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TerrAscend Reports Full Year 2021 Net Sales of $210.4 Million, an Increase of 42% Year-Over-Year

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The company reported its financial results for the fourth quarter and full-year periods ending December 31, 2021. All amounts are expressed in U.S. dollars unless indicated otherwise and are prepared under U.S. Generally Accepted Accounting Principles (GAAP).

Fourth Quarter 2021 Financial Highlights

  • Net Sales were $49.2 million as compared to $49.1 million in Q3 2021 and $49.6 million in Q4 2020.
  • Gross Profit Margin was 42.3% as compared to 43.8% in Q3 2021 and 55.8% in Q4 2020.
  • Adjusted Gross Profit Margin1 was 49.8% as compared to 46.2% in Q3 2021 and 60.5% in Q4 2020.
  • Adjusted EBITDA1 was $11.9 million as compared to $9.0 million in Q3 2021 and $19.3 million in Q4 2020. Adjusted EBITDA under IFRS, excluding lease expense, was $12.8 million as compared to $10.5 million in Q3 2021.
  • Adjusted EBITDA Margin1 was 24.2% as compared to 18.3% in Q3 2021 and 38.9% in Q4 2020.
  • Cash and cash equivalents totalled $79.6 million as of December 31, 2021.

The full Year 2021 Financial Highlights

  • Net Sales were $210.4 million, an increase of 42% year-over-year.
  • Gross Profit Margin was 53.3% compared to 54.8% in 2020.
  • Adjusted Gross Profit Margin1 was 56.1% compared to 57.2% in 2020.
  • Adjusted EBITDA1 of $65.6 million compared to $41.7 million in 2020, an increase of 57% year-over-year. Adjusted EBITDA under IFRS, excluding lease expense, was $70.1 million as compared to $45.5 million in 2020.
  • Adjusted EBITDA Margin1 of 31.2% compared to 28.2% in 2020, an expansion of 300 basis points.

Jason Wild, Executive Chairman of TerrAscend, commented, “The strategic decisions we made in Pennsylvania have resulted in the highest quality product we have ever sold in this market. Additionally, the actions undertaken in New Jersey have our team prepared for adult use, where we have one of the largest cultivation footprints in the state, along with three ideal dispensary locations. Furthermore, I am thrilled that we have recently completed our acquisition of Gage, which provides us with a leadership position in yet another multi-billion market and the ability to launch this brand beyond Michigan. I’m proud of the hard work by the team in 2021, which has us well-positioned for the explosive growth we expect in 2022 and beyond.”

Fourth Quarter 2021 Business and Operational Highlights

  • Pennsylvania facility producing the highest quality product to date; recapturing top 3 market share for the month of December 2021.2
  • New Jersey wholesale and retail fully prepared for adult use, pending regulatory approval.
  • Closed on the purchase of a 156,000 square foot facility in Hagerstown, MD for expansion of cultivation and processing, which is expected to be operational during the third quarter of 2022.
  • Completed US GAAP conversion and became a US filer under SEC.

Subsequent Events

  • Closed on the acquisition of Gage Growth Corp.
  • Appointed Ziad Ghanem as President and Chief Operating Officer.
  • Appointed Jared Anderson, SVP Finance & Strategy; Charishma Kothari, SVP Marketing and Charles Oster, SVP Sales.
  • Appointed Kara DioGuardi to the Board of Directors.
  • Became the first major MSO to expand its e-commerce platform via proprietary Apothecarium mobile app, available in the Apple App store, with express pick-up and delivery where permitted.
1. Adjusted EBITDA and the respective margin and Adjusted Gross Profit and the respective margin are non-GAAP measures. Please see discussion and reconciliation of non-GAAP measures at the end of this press release.
2. According to Headset Data for the period December 1, 2021, through December 26, 2021.

Full Year and Fourth Quarter 2021 Financial Results

Net sales for the full year 2021 totalled $210.4 million as compared to $147.8 million for 2020, an increase of 42% primarily driven by the Company’s first complete year in the New Jersey medical market and retail growth in Pennsylvania, reflecting the acquisition of KCR in May of 2021, as well as a full year of operations at the three existing Apothecarium dispensaries. Total revenue also benefitted from the late 2020 expansion of State Flower cultivation in California and entry into Maryland through the acquisition of HMS Health in May of 2021.

