VANCOUVER, British Columbia, June 03, 2019 (GLOBE NEWSWIRE) — via NetworkWire – Wildflower Brands Inc. (CSE: SUN, OTC: WLDFF) (the “Company” or “Wildflower”) is pleased to report its third quarter sales were up by 78% over the second quarter to $2.5 million. Sales have increased every quarter since Wildflower began selling its popular line of hemp CBD products. A copy of Wildflower’s financial statements is available under Wildflower’s profile on SEDAR at www.sedar.com.
Wildflower is also delighted to report City Cannabis Corp’s (“City Cannabis”) financial results for the quarter ending March 31, 2019. Wildflower expects to close on the City Cannabis acquisition before the end of June. City Cannabis had revenues of $1.8 million for the reporting period that began with the opening of its two stores in early January. With margins of 50% and expenses of $825,213, City Cannabis reported net income of $127,622. The City Cannabis acquisition will be immediately accretive to Wildflower’s earnings upon closing.
William MacLean, Chief Executive Officer of Wildflower, says: “We are pleased with the financial results of both Wildflower and City Cannabis. Sales through every Wildflower distribution channel are up and sales at City’s licensed retail outlets continue to grow month over month. The positive net income is particularly impressive with City Cannabis carrying a total of nine leases which are at various stages of the permitting process.”
Wildflower Brands is a Vancouver-based company developing and designing brands that focus on plant-based health and wellness products. All of our brands work in synergy, toward becoming a global wellness leader.
ABOUT CITY CANNABIS
City Cannabis is a cannabis retailer holding two of the six City of Vancouver licences to sell cannabis and the first company to obtain multiple licences in the Province of British Columbia. City Cannabis has been profitably operating various dispensaries in Vancouver since Vancouver commenced licensing cannabis retailers. British Columbia is the heart of cannabis country in Canada, with a long history of cannabis production and consumption. As part of City Cannabis’ strategy, it is looking for premier locations to operate in. Its Robson and Granville location is the premier location in Western Canada, located at the junction of the Entertainment District and Shopping District of downtown Vancouver.
The Canadian Securities Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release.
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