MTL Cannabis Corp. Files Q1 2024 Results for Montréal Cannabis Médical Inc.

PICKERING, ON, Aug. 28, 2023 /CNW/ - MTL Cannabis Corp. (CSE: MTLC) ("MTL" or the "Company") is pleased to report it has filed the financial statements as at and for the three-month periods ending June 30, 2023 and 2022 for its wholly-owned subsidiary Montréal Cannabis Médical Inc. ("Montréal Cannabis"). Complete details may be found at www.sedarplus.ca.

Montréal Cannabis completed a reverse takeover of MTL (formerly Canada House Cannabis Group Corp.) on July 28, 2023, and the first set of consolidated statements for the combined entity will be as at and for the six-month periods ending September 30, 2023. 

First Quarter 2023 Financial Highlights for Montréal Cannabis:

• Net Revenue of $12,763,787 an improvement of $6,997,659, or 121%, compared to $5,766,128 in the same quarter of last year.
• Gross Profit of $3,274,781, an improvement of $602,069, compared to $2,672,712 in the same quarter of last year.
• Operating Income of $599,599, a decrease of $207,219, compared to $806,818 in the same quarter of last year.
• Net cash inflows from operating activities of $2,140,029, compared to ($690,847) in the same quarter of last year.
• Net cash used in investing activities of ($318,847), compared to ($226,292) in the same quarter of last year.
• Net cash used in financing activities of ($1,291,189), compared to $1,192,913 in the same quarter of last year.
• Overall net cash increased to $967,544, an improvement of $529,993, from $437,551 at the beginning of the period.

"Our team has done an outstanding job to help drive significant growth in both revenues and cash flows from operations over the last year. The results affirm that we have built a sound business model focused on premium quality cannabis, which is confirmed by our customers appreciation for the products produced at MTL." Commented Michael Perron, CEO of MTL Cannabis Corp. "We look forward to consolidating the results of the former Canada House Cannabis Group Inc. operations into our next quarterly financials and to continue delivering results for both our shareholders and customers."

About MTL Cannabis

MTL Cannabis is the parent company of  Montréal Medical Cannabis Inc., a licensed producer operating from a 57,000 sq ft licensed indoor grow facility in Pointe Claire, Québec; Abba Medix Corp., a licensed producer in Pickering, Ontario that operates a leading medical cannabis marketplace; IsoCanMed Inc., a licensed producer in Louiseville, Québec growing best-in-class indoor cannabis, in its 64,000 sq. ft. production facility; and Canada House Clinics Inc., with clinics across Canada that work directly with primary care teams to provide specialized cannabinoid therapy services to patients suffering from simple and complex medical conditions.

As a flower-first company built for the modern street, MTL Cannabis uses proprietary hydroponic growing methodologies supported by handcrafted techniques to produce products that are truly craft for the masses. MTL Cannabis focuses on craft quality cannabis products, including lines of dried flower, pre-rolls and hash marketed under the "MTL Cannabis", "Low Key by MTL" and "R'belle" brands for the Canadian market through nine distribution arrangements with various provincial cannabis distributors. MTL Cannabis has also developed a number of export channels for bulk and unbranded GACP quality cannabis.

It is MTL Cannabis' goal for Abba Medix Corp. to become the leading distributor of medical cannabis in Canada and for Canada House Clinics to be the leading Canadian provider of medical cannabis clinic services. Please visit http://www.mtlcannabis.ca/, https://isocanmed.com/, https://abbamedix.com/, www.canadahouse.ca, or the Company's public filings at www.sedarplus.ca.

Cautionary Statement Regarding Forward-Looking Information.

This press release contains forward- looking statements, including statements that relate to, among other things, the Company's clinic, production and technology businesses, its future plans, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of  words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Material assumptions used to develop forward-looking information in this news release include, the regulations related to cannabis use under the Cannabis Act (Canada); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities; level of competition; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's Listing Statement dated August 14, 2023 and its most recent annual and interim Management's Discussion and Analysis under "Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE MTL Cannabis Corp.