Eve Shares Financial Update to Shareholders

- October 2nd, 2018

Eve posted the interim financial results for the three and nine month periods for the company which ended on July 31, 2018.

Eve (TSXV:EVE) posted the interim financial results for the three and nine month periods for the company which ended on July 31, 2018.

As quoted in the press release:

HIGHLIGHTS

The Company is pleased to provide the following highlights of its progress over the three month period ended July 31, 2018 and subsequent events:

  • Qualifying Transaction; TSXV Listing – The Company completed its qualifying transaction by way of a three-cornered amalgamation with Natural MedCo Ltd. and corresponding listing on the TSX Venture Exchange.
  • Private Placements – The Company completed private placements for combined aggregate gross proceeds of approximately $20.8 million.
  • Provincial Supply Arrangements – The Company entered into a memorandum of understanding with the Province of British Columbia and supply agreements with the Ontario Cannabis Retail Corporation and the Newfoundland and Labrador Liquor Corporation with respect to the supply of adult-use cannabis.
  • Licensing Approvals – The Company received amended licenses from Health Canada under the Access to Cannabis for Medical Purposes Regulations for (i) the sale of certain medical cannabis products; and (ii) the production of bottled cannabis oil.
  • Chief Financial Officer – The Company appointed Landon Roedding, its new Chief Financial Officer, effective October 23, 2018.

“This was a very successfully quarter for Eve and our team,” said Melinda Rombouts, CEO of Eve. “We completed our qualifying transaction and listing on the TSXV, finished construction of our first 100,000 [square feet] expansion, began construction of our second expansion of approximately 780,000 [square feet,] received our sales license, secured supply arrangements for distribution from the coast-to-coast of Canada, increased production to full capacity in our initial 120,000 [square feet] greenhouse and were granted DTC eligibility. With our new authorization to produce extracts, we are also excited to begin producing test batches for Health Canada during our fourth quarter.”

Click here to read the full press release.

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