Beleave Inc. (CSE:BE), one of the Canadian marijuana stocks, said it has restated its financial results, which showed 7.2% more revenue in the nine months ended December 31, 2019
SmallCapPower | July 2, 2019: Beleave Inc. (CSE:BE) (OTCQX:BLEVF), one of the Canadian cannabis stocks, after Friday’s closing bell released restated Condensed Interim Consolidated Financial Statements for three and nine months ended December 31, 2018. The updated financial results show a revenue increase of 7.2% in the nine months ended December 31, 2019, and a 3.2% decrease in the net loss for the same period.
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Beleave added that in October 2018, the guidelines and best-practices for issuers in the cannabis industry were updated with the intent of encouraging issuers to produce transparent information pertaining to financial performance, risks and uncertainties. In some cases, the statement of profit and loss included unrealized fair value gains related to the growth of biological assets that had not yet been sold. Going forward, issuers are expected to disclose unrealized gains/losses and realized fair value separately.
Beleave is an ISO certified, Canadian cannabis company headquartered in the Greater Toronto Area that cultivates high-quality cannabis flower, oil and extracts for medical and recreational markets. Beleave is fully-licenced to cultivate and sell medical and recreational cannabis and is engaged in research partnerships with universities to develop pharma-grade extracts and derivatives.
Beleave is developing new product lines, including cannabis-infused products, oils, vape pens, and other cannabis delivery methods for 2019. Beleave has developed a network of medical cannabis clinics in Ontario and Quebec under the Medi-Green banner. Through its majority ownership of Procannmed S.A.S., Beleave is fully licensed to cultivate, produce, and extract medical cannabis in Colombia, positioning it to capitalize on exports as well as the growing Latin American market. The Company has partnered with Canymed GmbH to supply the German market with medical cannabis.
Some upcoming catalysts for Beleave Inc stock include its London, Ontario facility, which is expected to come online sometime in the Fall or Winter of 2019, with 120,000 sq ft of indoor greenhouse grow as well as 30,000 sq ft of cannabis and hemp oil extraction facility, in addition the expected legalization of commercially manufactured cannabis edibles, beverages, and concentrates in Canada either in late 2019 or early 2020.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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