Connect with us

BUSINESS

MassRoots Inc. (OTCMKTS: MSRT) Enters Letter Of Intent To Purchase Empire Services Inc

Published

on

MassRoots Inc. (OTCMKTS: MSRT) has reported that Empire Services Inc. recently signed an agreement for the acquisition of an additional metal recycling plant in Virginia. The acquisition is the first of several metal recycling plants that Empire is looking to roll up in weeks to come as it expands its footprint. 

MassRoots to acquire Empire Services 

Recently MassRoots signed a Letter of Intent to purchase Empire, which will generate considerable positive cash flows from operations and revenue. Once the transaction closes, MassRoots Inc. (OTCMKTS: MSRT) will apply for uplisting to the Nasdaq exchange in NYSE American Market. 

MassRoots Inc. (OTCMKTS: MSRT) chairman Danny Meeks said, “We believe that the roll-up of independent, profitable metal recycling facilities will not only grow Empire’s revenues but could lead to greater profit margins through economies of scale. We’ve been operating metal recycling facilities since 2002 and our playbook has thrived through nearly every economic climate and a global pandemic. Our expansion, including the planned acquisition of this additional facility, has historically been funded primarily by our operating cashflows.”

MassRoots to capitalize on rising metal prices 

With the acquisition of Empire, MassRoots Inc. (OTCMKTS: MSRT) will realize high-profit margins and substantial revenue growth due to the inflationary pressures and rising metal prices. In the coming weeks, Meeks plans to roll up independent metal recycling plants to expand Empire’s footprint. 

CEO Isaac Dietrich said, “We have implemented several technology solutions that have already increased metal volumes and operating efficiencies at Empire’s existing facilities. These include a cloud-based ERP system, a corporate website with live metal prices, and in the very near future, an instant online quoting system for people looking to sell their junk cars. The planned closing of the Empire acquisition is proceeding on schedule and I believe will be transformative for the more than 30,000 loyal and supportive MassRoots shareholders.”

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

BUSINESS

Vext Science Inc. (OTCMKTS: VEXTF) Reports Revenue of $9.4 million in Q2 2021

Published

on

Vext Science Inc. (OTCMKTS: VEXTF) has announced its financial results for the third quarter ended September 30, 2021.

Q3 2021 revenue of $9.4 million 

The company had revenue of around $9.4million compared to $7.95 million in Q3 2020. In the second quarter of 2021, the company reported revenue of $9.38 million. Net income loss after taxes narrowed from $1.4 million a year ago to $0.97 million in Q3 2021. The gross margin in the quarter was 43.5%, improving YoY from 39.4%.

CEO Eric Offenberger said, “During Q3, our team in Arizona generated solid revenue, while maintaining strict cost control and realizing efficiencies from our recently completed manufacturing expansion. These factors drove Adjusted EBITDA margins up by over 140bps sequentially, to 38%. Q4 is off to a strong start and overall, we expect continued growth in the Arizona market, which recently surpassed Colorado as the second largest cannabis market in the U.S.”

Appalachian affiliate granted level I cultivation license. 

On November 17, 2021, Vext reported that an affiliate of Appalachian Pharm Processing, LLC, has been granted a Level I Cultivator provisional license to be co-located at the Appalachian plant at 16064 Beaver Pike, Jackson, Ohio. The Affiliate will be able to build out a first cultivation area of up to 25,000 sq. ft., with the option of increasing up to 50,000 sq. ft. after subsequent application and approval from the Ohio Department of Commerce.

Offenberger said, “While market-wide inflationary pressures will likely translate into some additional price sensitivity within certain consumer groups in the short-term, Vext’s vertically integrated position gives it a competitive advantage. We have opted to divide our Eloy expansion into two phases, to allow construction costs to normalize and ensure we are able to optimally match Phase I production with our own retail needs. We expect the next 12 months to be an important period for Vext as we continue to grow in Arizona, look for accretive opportunities to expand our footprint in the market and continue to solidify a vertical position in Ohio, all backed by a proven track record of operational excellence and profitability.”

