and our patients safe as the state continues to reopen.”

As of February 29, 2020, Liberty had $24,957,245 of cash and cash equivalents compared to $13,291,426 in cash and cash equivalents at February 28, 2019.

Looking Ahead

The cultivation production capacity of the company is currently approximately 19,500 kilograms annually (dry weight), and the Company made further investments in fiscal 2020 to increase its plant yield, targeting an increase of production of approximately 25% by first quarter of 2021. Retrofit activities associated with processing continued through the fourth quarter of fiscal 2020, adding additional drying rooms.

 

 


StaffApril 1, 2019
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Liberty Health Sciences Selects Sprout For CRM and Marketing Platform and Opens 12th Dispensary in Florida

April 1st, 2019 / BOSTON, MA / AxisWire / – Liberty Health Sciences (CSE: LHS) (OTCQX: LHSIF) announced today it has expanded their relationship with Sprout, an all-in-one CRM & marketing platform for the cannabis industry, and has deployed their software across 12 Florida dispensaries. Liberty is using Sprout to build one of the largest consumer databases of medical marijuana patients in Florida and to automate its and marketing while driving online orders and in-store purchases.

“Sprout has played a significant role in our growth and is a true technology and data partner. We were looking for a more robust enterprise solution for marketing and CRM and Sprout has proven their ability to deliver on that need”, stated Liberty’s Marketing Manager.

Sprout’s all-in-one CRM, marketing and customer loyalty software combines database management with smart filtering technology making it easy for Liberty to send personalized multi-media text messages and emails to their patients.

Jaret Christopher, CEO of Sprout, commented, “Liberty Health Sciences is one of the fastest growing vertically-integrated cannabis operators in Florida and a great company to work with. We are privileged and excited to help them achieve their patient acquisition and growth objectives.”

About Liberty Health Sciences Inc.

Liberty is the cannabis provider committed to providing a trusted, high quality cannabis experience based on our dedication and genuine care for all cannabis users and a focus on operational excellence from seed to sale and beyond. Liberty’s measured approach to expansion opportunities maximizes returns to shareholders, while keeping consumers’ well-being at the forefront of what we do. For more information, please visit: www.libertyhealthsciences.com.

About Sprout

MembersRSVP, LLC flagship technology, Sprout, is an all-in-one CRM, marketing and customer loyalty platform designed for dispensaries and cannabis brands. Sprout’s easy-to-use CRM and marketing software automates some of the core functions for dispensaries and CPG companies. Sprout clients typically achieve 10x return on their marketing spend to acquire and retain medical and recreational customers. For additional information visit: www.sprout.online.

Media Inquiries:

Sprout – All-in-One CRM & Marketing Platform
David Schachter
david@sprout.online
(401) 580-2898


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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