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Eve & Co Announces First Shipment of Dried Cannabis Product and Files Financial Results for the Three and Twelve Month Periods Ended October 31, 2018
TORONTO, Dec. 31, 2018 (GLOBE NEWSWIRE) -- Eve & Co Incorporated (the “Company” or “Eve & Co”) (TSXV: EVE; OTCQB: EEVVF) is pleased to announce that it has completed its first shipment of dried cannabis product. "Since receiving the amendment to our license to include additional sales on December 10th, 2018, we have initiated our first sales transactions and have completed delivery of approximately 162,000 grams of product. We will continue to focus on harvesting weekly, B2B sales of current and new inventory as well as fulfillment of our provincial and export agreements," said Melinda Rombouts, President and Chief Executive Officer of Eve.
Further, the Company has filed its interim financial results for the three and twelve month periods ended October 31, 2018.The financial statements and management discussion and analysis for such interim 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 three-month period ended October 31, 2018 and subsequent events:
- Additional Provincial Supply Arrangements – The Company entered into supply agreements with the Ontario Cannabis Retail Corporation and the Newfoundland and Labrador Liquor Corporation with respect to the supply of adult-use cannabis.
- Licensing Approvals – The Company received authorization from Health Canada to use its recently constructed 100,000 sq. ft. second flowering room as a grow area, and a packaging room as an operations area. The Company also received an amendment to its license under the Cannabis Act to commence sales of additional types of cannabis products, including fresh and dried cannabis, to provincially authorized retailers and distributors.
- Product Release - The Company announced that its initial product line consisting of a selection of clones is now available for purchase on the Cannabis NL website.
- Update on Phase 2 Expansion – Eve & Co’s proposed 780,000 square foot greenhouse expansion continues to progress with the construction of the initial structure and foundation including stump post installation being completed. The building of the main structure can now continue through the winter months, weather permitting. The municipal drain was completed as required by the municipality and provides proper drainage capable of handling excessive levels of rainfall. Construction is currently focused on irrigation infrastructure and the enclosure which is to house the large-scale boiler system. The buildout will continue throughout the winter months, depending on weather conditions with the roof structure expected to be added early spring. Completion of the expansion remains subject to the Company securing sufficient funding.
- OTCQB Listing – The Company’s common shares commenced trading on the OTCQB venture market in the United States.
- Chief Financial Officer – The Company appointed Landon Roedding, its new Chief Financial Officer, effective October 23, 2018.
“We are very pleased with our progress in Q4 of 2018. We continue to harvest on a weekly basis, increase efficiencies and also received multiple approvals from Health Canada. These have allowed us to more than double our production potential, add automated packaging capabilities and expand into additional sales markets. Eve is well-positioned to develop sales in multiple markets including B2B, provincial and global medical cannabis markets and become a leader in large scale, efficient and economic production of cannabis in Canada,” said Melinda Rombouts, President and Chief Executive Officer of Eve. “We continue to focus on our expansion, increasing efficiencies at our 220,000 sq. ft. facility and the development of partnerships in our female-focused brand, Eve.”
ABOUT EVE & CO INCORPORATED
Eve & Co, through its wholly-owned subsidiary Natural MedCo Ltd., holds cultivation and processing licenses under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and cannabis oil. Natural MedCo Ltd. was Canada’s first female founded licensed producer of medicinal marijuana and received its cultivation license from Health Canada in 2016.
Eve & Co is led by a team of agricultural experts and has a licenced 220,000 sq. ft. scalable greenhouse production facility located in Middlesex County, Ontario with 32 acres of adjacent land for future expansion. Eve & Co has commenced construction of an additional 780,000 sq. ft. proposed expansion, bringing Eve & Co’s total anticipated greenhouse capacity to 1,000,000 sq. ft.
The TSX Venture Exchange (the “TSXV”) has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Service Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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 and funding therefor, 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 filing statement dated June 18, 2018 and 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 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.
For further information, please contact:
President and Chief Executive Officer
Eve & Co Incorporated
Telephone: (855) 628-6337
Chief Financial Officer
Eve & Co Incorporated
Telephone: (647) 473-4947