Eve & Co Announces Financial Results for the Year Ended December 31, 2020

Published: May 3, 2021

Eve & Co Announces Financial Results for the Year Ended December 31, 2020

Eve & Co Incorporated announced its financial results for the year ended December 31, 2020. The financial statements and management discussion and analysis for such period are available on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and on Eve & Co’s website at www.evecannabis.ca.

Highlights

The Company is pleased to provide the following highlights of its progress over the year ended December 31, 2020 and subsequent events:

  • The Company recognized gross sales of cannabis to the adult-use and wholesale markets of $3.8 million;
  • On March 6, 2020, the Company announced that it had received its European Union certificate of Good Manufacturing Practice (the “EUGMP”);
  • On April 2, 2020, the Company announced that it had made its initial sales to Canadian medical cannabis patients through its agreement with Cannalogue (1961627 Ontario Corp., doing business as Cannalogue) entered into on March 9, 2020;
  • On May 4, 2020, the Company announced the amendment to its Licence by Health Canada of a second processing area of 7,300 sq. ft. which will permit the Company to create eleven additional processing rooms required to dry and process the product from Flowering Area #3;
  • On July 6, 2020, Health Canada extended the Licence term to July 6, 2023;
  • On July 17, 2020, Health Canada approved an amendment to the Licence granting the sale of cannabis extracts, edibles and topicals. This licensing amendment will allow the Company to significantly expand its product offering to consumer markets;
  • On August 6, 2020, the Company announced a licensing agreement with Colio in respect of its Girls’ Night Out brand, creating a partnership of “sister brands”. The agreement contemplates developing a premium cannabis-infused beverage for distribution by Eve & Co and licensing of Colio’s Girls’ Night Out Brand. The term of the agreement is for an initial three-year period with a two year option in favour of NMC and contemplates licensing royalties;
  • On August 11, 2020, the Company announced that it had entered into a supply agreement with AMP for the purchase and export to Germany of medical cannabis flower. The first export quantity of approximately 50 kilograms is expected – regulatory approvals dependent – during the second quarter of 2021 and 50 kilograms quarterly thereafter;
  • On November 2, 2020, the Company announced the launch of its cannabis-infused bath bombs, The Dreamer and The Boss, having made its first shipment of The Dreamer Bath Bomb to Newfoundland and Labrador on October 30, 2020;
  • On November 9, 2020, the Company announced that it had signed a cannabis extraction agreement with Nextleaf. Pursuant to this agreement, the Company will provide cannabis biomass to be processed into distilled THC and CBD oils at Nextleaf’s extraction plant in Vancouver, British Columbia;
  • On November 10, 2020, the Company announced that it had successfully completed its first significant commercial shipment of EUGMP certified cannabis to Bavaria Weed GmbH, one of its European cannabis distribution partners;
  • On December 15, 2020, the Company announced that it had entered into a licensing agreement with Dr. Kerklaan Therapeutics to establish the exclusive right and license to manufacture, import and export, warehouse, package, advertise, market, distribute and sell various products in Canada under the Dr. Kerklaan Therapeutics brand, under the Eve & Co brand, or as co-branded products under the Eve & Co and Dr. Kerklaan Therapeutics brands.
  • On February 11, 2021, the Company announced that it had successfully completed its first shipment of cannabis products to New Brunswick. Its cannabis products can be purchased at licensed New Brunswick retailers and online; and
  • On April 28, 2021, the Company announced that it had successfully completed its first shipment of cannabis products to Alberta. Its recreational cannabis products will be available online and can be purchased by the province’s privately owned licensed retailers.

Eve & Co, through its wholly-owned subsidiary Natural MedCo Ltd. (“NMC”), holds cultivation and processing licences under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and extraction of cannabis oil and has received European Union Good Manufacturing Practice certification. NMC was Canada’s first female-founded licensed producer of medicinal marijuana and received its cultivation licence from Health Canada in 2016. Eve & Co is led by a team of agricultural experts and has a licensed 1,000,000 sq. ft. greenhouse located in Strathroy, Ontario.

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