Multi-state operator and diversified cannabis branding company generates record quarterly revenue and delivers profitable second quarter
VANCOUVER, BC, Aug. 24, 2020 – Hollister Biosciences Inc. (CSE: HOLL), (OTC: HSTRF), (FRANKFURT: HOB) (the “Company“, “Hollister Cannabis Co.” or “Hollister“) a diversified cannabis branding company with products in over 230 dispensaries throughout California, and over 80 dispensaries throughout Arizona, announces financial results for the second quarter 2020 (ended June 30th, 2020). All figures in US Dollars unless otherwise stated.
Second Quarter Financial Highlights
Revenue generated for the three-month period ended June 30th, 2020 was $8.47 million versus $0.2 million from the second quarter last year, representing significant year over year revenue growth
Revenue was primarily generated from the sale of concentrates, pre-rolls and contract manufacturing services
Net income for the three-month period ended June 30th, 2020 was $0.3 million compared to a net loss of $2.1 million in the first quarter of 2020
“Our second quarter results are encouraging and in line with our objective to increase revenue and profitability” shared Alex Somjen, President of Hollister Biosciences Inc. “These financial results are a product of increased brand awareness, strategic M&A and strategic partnerships put in place over the previous six months.”
Operational Highlights and Strategic Objectives for 2020
The challenges presented by the COVID-19 pandemic have accelerated Hollister’s plans to roll out direct to consumer delivery
Design and build-out of Hollister’s 100% owned subsidiary, Venom Extracts, in the Company’s Hollister, CA facility are underway
Product development and product launch associated with the Company’s joint venture with Tactical Relief and the Company’s 100% owned subsidiary, Alpha Mind Brands Inc., respectively, are progressing
The Company’s partnership with Tommy Chong’s Cannabis is progressing well, with Tommy Chong’s Full Spectrum Elixir now being distributed in 20 dispensaries throughout the state of California by Hollister’s distribution partner Indus Holdings Inc. (CSE: INDS)
“Enormously proud of our teams in Arizona & California. Our staff continues to overcome obstacles like the global pandemic while posting record revenue numbers. We look forward to continuing to execute on our plans while increasing value for our shareholders.” Said Carl Saling CEO of Hollister Biosciences.
About Hollister Biosciences Inc.
Hollister Biosciences Inc. is a multi-state cannabis company with a vision to be the sought-after premium brand portfolio of innovative, high-quality cannabis & hemp products. Hollister uses a high margin model, controlling the whole process from manufacture to sales to distribution or seed to shelf. Products from Hollister Biosciences Inc. include HashBone, the brand’s premier artisanal hash-infused pre-roll, along with concentrates (shatter, budder, crumble), distillates, solvent-free bubble hash, pre-packaged flower, pre-rolls, tinctures, vape products, and full-spectrum high CBD pet tinctures. Hollister Cannabis Co. additionally offers white-labeling manufacturing of cannabis products. Our wholly-owned California subsidiary Hollister Cannabis Co is the 1st state and locally licensed cannabis company in the city of Hollister, CA birthplace of the “American Biker”.
The CSE, nor its regulation services provider, does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com
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SOURCE Hollister Biosciences Inc.
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