MYM Releases Second Quarter Fiscal 2021 Financial Results, Posts Record Growth and Net Profit

 

VANCOUVER, British Columbia, January 29, 2021 – MYM Nutraceuticals Inc., (CSE: MYM) (OTCBB: MYMMF) (“MYM” or the “Company”) is pleased to announce that it has released its second quarter fiscal 2021 Financial Statements and Management Discussion & Analysis (“MD&A”), which are available on Sedar.com.

“This was our first full quarter since the acquisition of Highland Grow and a monumental one for the business on many fronts.” said Michael Wiener, CEO of MYM. “We generated gross revenue of approximately $4.1M in the quarter and posted our first net profit in company history.”

 

Key Operating Highlights

  • Gross revenue of $4.1 million, an increase of 303% from the prior quarter
  • Positive EBITDA of $845,776
  • Entered the Alberta market
  • Introduced additional new SKUs across both the Highland Grow and Coastal Connection brands

Key Financial Highlights

For the three months ended November 30, 2020 2019
Revenue $ 4,091,655  –
Excise tax ($593,060)  –
Net Revenue $ 3,498,595  –
Cost of Sales $ 1,615,337             –
Gross profit before fair value changes

Fair Value Changes

$ 1,883,258

$ (109,001)

 

 

Gross profit

Other selling and administrative expenses

Writedown on assets

$ 1,992,259

$ 1,058,781

$ 87,702

2,751,461

$ 7,439,117

EBITDA (1)

Net income (loss) from operations

Depreciation and accretion expenses

$ 845,776

$ 30,890

$ 269,405

$ (10,190,638)

$ 116,329

$ 523,701

Net income (loss) from continuing operations

Net income (loss) from discontinued operations

$ 545,481

$ 32,500

$ (10,830,668)

$ (110,878)

Net income (loss) attributable to shareholders of the Company $ 577,981 $ (10,941,546)
Working capital excluding deposits and prepaids $ 1,971,740 $ 1,353,079
(1) In this press release, reference is made to EBITDA and working capital. These metrics and measures are not recognized measures under IFRS, do not have meanings prescribed under IFRS and as a result are unlikely to be comparable to similar measures presented by other companies. These measures are provided as information complementary to those IFRS measures by providing a further understanding of our operating results from the perspective of management. As such, these measures should not be considered in isolation or in lieu of review of our financial information reported under IFRS. Definitions and reconciliations for all terms above can be found in the Company’s MD&A for the three months ended November 30, 2020, filed on SEDAR. The key financial highlights are not in accordance to IFRS,,but are provided for the purpose of calculating EBITDA.

 

“We are still in the early days, but I am very pleased to see the initial results of our team’s hard work and dedication” said Michael Wiener, “We have established ourselves as a market leader in both the ultra- premium and craft-value segments within Atlantic Canada, and we are making tremendous progress towards replicating this success in other parts of the country. The advancements we made this quarter and the underlying financial results are evidence that our business model is working.”

 

 

About MYM Nutraceuticals Inc.

MYM is a Canadian cultivator, processor, and distributor of premium cannabis via its two wholly owned subsidiaries – SublimeCulture Inc., in Laval, QC and Highland Grow Inc., in Antigonish, NS.

MYM shares trade in Canada, Germany and the United States under the following symbols: (CSE: MYM) (OTC: MYMMF) (FRA:0MY) (DEU:0MY) (MUN:0MY) (STU:0MY).

ON BEHALF OF THE MYM BOARD
Michael Wiener, CEO
MYM Nutraceuticals Inc.
www.mym.ca

Investor Relations
[email protected]

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Twitter: https://twitter.com/mymnutra
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