TORONTO–(BUSINESS WIRE)–Bluma Wellness Inc. (the “Company” or “Bluma Wellness”) (CSE: BWEL.U) is pleased to provide its patients and investors with an end-of-month sales and operations report for the month ended September 30, 2020. These financial results have not been reviewed or audited by the Company’s auditors.
Financial Highlights, September 2020
Bluma Wellness is pleased to provide the following sales and financial highlights from the month of September 2020:
- Revenue1: $1,738,275
- Gross Price Per Pound2: $7,291.45
- Ounces of Dried Medical Cannabis Flower Sold: 3788 oz
- Milligrams (mg) of tetrahydrocannabinol (THC) Sold: 3,114,914 mg
During the month of September, One Plant Florida, the Company’s wholly-owned, licensed operating subsidiary, averaged sales of 763 ounces of dried medical cannabis flower per retail dispensary, and 758,218 mg of distillate/oil sold per retail dispensary. Those sales positioned One Plant Florida third in ounces of dried medical cannabis flower sold per retail dispensary when compared against all other Medical Marijuana Treatment Centers (“MMTCs”) in Florida, and ninth in mg of THC sold per retail dispensary when compared against all MMTCs in Florida, in each case according to published data from the Florida Office of Medical Marijuana Use (“OMMU”).
THC Sold (mg)/average oz sold per retail dispensary compared to competitors, September 20203
- Trulieve: 1544 oz of dried flower / 4,321,854 mg of THC sold per dispensary, number one in average ounces of flower sold per dispensary
- GTI: 768 oz of dried flower / 685,417 mg of THC sold per dispensary, number two in average ounces of flower sold per dispensary
- One Plant: 763 oz of dried flower/ 758,218 mg of THC sold per dispensary, number three in average ounces of flower sold per dispensary
- Grow Healthy: 706 oz of dried flower / 1,183,808 mg of THC sold per dispensary, number four in average ounces of flower sold per dispensary
- AltMed Florida (MuV): 561 oz of dried flower/ 2,598,743 mg of THC sold per dispensary, number five in average ounces of flower sold per dispensary
- Suterra Wellness: 501 oz of dried flower/ 1,202,968 mg of THC sold per dispensary, number six in average ounces of flower sold per dispensary
- Harvest: 392 oz of dried flower/ 865,381 mg of THC sold per dispensary, number seven in average ounces of flower sold per dispensary
- Liberty Health Sciences: 335 oz of dried flower/ 950,291 mg of THC sold per dispensary, number eight in average ounces of flower sold per dispensary
- Curaleaf: 308 oz of dried flower/ 1,551,792 mg of THC sold per dispensary, number nine in average ounces of flower sold per dispensary
- Fluent: 292 oz of dried flower/ 1,032,209 mg of THC sold per dispensary, number ten in average ounces of flower sold per dispensary
Looking Ahead (Fall 2020)
For the month of September, One Plant Florida saw a 71 percent increase in revenue and a 49 percent increase in ounces of medical cannabis flower sold over the prior month of August, according to published figures from the Florida OMMU, reflecting the expansion of the Company’s cultivation footprint via increased supplies from its new, fully-operational harvest, processing, and lab facilities in Indiantown, Florida.
Bluma Wellness opened One Plant Florida’s fifth retail dispensary location and delivery hub in the State of Florida, located in Ocala, Florida, on September 25, 2020. The Ocala retail dispensary and delivery hub is located at 811 NE 36th Avenue, Ocala, Florida, 34952, close to the city’s downtown district. Qualified patients can learn more about the new Ocala location and One Plant Florida’s other retail dispensary locations by visiting www.oneplant.us.
In addition to its new Ocala location, Bluma Wellness intends to open four (4) additional One Plant Florida retail dispensary locations and/or delivery hubs by the end of 2020, including in Avon Park (expected on or before October 16, 2020), Orlando (Fern Park) (expected on or before October 30, 2020), North Miami and Bonita Springs, pending receipt of all required local approvals and regulatory approvals from the Florida OMMU.
Bluma Wellness Announces Debt Settlement Agreement
The Company also announced that it has entered into a Debt Settlement Agreement with an arm’s length creditor (the “Creditor”) that paid expenses for and on behalf of the Company in the course of providing services to the Company (the “Debt Settlement Agreement”). Pursuant to the terms and subject to the conditions of the Debt Settlement Agreement, the Company will issue an aggregate of 2,750,000 common shares in the capital of the Company (each a “Common Share”) to the Creditor at a deemed price of US$0.557 per Common Share, in satisfaction of debt owing by the Company to the Creditor in the aggregate amount of US$1,532,679.00. The Common Shares will be subject to a statutory hold period which will expire four months and one day from the date of issuance in accordance with applicable securities laws.
About Bluma Wellness Inc.
Bluma Wellness Inc. owns and operates a vertically-integrated, licensed medical cannabis company in the State of Florida doing business as “One Plant Florida.” One Plant Florida cultivates, processes, dispenses and retails medical cannabis to qualified patients in the State of Florida through multiple retail dispensaries and an innovative next-day door-to-door e-commerce home delivery service, thereby offering convenient access for its customers and meeting the demands of an evolving retail landscape. Bluma Wellness plans to continue expanding its cultivation and distribution operations as the Florida market grows and may enter into other US states where the production, distribution and use of cannabis is permitted under state law.
The Company’s securities have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws including the issuance of the Common Shares pursuant to the Debt Settlement Agreement, the planned opening of additional retail dispensaries and delivery hubs in Florida, the expansion of One Plant Florida’s home delivery and curbside pickup network, and the Company’s strategic business plans. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements due to a variety of known and unknown risks and uncertainties including, without limitation: risks relating to cannabis being illegal under US federal law and risks of US federal enforcement actions related to cannabis activities; the Company’s ability to comply with all applicable governmental regulations in a highly regulated business; negative changes in the political environment or in the regulation of medical cannabis in the state of Florida; the risk of any disruptions to the Company’s business and operations as a result of the COVID-19 pandemic; negative shifts in public opinion and perception of the cannabis industry and cannabis consumption; increasing competition in the industry; risks of product liability and other safety-related liability as a result of usage of the Company’s cannabis products; the Company’s limited operating history with no assurance of profitability; the ability of the Company to access future financing if needed or on terms acceptable to the Company; the risk of defaulting on its existing debt; risk of shortages of or price increases in key inputs, suppliers and skilled labor; the risks inherent in running agricultural operations such as pests and crop failure; loss of licenses; reliance on key personnel; cybersecurity risks; constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks and risk of litigation.
The forward-looking information in this press release are made as of the date of this release. The Company does not undertake any obligation to update forward-looking information except as required by applicable securities laws.
2 Gross Price per Pound is calculated as total revenue divided by total pounds of dried medical cannabis flower sold.