Net sales for the fourth quarter of 2021 were $49.2 million as compared to $49.1 million for the third quarter of 2021 and $49.6 million for the fourth quarter of 2020.

Gross margin for the full year 2021 was 53.3% as compared to 54.8% for the full year 2020.  Adjusted gross margin, a non-GAAP financial measure, for the full year 2021 was 56.1% compared with 57.2% in 2020 driven by second half under-absorption related to the reset of the Company’s Pennsylvania cultivation facility.

Gross margin for the fourth quarter of 2021 was 42.3% as compared to 43.8% in the third quarter of 2021 related to one-time non-cash write-downs of inventory in Canada and a step up in the fair value of inventory related to the acquisition of HMS Health. Adjusted gross margin for the fourth quarter of 2021, excluding these one-time items, was 49.8% as compared to 46.2% for the third quarter of 2021, a 360 basis point improvement quarter-over-quarter.

General & Administrative expenses (G&A) for the full year 2021, excluding stock-based compensation, improved to 31.4% of revenue versus 37.6% of revenue in 2020. G&A excluding stock-based compensation was $66.0 million in 2021, up from $55.5 million in 2020 driven by increased personnel expenses to support the growth of the business and legal expenses primarily related to acquisitions and settlements.  Additionally, lease expense, now part of G&A under US GAAP across all periods, rather than previously being reported as finance expense under IFRS, totalled $4.5 million for 2021 and $3.8 million for 2020, representing approximately 2% of revenue.

G&A, excluding stock-based compensation, for the fourth quarter of 2021 totalled $17.0 million as compared to $16.1 million for the third quarter of 2021 with the increase primarily related to an increase in professional fees for US filer and GAAP conversion work.

Full-year 2021 adjusted EBITDA was $65.6 million, or $70.1 million excluding lease expense under IFRS, versus $41.7 million, or $45.5 million excluding lease expense under IFRS in 2020, representing 57% growth year over year. 2021 adjusted EBITDA margin was 31.2% versus 28.2% in 2020, a 300 basis point improvement year over year. This improvement was driven by the ramp-up of New Jersey operations, the acquisition of HMS in Maryland, and profitability improvements year over year in both California and Canada.

Fourth-quarter 2021 adjusted EBITDA was $11.9 million, representing a 24.2% adjusted EBITDA margin, as compared to $9.0 million and an 18.3% margin in the third quarter of 2021. This sequential improvement in adjusted EBITDA was primarily driven by growth in New Jersey and improvement in Pennsylvania. Adjusted EBITDA, excluding lease expense under IFRS, was $12.8 million in the fourth quarter of 2021 as compared to $10.5 million in the third quarter of 2021.

Operating income for the full year 2021 totalled $23.5 million as compared to $9.6 million in full-year 2020, representing an increase of 145% year over year. The increase was primarily driven by the scale-up of the New Jersey business and the acquisitions of HMS in Maryland and KCR in PA.

Fourth-quarter 2021 operating income was $0.3 million as compared to a loss of $1.8 million for the third quarter of 2021. The improvement quarter over quarter was due to gross margin expansion and lower share-based compensation expense.

Net income for the full year 2021 totalled $6.1 million, mainly related to a non-cash $58 million gain on the fair value of warrant liability compared with a net loss of $142 million in the prior year, which was impacted by a non-cash $110 million loss on the fair value of warrant liability.

Net loss in the fourth quarter was $5.9 million, mainly related to a one-time loss of $3.3 million in lease termination fees, $6.9 million of finance and other expenses, $6.9 million of accrued income taxes, and $2.0 million of transaction costs mostly related to the Gage acquisition. These expenses were partially offset by a $14.4 million non-cash gain on the fair value of warrant liability.

