Beleave Releases Restated Financials with 7% Revenue Increase for the Nine Months Ended December 31, 2018
Toronto, Ontario--(Newsfile Corp. - June 28, 2019) - Beleave Inc. (CSE: BE) (OTCQX: BLEVF) ("Beleave" or the "Company") announces today the release of its restated Condensed Interim Consolidated Financial Statements for three and nine months ended December 31, 2018, together with its Management, Discussion and Analysis ("MD&A").
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
As part of Beleave's ongoing commitment to accountability and transparency, the Company announced three new committees in February 2019; Audit Committee, Compensation Committee, and Governance Committee. The process includes the Audit Committee's thorough review of financial statements from previous quarters to ensure consistency and the application of accounting best-practices. These updated financials are directly related to their work and recommendations.
The updated financial results reflect a revenue increase of 7.2% in the nine months ended December 31, 2019, and 3.2% decrease in the net loss for the same period.
These documents will be posted on the Company's website at beleave.com and SEDAR at www.sedar.com. All values in this news release and the Company's financial disclosures are in Canadian dollars unless otherwise stated.
ABOUT BELEAVE INC.
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 leading the way through 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 novel 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 and the expanding Latin American market. The Company has partnered with Canymed GmbH to supply the German market with medical cannabis.
Investor Relations Contact:
Interim Chief Financial Officer
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This news release contains "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). The use of any of the words "plan", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking information. These statements are only predictions. Although the Company believes that the expectations and assumptions on which the forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. This information speaks only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com.
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