-Achieved 150% year-over-year growth in revenue-
-Achieved 303% year-over-year growth in Consumer Marketing, Trade Marketing and Data Insights revenue-
TORONTO, June 24, 2019 (GLOBE NEWSWIRE) — Lift & Co. Corp. (“Lift & Co.” or the “Company”) (TSXV:LIFT) (OTCQB:LFCOF) is pleased to announce results for the fourth quarter and fiscal year ended March 31, 2019. All amounts are in Canadian dollars unless otherwise specified. Additional details may be found in the Company’s financial statements and MD&A filed on SEDAR.
The Company is pleased to report another fiscal year of triple-digit revenue growth. Revenues grew 150% to $5.8 million for the year and grew 130% to $2.5 million for the quarter. The revenue increase for the year is the result of growth across all of the Company’s revenue streams.
“We are pleased with the momentum that we’re seeing across the Company for all platform products,” said Matei Olaru, CEO of Lift & Co. “We experienced a year of triple-digit revenue growth and have achieved numerous milestones during our first seven months as a publicly traded company. Most importantly, we are seeing returns from our strategy to develop a platform of digital marketing products that both generate revenue and double down as data mousetraps. It is our belief that in addition to the revenue it generates, the data we gather through our website lift.co creates a differentiated data product for the emerging cannabis-CPG industry by combining cannabis consumer behavioural and transactional data, differentiating us from cannabis data peers.”
“In addition to our investment into the Data Insights product, our Event Marketing business has continued to show impressive growth driven by increased ticket sales, attendance records and strong exhibitor demand,” added Matei Olaru. “On the back of our success in Canada, we are harnessing that momentum and preparing our first entrance into the global marketspace with our Lift & Co. Cannabis Business Conference Europe being held in Berlin this fall.”
“A month prior to our fiscal year end, we launched CannSell with a multi-year exclusive approval from the Alcohol and Gaming Commission of Ontario as part of our Trade Marketing offering. This engagement mandates CannSell, a digital budtender certification, as the sole approved and mandatory training certification for cannabis retailers in Ontario,” continued Matei Olaru. “This is a major milestone for the Company that allows us to be an exclusive influencer of 100% of budtenders working in legal cannabis retail stores in Ontario and, we believe, to deliver the most valuable emerging digital trade marketing channel for regulated cannabis. To date, the Company’s Trade Marketing products have penetrated retailers in eight separate Canadian jurisdictions.”
FOURTH QUARTER 2019 FINANCIAL HIGHLIGHTS
- Revenues for the three-month period ended March 31, 2019 increased by $1.4 million, an increase of 130% compared to the same period in the prior year
- Consumer Marketing and Trade Marketing revenues increased by $219,765, an increase of 3019% compared to the same period in the prior year
- Event Marketing revenues increased by $1.2 million, an increase of 112% compared to the same period in the prior year
- Net loss for the three months ended March 31, 2019 was $3,669,272 compared to a net loss of $4,072,563 for the same period in 2018
- As at March 31, 2019 the Company’s cash balance was $2,324,275
FISCAL YEAR 2019 FINANCIAL HIGHLIGHTS
- Revenues for the year ended March 31,2019 increased by $3.5 million, an increase of 150% compared to the prior fiscal year
- Consumer and Trade Marketing revenues increased by $532,753, an increase of 367% compared to the prior fiscal year
- Data Insights revenues increased by $130,663, an increase of 177% compared to the prior fiscal year
- Event Marketing revenues increased by $2.8 million, an increase of 134% compared to the prior fiscal year
- Net loss for the twelve months ended March 31, 2019 was $7,956,982 compared to a net loss of $5,987,399 for the same period in 2018
FISCAL YEAR 2019 OPERATIONAL HIGHLIGHTS
- New Digital Products: Lift & Co. launched several new features on the Company’s leading consumer review website, lift.co, upon legalization on October 17, 2018. These include a data-driven product recommendation tool, Lift & Co. Rewards, and receipt collection technology, which enables the Company to generate unique insights by directly combining consumer behaviour and demographics with robust transactional and basket data.
- Increasing Penetration into Retail: With its exclusive partnership with Mothers Against Drunk Driving Canada (“MADD”), the Company initially launched budtender certification training on July 11, 2018. The Company has since sold into the Nova Scotia Liquor Corporation, the Prince Edward Island Cannabis Management Corporation and the Yukon Liquor Corporation. On February 7, 2019, the Company announced the launch and approval of CannSell by the Alcohol and Gaming Commission of Ontario as part of the Company’s Trade Marketing offering. CannSell is the sole approved mandatory training certification program for cannabis retailers in Ontario. To date, the Company’s Trade Marketing products have been adopted by retailers in eight Canadian jurisdictions.
- Event Marketing Success: Over 19,000 people attended the Lift & Co. Cannabis Expo Toronto 2018, which was a 28% increase compared to the prior year’s event. Advertising revenues grew by 90% and booth sales grew by 147%. The Lift & Co. Cannabis Expo Vancouver 2019 saw a 30% increase in attendance and a 60% increase in the number of exhibitors, as well as a 55% increase in ticket sales for the Lift & Co. Cannabis Business Conference (LCBC) Vancouver 2018. The annual Canadian Cannabis Awards (“CCAs”)— the gold standard for excellence in cannabis and another essential offering for brands to differentiate themselves in a highly regulated market—earned over 48 million media impressions, an increase of 168% over the prior year. Both the Toronto and Vancouver LCBCs and the CCAs were sold out events that continue to increase in size each year.
The Company will be holding a conference webcast today to discuss its fourth quarter and fiscal year 2019 financial results.
EARNINGS CONFERENCE CALL DETAILS
Date: Monday, June 24, 2019
Time: 1:00 PM Eastern Time
Participant Dial-in Numbers:
Local – (+1) 866-211-3050
International – (+1) 647-689-6572
Conference ID: 5787828
Recording Playback Numbers:
Local – (+1) 416-621-4642
Toll Free – (+1) 800-585-8367
Expiry Date: July 24, 2019 11:59 PM
ABOUT LIFT & CO.
Lift & Co. (TSXV: LIFT) is a publicly-traded technology company modernizing the cannabis industry.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended.
There can be no assurance that such forward-looking statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
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