Balance Sheet and Cash Flow
Cash and cash equivalents were $79.6 million as of December 31, 2021, compared to $102.6 million as of September 30, 2021, and $59.2 million as of December 31, 2020, providing ample capacity to fund planned organic and inorganic growth initiatives. During the quarter, the Company made the final payment of $25 million related to the partial buyout of its New Jersey partnership, taking ownership up to 87.5%, from 75%.

Cash used in operations was $3.8 million for the three months ended December 31, 2021, mainly driven by an increase in inventory related to the anticipated start of adult-use sales in New Jersey. For the full year, cash used in operations was $32 million related to a $24 million working capital increase, mainly related to preparation for New Jersey adult use, and a contingent consideration payment of $11 million.

Capital expenditures were $11.8 million in the fourth quarter of 2021 primarily related to capacity expansions at the Pennsylvania and Maryland facilities, and completion of the third New Jersey dispensary located in Lodi. For the full year, 2021 capital expenditures were $38.5 million, of which approximately half was utilized for expansion in Pennsylvania with the remainder related to the buildout of New Jersey and the acquisition of the 156,000 square foot facility in Hagerstown, Maryland.

As of March 15, 2022, there were 318.2 million basic shares outstanding including 251.8 million common shares, 14.0 million preferred shares as converted, and 52.4 million exchangeable shares, including both Canopy and Gage exchangeable shares.

Financial results and analyses are available on the Company’s website (www.terrascend.com) and SEDAR (www.sedar.com).

The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Definition and Reconciliation of Non-GAAP Measures

In addition to reporting the financial results in accordance with GAAP, the Company reports certain financial results that differ from what is reported under GAAP. Non-GAAP measures used by management do not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other companies. The Company believes that certain investors and analysts use these measures to measure a company’s ability to meet other payment obligations or as a common measurement to value companies in the cannabis industry, and the Company calculates Adjusted Gross Profit as Gross Profit adjusted for certain material non-cash items and Adjusted EBITDA as EBITDA adjusted for certain material non-cash items and certain other adjustments management believes are not reflective of the ongoing operations and performance. Such information is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The Company believes this definition is a useful measure to assess the performance of the Company as it provides more meaningful operating results by excluding the effects of expenses that are not reflective of the Company’s underlying business performance and other one-time or non-recurring expenses.

The table below reconciles Gross Profit and Adjusted Gross Profit for the years ended December 31, 2021, December 31, 2020, and December 31, 2019.
(in millions of U.S. Dollars)

The table below reconciles Gross Profit and Adjusted Gross Profit for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020.
(in millions of U.S. Dollars)

The table below reconciles net income (loss) to EBITDA and Adjusted EBITDA for the years ended December 31, 2021, December 31, 2020, and December 31, 2019.

(in millions of U.S. Dollars)

Hapbee Expands Global Dealer and Distributor Network to 19 Health and Wellness Outlets

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The dealers and distributors include various specialized health and wellness practices which include psychotherapy, physical therapy, rheumatology, nutrition and others. A majority of them are currently based in North America and are located across 13 U.S. states and one Canadian province while the remaining dealers and distributors operate in the United Kingdom and Australia.

According to the terms of the agreements, the dealers and distributors will promote and distribute Hapbee’s products to their respective patients and customers. Both parties will collaborate to provide product insights as well as training and support. In addition, special promotional pricing may be offered through this controlled channel using an exclusive affiliate code on Hapbee.com, which can only be provided by businesses that have partnered with Hapbee.

“Our focus is to extend our distribution network globally and we are pleased to partner with value-added dealers and distributors who can enhance the customer onboarding experience as they integrate Hapbee into their practices,” said Yona Shtern, Chairman and CEO of Hapbee. “This will enable us to gain more access to different regions and deliver our products to a wider audience. Furthermore, these partnerships will provide us with extensive brand exposure within our target market given that we are leveraging leading health and wellness experts to promote and deliver Hapbee Neckbands to their customers.”

As previously announced in February 2022, Hapbee sold and shipped a quarterly record of 1751 Neckbands in Q4 2021 (A total of 5200 Hapbee products were sold and shipped in 2021) and the Company intends to continually increase product sales by scaling its dealer and distribution channels.

