Ionic Brands Corp. Announces Record First Quarter of 2021 Proforma Financial Results and Provides Business Update

CANNANNEW REPORT

TACOMA, WA / ACCESSWIRE / June 28, 2021 / IONIC BRANDS CORP. (CSE:IONC)(OTC PINK:IONKF)(FRA:IB3A) (“IONIC BRANDS” or the “Company”) is a regional manufacturer of innovative cannabis consumables and concentrate extract products. The Company is pleased today to be reporting its proforma, unaudited financial results for the three months ended March 31, 2021. All currency references used in this press release are in U.S. dollars unless otherwise noted. The Company intends to file the condensed consolidated interim financial statements and the management discussion and analysis for the three-month period ended March 31, 2021 no later than July 5, 2021.   Financial Highlights for the quarter ended March 31, 2021 (proforma, unaudited, expressed in US Dollars)1:   Q1 2021** $ Q4 2020 $ Q1 2021 to Q4 2020 Change $ Q1 2021 to Q4 2020 Change % Revenue 4,182,815 1,656,683 2,526,132 152.5% Gross Profit 722,845 301,637 421,208 139.6% Gross Margin % 17.3% 18.2% – (0.9)% Adjusted EBITDA*** (231,391) (4,026,843) 3,656,490 90.8%   * See “Non-IFRS Financial Measures” below for more information regarding Ionic Brands ‘s use of Non-IFRS financial measures and other reconciliations.   ** Q1 2021 including results from Cowlitz County Cannabis asset acquisition, effective March 8, 2021.   ***Adjusted EBITDA from operations, excludes corporate financing and M&A fees associated with the Cowlitz asset acquisition.   Revenue increased to $4.182 million in the first quarter of 2021, as compared to $1.657 million in the fourth quarter of 2020, representing a 153% increase. This strong quarter over quarter sales growth was driven primarily by the closing of the Cowlitz County Cannabis (“Cowlitz”) asset acquisition in March of this year. The Company acquired an additional 6 brands, increasing our total portfolio size to 10 brands in the Washington and Oregon markets.   Gross margin was 17.3% in the first quarter of 2021 compared to…

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Source : Ionic Brands Corp. Announces Record First Quarter of 2021 Proforma Financial Results and Provides Business Update

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