CALGARY, AB, Oct. 25, 2023 /CNW/ - CanadaBis Capital Inc. (the "Company" or "CanadaBis") (TSXV: CANB), a premium vertically integrated Canadian cannabis company, is proud to announce a landmark achievement with subsidiary Stigma Grow being the recipient of Grow Up Industry's coveted 2023 Product of the Year award for Dab Bods' Phoenix Tears ("Phoenix Tears"). We extend heartfelt congratulations to our dedicated employees at Stigma Grow, whose continued hard work and ongoing commitment to excellence have culminated in this award. We are also pleased to share an update on the Company's anticipated corporate reporting schedule through calendar year 2023.
CanadaBis Capital Inc. Logo (CNW Group/CanadaBis Capital Inc.)
PRODUCT OF THE YEAR AWARD
Being recognized as a Product of the Year is more than just a reflection of the Company's ability to produce quality products; it represents a celebration of the hard work and dedication of our incredible workforce. With more than 13,000 votes cast by customers, this record-breaking turnout honoured Canada's best cannabis growers, retailers and suppliers, serving as a testament of the vibrant and rapidly expanding Canadian cannabis market.
"We are immensely proud of this remarkable achievement, which demonstrates our unwavering commitment to quality, innovation, and the relentless efforts of our passionate team at Stigma Grow. Their dedication has been instrumental in positioning CanadaBis Capital as a leading player in the cannabis industry," commented Travis McIntyre, Founder and CEO of CanadaBis Capital. "Receiving this Product of the Year award emphasizes our ability to set industry standards and deliver exceptional, high-demand products to our valued customers."
CORPORATE UPDATE
Following a successful past twelve months, the Company is also pleased to confirm that our financial and operating results for the fiscal year ended July 31, 2023 are expected to be issued and filed in late November, 2023. We look forward to showcasing the progress and milestones CanadaBis has achieved through the full 2023 fiscal year, of which continued to build on the meaningful increases in gross revenue, net income and earnings per share reported during the past years.
As trusted leaders in the cannabis industry, CanadaBis Capital and Stigma Grow continue to prioritize maintaining our strong market position by providing an exceptional customer service experience balanced by a focus on profitability and steady growth. Our strategic approach to capital allocation, investment in new products and unparalleled industry knowledge represent key contributors that support our goal of generating sustainable profitability while providing new and innovative products.
ABOUT CANADABIS CAPITAL INC.
CanadaBis Capital Inc. (TSXV:CANB) is a vertically integrated Canadian cannabis company focused on achieving large-scale growth, from cultivation to retail, in the fast-emerging global cannabis market. By targeting organic growth opportunities alongside the right-fit partners, we remain focused on finding and capitalizing on chances to grow, diversify and continue to lead our industry.
Our integrated subsidiaries:
Stigma Pharmaceuticals Inc. – 100% held
1998643 Alberta Ltd. (operating as "Stigma Grow") - 100% held; www.stigmagrow.ca
Full Spectrum Labs Ltd. (operating as "Stigma Roots") - 100% held
Stigma Grow is a cutting-edge cannabis cultivation and extraction company positioned advantageously to meet the unmet market demands and stigmas within the legal cannabis industry head on, with products designed to disturb the status quo and dramatically shift the conversation surrounding Canada's legal cannabis industry.
CAUTIONARY STATEMENTS
Non-GAAP Measures
This news release contains the financial performance metric of Adjusted EBITDA, a measure that is not recognized or defined under IFRS (a "Non-GAAP Measure"). As a result, this data may not be comparable to data presented by other cannabis companies. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the MD&A for the three and six months ended January 31, 2023. The Company believes that Adjusted EBITDA is a useful indicator of operational performance and is specifically used by management to assess the financial and operational performance of the Company.
Adjusted EBITDA is a measure of the Company's financial performance. It is intended to provide a proxy for the Company's operating cash flow and is widely used by industry analysts to compare CanadaBis to its competitors and derive expectations of future financial performance of the Company. Adjusted EBITDA increases comparability between comparative companies by eliminating variability resulting from differences in capital structures, management decisions related to resource allocation, and the impact of fair value adjustments on biological assets, inventory, and financial instruments, which may be volatile on a period-to-period basis. Adjusted EBTIDA is not a recognized, defined, or standardized measure under IFRS. The Company calculates Adjusted EBITDA as net income (loss) and comprehensive income (loss) excluding changes in fair value of biological assets, change in fair value of biological assets realized through inventory sold, depreciation and amortization expense, share-based payments, and finance costs.
Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include but are not limited to statements with respect to our business and operations; timing of the Sundial products coming to market; the demand and market for live-resin vape cartridges, and our general business plans. Forward-looking statements are necessarily based upon a number of assumptions including: the ability of the Company's products to compete with the pricing and product availability on the black-market; the market demand for the Company's products; and assumptions concerning the Company's competitive advantages. These assumptions, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: compliance with extensive government regulation, the general business, economic, competitive, political and social uncertainties; ability to sustain or create a demand for a product; requirement for further capital; delay or failure to receive board, shareholder or regulatory approvals; the results of operations and such other matters as set out in the Company's continuous disclosure on SEDAR at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although we believe that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have a material adverse effect on our future results, performance or achievements.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
