Mr. Kevin Keagan reports
BELEAVE RELEASES RESTATED FINANCIALS WITH 7% REVENUE INCREASE FOR THE NINE MONTHS ENDED DECEMBER 31, 2018
Beleave Inc. has released its restated condensed interim consolidated financial statements for three and nine months ended Dec. 31, 2018, together with its management discussion and analysis.
In October, 2018, the guidelines and best practices for issuers in the cannabis industry were updated with the intent of encouraging issuers to produce transparent information pertaining to financial performance, risks and uncertainties. In some cases, the statement of profit and loss included unrealized fair-value gains related to the growth of biological assets that had not yet been sold. Going forward, issuers are expected to disclose unrealized gains/losses and realized fair value separately.
As part of Beleave's continuing commitment to accountability and transparency, the company announced three new committees in February, 2019: audit committee, compensation committee and governance committee. The process includes the audit committee's thorough review of financial statements from previous quarters to ensure consistency and the application of accounting best practices. These updated financials are directly related to the audit committee's work and recommendations.
The updated financial results reflect a revenue increase of 7.2 per cent in the nine months ended Dec. 31, 2019, and 3.2 per cent decrease in the net loss for the same period.
These documents will be posted on the company's website and on SEDAR.
About Beleave Inc.
Beleave is an International Organization for Standardization-certified, Canadian cannabis company, headquartered in the Greater Toronto Area, that cultivates high-quality cannabis flower, oil and extracts for medical and recreational markets. Beleave is fully licensed to cultivate and sell medical and recreational cannabis, and is leading the way through research partnerships with universities to develop pharma-grade extracts and derivatives.
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