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
Continue Reading

BUSINESS

TerraAscend Corp (OTCMKTS: TRSSF) Announces Fiscal Q3 2021 Net Sales of $49.1 Million

Published

on

TerraAscend Corp (OTCMKTS: TRSSF) has announced its financial results for the third quarter and nine months ended September 30, 2021.

Net sales up 29% YoY

In the third quarter of 2021, net sales climbed by 29% to $49.1 million, compared to $38.1 million in Q3 2020. The acquisitions of HMS and KCR and cultivation capacity expansions in Pennsylvania, California, and New Jersey and an increase in the number of dispensaries to thirteen from seven drove this YoY growth. However, a temporary yield decrease in Pennsylvania attributable to continuing building and expansion initiatives drove a 16 percent drop in net sales QoQ.

The company reported a 46% adjusted gross margin in the quarter before gain on fair value of biological assets down from 59 percent in Q3 2020 and 61 percent in Q2 2021. The adjusted gross margin was compressed year over year and quarter over quarter due to yield losses in Pennsylvania, which resulted in low fixed costs absorption and a more extensive mix of retail against wholesale sales.

Net income in Q3 was $62 million 

Net income during the quarter was $62 million, affected largely by a non-cash gain on fair value warrants of around $69 million. The company ended the quarter with $103 million in cash and equivalents.

Executive Chairman Jason Wild said, “I am pleased with the improvements made in Pennsylvania since we withdrew full year 2021 guidance in August. The ratio of quality flower to trim from recent harvests has increased dramatically. Additionally, THC and Terpene potency has been testing at all-time highs. In New Jersey, we are well prepared for adult use once the state gives us the go ahead. Our New Jersey Apothecarium dispensaries will have some of the best selection and depth of product available in the state at launch. We are building this business for success over the long term and will continue to make decisions with that mindset. For the 4th quarter, we expect to show sequential revenue and adjusted EBITDA growth with these positive trends accelerating into 2022.”

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
Continue Reading

BUSINESS

Medical Marijuana Inc. (OTCMKTS: MJNA) Announces Q3 2021 Results and Opening of Kannaway South Africa

Published

on

Medical Marijuana Inc. (OTCMKTS: MJNA) has announced its financial results for the quarter ended September 30, 2021, and offered recent operational updates.

Medical Marijuana reduced long-term debt

The company reported net revenue of $9.2 million in Q3 with a gross profit of $6.7 million. The ordinary net loss was $0.64 million. Also, the cannabis company increased its cash balance by 47% in Q3 2021 relative to Q3 2020. In addition, Medical Marijuana reduced its long-term debt by 54% during the quarter.

Interestingly, the company’s subsidiary HempMeds launched a new broad-spectrum CBD gummies line. Kannaway subsidiary received approval to join the Japanese hemp organization, Hokkaido Industrial hemp Association and Association for Japan Cannabinoid. The HempMeds Mexico and Kannaway Japan subsidiaries attained their highest monthly revenue ever in their histories in July 2021.

Medical Marijuana CEO Blake Schroeder said, “As the cannabis industry continues to thrive globally, we continue to lead as a Company of Firsts, forging new paths into emerging markets and capitalizing on our first-mover advantage in others. With our international expansion into Hong Kong, we are well on our way to becoming the first truly global cannabis company and we plan to continue to enter new markets around the world. Our Latin American and Asian businesses were a large part of the success we saw in Q3 and expect this trend to continue, as well as further growth in our US operations.”

Kannaway opens operations  in South Africa 

Kannaway has commenced efforts to expand its South Africa operations and hired Duduzile Mathole as the Country Manager. Over the past year, the CBD market in South Africa has witnessed considerable growth following the de-scheduling of CBD, making it possible for people to start buying CBD products.

Schroeder said, “I am confident that Duduzile will be a great addition to our team and is more than capable of helping us establish and grow our operations in South Africa and throughout the region. We’ve found great success as a Company thus far because of our talented, dedicated team around the world and I know that Duduzile will be a great addition to our team.”

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
Continue Reading

Trending Stories