The global wellness industry is valued at more than US$1.5 trillion, and Hapbee has laid the groundwork for its dealer and distribution network to expand within this space.1 The Company intends to bring on new dealer and distributor partnerships with businesses that operate in the wellness sector in North America as well as in overseas markets. This will enable the Company to gain access to new marketplaces where Hapbee products and bio-streaming blends can have a positive impact on more people’s lives.

The Company intends to provide updates on the total number of new dealer and distribution agreements it signs as they materialize.

Plant-Based Foods of Canada Announces the Launch of the First Annual Plant-Based Food Week

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Plant-Based Foods of Canada (PBFC) is pleased to announce that the first annual Plant-Based Food Week will run from today until Friday, March 25.

By launching Plant-Based Food Week PBFC hopes to inspire Canadians to incorporate more plant-based foods into their diet either by trying new meal options or making swaps in their favourite recipes.

To encourage participation, a giveaway contest will launch on PBFC’s Instagram account (@plantbasedcan) giving one lucky consumer the chance to win a plant-based prize pack, courtesy of PBFC members. To learn more about the contest.

Plant-based diets have direct and positive impacts on issues that matter to consumers. Modern-day consumer preferences reflect that environmental sustainability, human health and social justice are all factors that inspire people to incorporate alternative protein options into their everyday diets.

“Canadians are embracing Plant-Based foods at an increasing rate and the products they are finding taste great. This week will help draw attention to the wonderful products on offer and to help generate a conversation with consumers on how simple, plant-based swaps can have a big impact on our global community. It’s an opportune time for the health of Canadians and the global community to adopt great-tasting, plant-based options, many of which are grown or made right here in Canada,” said Dror Balshine, Founder & President of Sol Cuisine Inc. and Chair, PBFC Advisory Board.

A 2021 study conducted by Leger Research found that consumer demand for plant-based foods is growing in Canada and around the world. Recent data shows that two-thirds (67%) of Canadians consume plant-based foods frequently, and 31% of Canadians plan to eat more plant-based foods within the next year.

“With Plant-Based Food Week, we want consumers to know that incorporating plant-based foods into everyday diets has never been easier. Most product categories in the grocery store now have plant-based versions of conventional products. The taste, variety and versatility of the many options make simple plant-based swaps convenient and easy to include in weekly meal plans,” said Leslie Ewing, Executive Director of Plant-Based Foods of Canada.

Plant-Based Food Week seeks to encourage Canadian consumers to explore plant-based foods by prompting a conversation about their benefits and demystifying this exciting segment of the food industry. To learn more about Plant-Based Food Week and how to enter our giveaway contest, visit: https://www.plantbasedfoodweek.ca/

Loblaw takes action on climate change with net-zero commitment

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Loblaw Companies Limited (“Loblaw”) announced its plan to achieve net-zero greenhouse gas (GHG) emissions by 2040 as part of a host of environmental commitments. As a multi-generational, family company, with the country’s largest network of corporate and independent grocery and drug stores, Loblaw is uniquely positioned to make an impact on the issues that matter most to Canadians. This perspective has been fundamental to Loblaw’s approach to environmental, social and governance (ESG) priorities, rooted in the company’s purpose: Helping Canadians live life well.

“Having met major milestones reducing our carbon footprint and waste, we are now squarely focused on the next challenge — net-zero,” said Galen G. Weston, President and Chairman, Loblaw Companies Limited. “It will see us deploy electric trucks, efficient heating and cooling, alternative energy, and innovative methods ahead. The need for action is as clear as our ambition, and it reflects the long-term vision our company has held across generations.”

In 2016, Loblaw committed to a 30-per-cent reduction incorporating carbon emissions by 2030. The company met that target in 2020, due to its advancements in energy management, equipment conversions, and addressing refrigerant leaks. Informed by the Science-Based Target Initiative and aligned to the Paris Agreement — limiting global temperature rise to 1.5 degrees Celsius — the company will extend this momentum into its franchised networks and distribution centres, and ultimately to its supplier network. This will create a long-term roadmap: Achieving net-zero GHG emissions for Loblaw’s operational footprint (Scope 1 and 2) by 2040 and achieving net-zero for Scope 3, including those generated by suppliers, by 2050.

