Liberty Health Sciences Reports Fiscal Year 2021 Third Quarter Financial Results

Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: (“Liberty” or the “Company”), a provider of high-quality cannabis, announced its financial results for the third quarter ended November 30, 2020. Consolidated net sales for the quarter ended November 30, 2020 were $13,048,315, compared with $16,122,254 for the quarter ended November 30, 2019, and $49,660,046 for the nine months ended November 30, 2020, compared with $32,270,471 for the nine months ended November 30, 2019.

The Company had cash and cash equivalents of $11,251,402 as of November 30, 2020, compared to $24,957,245 as of February 29, 2020. In the quarter ended November 30, 2020, the Company had a net reduction on the balance of its convertible debt of $2,171,638.

For the quarter ended November 30, 2020, the Company reported Adjusted EBITDA of $2,547,406, compared with $4,420,409 for the quarter ended November 30, 2019, and $13,814,989 for the nine months ended November 30, 2020, compared with Adjusted EBITDA of $2,688,161 for the nine months ended November 30, 2019.

“Although performance for this quarter was well below the prior growth track, cultivation and processing issues have been addressed with management changes including the hiring of a Vice President of Operations, adding additional genetic strains, cultivation facility upgrades, and enhanced operating procedures,” said George Gremse, Interim Chief Executive Officer of Liberty.  “December and January results show the recovery of revenues in the fourth quarter, driven by solid retail sales of flower products and record levels of non-flower products. The new dispensaries opened in December, January, and those planned for February, in addition to the introduction of new products, will support further revenue growth.”

Liberty currently operates 29 dispensaries across Florida in the following locations:

·         Boca Raton

·         Palm Harbor

·         Bonita Springs

·         Panama City

·         Bradenton

·         Pensacola

·         Cape Coral

·         Port St. Lucie

·         Dania Beach

·         Sarasota

·         Ft. Myers

·         St. Augustine

·         Gainesville

·         St. Petersburg

·         Jacksonville Beach

·         Lake City

·         Lakeland

·         Stuart

·         Summerland

·         Tampa (Hyde Parke)

·         Merritt Island

·         Miami

·         Tampa (Tetra)

·         Tallahassee

·         North Miami

·         West Palm Beach

·         Orange Park

·         Orlando

·         Winter Haven

Operational Highlights:

  • Liberty announced the opening of three new dispensaries in St. AugustineLake City and Ft. Myers. The Company plans to open two more dispensaries by the end of February 2021 and an additional 11 stores throughout the rest of the year, for a total of 42 locations throughout Florida, subject to approval from the Florida Department of Health.

  • Darrin Potter joined Liberty as Vice President of Operations and is responsible for the Company’s cultivation, processing, extraction, packaging, and distribution operations. He will also manage the expansion of the LHS360 production facility in Gainesville.

About Liberty Health Sciences Inc.

Liberty is the cannabis provider committed to providing a high-quality cannabis experience based on our genuine care for all cannabis users and a focus on operational excellence from seed to sale. For more information, please visit:

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains certain forward-looking statements within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “believe”, “plan”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, expectations related to the Company’s production capabilities, expectations concerning the receipt of all necessary approvals from the Florida Department of Health, expectations concerning the opening of new dispensaries and the expansion of its greenhouse space, and the Company’s future expansion and growth strategies. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the medical marijuana industry in the United States generally, income tax and regulatory matters; the ability of Liberty to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

SOURCE Liberty Health Sciences Inc.