The company will also take action on climate change through strategic initiatives, including the following:

• Eliminating food waste sent to landfill by 2030.
• Tackling plastic waste by ensuring all plastic packaging for control brands, like President’s Choice, are reusable or recyclable by 2025, and advancing industry initiatives like the Consumer Goods Forum’s global Golden Design Rules.
• Moving to a zero-emission truck fleet by 2030.
• Loblaw has a long-standing track record of corporate social responsibility. It is committed to fighting climate change and the effects of GHG emissions, plastic waste and food waste; and it has detailed commitments to improved leadership representation, and inclusion training program for its workforce of 200,000 Canadians, and nation-leading commitments to childhood hunger and women’s health.

iLevel Management is a proud and approved member of the CAMSC

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iLevel Management Incorporated is proud to announce that it has been approved by the Canadian Aboriginal and Minority Supplier Council (CAMSC) as a CAMSC Certified Supplier. CAMSC is a not-for-profit organization that certifies and prepares diverse suppliers to successfully engage and connect with corporate and government buyers/advocates for more inclusive supply chains.

This certification is important for iLevel Management Inc. as the CAMSC champions minority groups and pushes for equality across the Canadian business landscape. More importantly, this means a lot to Jimmy Vaid, Founder and President of iLevel, as he is a first-generation Indo-Canadian and an avid advocate for diversity.

“Building a business is a challenge for anyone but especially for those that are under-represented. The barriers we face usually get swept under the rug but recently our voices have grown stronger due to the support from large-scale associations bringing to light the inequalities that exist across various industries” said Jimmy Vaid. “When we came across CAMSC we knew we had to be part of what they are doing, not only to benefit iLevel but also to see how we can help others like us not just succeed but thrive.”

The government of Canada supports collaboration to promote sustainability and growth for Canada’s organics industry

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The organic industry is one of Canada’s fastest-growing sectors, thanks to hardworking organic food producers and the organizations that support them. Collaboration and partnership are vital to ensuring this sector continues to grow to help meet increasing consumer demand.

The Minister of Agriculture and Agri-Food, the Honourable Marie-Claude Bibeau, announced an investment of up to $103,400 for the Organic Federation of Canada to enable a new collaboration that will promote sustainability and growth for Canada’s organics industry.

This project brings together the three primary national organizations that support the organics industry: the Organic Federation of Canada (OFC), which is focused on standards maintenance and scientific research, Canadian Organic Growers (COG), which is focused on education for consumers and producers, and the Canada Organic Trade Association (COTA), which supports market development.The Organic Federation of Canada is using the funds to develop a coordinated governance structure across the three organizations as well as to design, develop and implement a funding model that will be able to deliver the services required to support the growth of the industry. Representing the entire value chain, this collaboration will consolidate and better coordinate efforts to strengthen the organic industry and assist producers in transitioning to organic production.

Organic farming methods can improve soil health, promote biodiversity and boost farm resilience in the face of climate change. The Government of Canada is committed to supporting a strong and prosperous organic industry, which is good for both the environment and the economy.

“Canada’s organic industry is one of our fastest-growing sectors and demand for organic products continues to increase. The project brings together three key players to coordinate an approach that draws on each organization’s strengths. A stronger organic industry is not only good for Canada’s economy, but also for the environment.”

– The Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri-Food

“I am very pleased to see the Government of Canada support the Organic Federation of Canada, headquartered here in Montreal. The organization plays an essential role in the adoption of high standards in organic farming through a rigorous scientific approach. This investment supports collaboration among the entire value chain to promote growth for the industry and help more producers transition to organic agricultural practices, which ultimately benefits both the consumer and the environment.”

– The Honourable Marc Garneau, Member of Parliament for Notre-Dame-de-Grâce—Westmount

“Our organizations are thrilled to receive this timely funding to determine a long-term funding mechanism for organic’s future and that will provide the much-needed stability our sector needs to further organic’s essential contribution to reducing GHGs, contributing to soil health and promoting sustainable business practices for domestic and global trade.”

– Nicole Boudreau, Organic Federation of Canada, on behalf of the three organizations including Canada Organic Trade Association and Canadian Organic Growers

Quick Facts

• The funding announced today is provided through the Canadian Agricultural Strategic Priorities Program (CASPP), a $50.3 million, five-year investment to help the agricultural sector adapt and remain competitive.
• The Organic Federation of Canada is a national organization responsible for the maintenance and interpretation of the Canadian Organic Standard and the administration of scientific research in organic agriculture in Canada.
• Canada’s organic farming sector is valued at $8 billion and is the sixth-largest in the world. Demand for organics in Canada is increasing at a rate of 8.7% annually, and despite increases in Canadian organic production, the growth in global and Canadian markets continues to outpace supply.

Loblaw Companies Limited Enters into Automatic Share Purchase Plan

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The companie announced today that it has entered into an automatic share purchase plan (“ASPP”) with a broker in order to facilitate repurchases of Loblaw’s common shares (“Common Shares”) under its previously announced normal course issuer bid (“NCIB”).

Loblaw previously announced that it had received approval from the Toronto Stock Exchange (“TSX”) to, during the 12-month period commencing May 3, 2021 and terminating May 2, 2022, purchase up to 17,106,459 Common Shares, representing approximately 5% of the 342,129,182 Common Shares issued and outstanding as of April 19, 2021, by way of a NCIB on the TSX or through alternative trading systems or by such other means as may be permitted under applicable law.

During the effective period of Loblaw’s ASPP, Loblaw’s broker may purchase Common Shares at times when Loblaw would not be active in the market due to insider trading rules and its own internal trading blackout periods. Purchases will be made by Loblaw’s broker based upon parameters set by Loblaw when it is not in possession of any material non-public information about itself and its securities, and in accordance with the terms of the ASPP. Outside of the effective period of the ASPP, Common Shares may continue to be purchased in accordance with Loblaw’s discretion, subject to applicable law. The ASPP has been entered into in accordance with the requirements of applicable Canadian securities laws.

Walmart Canada investing $118 million to build a new fulfillment centre in Calgary area

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The investment is part of the retailer’s plan to expand, revolutionize and transform its best-in-class supply chain network while increasing its e-commerce capabilities to better serve Walmart customers. It is part of Walmart Canada’s $3.5 billion investment to make the online and in-store shopping experience simpler, faster and more convenient for Walmart customers as the retailer plans to invest for continued growth in Alberta and across Canada.

The sortable fulfillment centre, to be located at 10 Lowes Rd., will be approximately 430,000 square feet in size, serving as a delivery hub for millions of customer orders in Western Canada.

It is slated to open in September 2022. Walmart customers will see better product availability and quicker service whether they choose to shop in-store or online at Walmart.ca, where millions of products are available for purchase at Walmart Canada’s everyday low prices.

The modern facility will be powered by cutting-edge logistics technology to achieve productivity with less physical effort. For the first time at Walmart Canada, innovative robotic technology from GreyOrange will be used at the fulfillment centre. This platform will speed up order fulfillment by using an advanced operating system that will help associates store, pick and sort items by using smart and flexible storage abilities to manage a large and wide variety of inventory. The result is an order fulfillment process that is quicker, easier and more efficient.

Facts about the new Alberta fulfillment centre:

• Capable of shipping 20 million items annually from the facility to Walmart customers.
• Capable of storing 500,000 items to fulfil direct-to-home and in-store pickup orders.
• Designed to optimize packaging, minimize waste and reduce transportation costs.
• Creates more than 325 new jobs at Walmart, plus construction and engineering jobs.
• Individuals can apply for jobs at the fulfillment centre at https://careers.walmart.ca/.

Facts about Walmart in Alberta:

• Walmart Canada has been proudly serving Albertans since 1994.
• Alberta is a key province for Walmart with 61 stores and four distribution centres, employing more than 16,000 associates.
• In 2021, the retailer invested more than $50 million in-store upgrades in Alberta.
• Walmart recently purchased approximately $200 million worth of products from Alberta-based suppliers over a 12-month period.
• In 2021, Walmart added more than 100 new Canadian suppliers, which includes a 9% increase in Alberta-based suppliers.
• Walmart is proud to work with approximately 2,100 Canadian suppliers every day. This helps boost Canada’s economy and provides new opportunities for Canadians.

“We are tremendously proud to be investing in a new fulfillment centre in the Calgary area that will create jobs, boost the economy and deliver quicker service for our customers,” said Horacio Barbeito, President and CEO, Walmart Canada. “This modern facility will provide our associates with the latest logistics technology to improve our supply chain. That means more products available, more orders fulfilled and more Canadians offered two-day shipping. This is how we’re transforming our operations to meet the needs of Albertans and all Canadians.”

“Alberta is proud to welcome more investment to our province: we have the space, the people, and the competitive advantage to attract major companies like Walmart to build and expand here,” said Alberta Premier Jason Kenney. “Walmart’s choice to serve their Western Canadian customers from the Calgary area is another signal to the world that our province is coming back, stronger than ever.”

“Walmart’s investment in our province is another indication that our competitive business environment is what major companies are looking for,” said Doug Schweitzer, Alberta Minister of Jobs, Economy and Innovation. “This new fulfillment centre is not just creating jobs for Albertans in both the short and long term, it will improve the customer experience throughout all of Western Canada.”

“The retail business is evolving and Walmart Canada is responding with investments in Alberta and across Canada to bolster our supply chain network,” said John Bayliss, Executive Vice President, Transformation Officer, Walmart Canada. “Walmart Canada is on a transformation journey and this investment ensures we can deliver for our customers in Western Canada, now and in the future.”

“We are excited to be bringing a new high-tech fulfillment centre to the Calgary area,” said Patricio Dallan, Senior Vice President of Omni Supply Chain, Walmart Canada. “Our customers deserve the best experience when they shop with us and this investment will help us deliver more items to more households quicker than ever before. We are proud to be investing for growth in Western Canada while improving our supply chain to deliver for Canadians.”

METRO Inc. to Release 2022 Second Quarter Results

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Mr. Eric R. La Flèche, President & CEO and Mr. François Thibault, Executive Vice President & CFO will hold a conference call intended for investors and financial analysts to comment on the financial results. The conference call will be followed by a question period.

The analysts and institutional investors are invited to access the conference call, by dialling 416 764-8651 or 1 888 390-0620 (access code 79234709) or via the website by clicking here. The journalists and public will be able to access it in a listen mode only. The replay of the conference call will be available approximately two hours after the event at 1 888 390-0541 (access code 234709 #) or via the website by clicking here, until 23:59 p.m. (EDT) on May 21, 2022.

Lumiera begins fiscal year strong with +25% growth in Q1 2022 compared to the previous year

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The increase in the Company’s sales has been driven by the new sales and in-store training team deployed late last year.  The team is helping build distribution and training key in-store influencers on the benefits of Lumiera’s products.  In addition, Lumiera is continuing to build online sales with e-retailers such as Amazon and Lumiera’s own Holizen.ca and Awaye.ca websites.
“Following the launch of the new corporate strategy developed in the first half of 2021, I’m very pleased to say that the growth we began to experience in Q3’21 led to record sales in Q4’21, and another strong quarter in Q1’22.  Based on our success, we are increasing our investment in inventory to enable us to capitalize on additional growth opportunities. From a profitability perspective, we are particularly excited by the fact that our growth is also leading to increased margins,” says Carlos Ponce, CEO of Lumiera. “Moving forward, we are laser-focused on increasing our retail and online distribution; based on the positive feedback we have from people that have tried our Bazzzics sleep aids and Awaye pain relief cream, we know that distribution expansion leads to accelerated sales growth and we expect revenues to increase exponentially.”

Management will continue executing its plan for growth and expects to see the upward sales trends continue for the foreseeable future.

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