SIMPLY SOLVENTLESS FILES 2024 ANNUAL FINANCIALS AND PROVIDES UPDATES ON TIMING OF FILING Q1 2025 FINANCIALS AND MANAGEMENT CEASE TRADE ORDER
CALGARY, AB, June 2, 2025 /CNW/ - Simply Solventless Concentrates Ltd. (TSXV: HASH) (" SSC") announces that it has filed its annual audited financial statements and management's discussion and analysis for the year ended December 31, 2024 (" Annual Financials") on the Company's SEDAR+ profile at www.sedarplus.ca. SSC also announces that due to delays incurred with filing these annual financial statements, the Company anticipates filing its first quarter results for the three months ended March 31, 2025 on or before June 20, 2025 pursuant to an extension from the Alberta Securities Commission (the " ASC"), the Company's principal regulator, of its previously announced management cease trade order (" MCTO") under National Policy 12-203 – Management Cease Trade Orders (" NP 12-203") initially approved on May 5, 2025, and subsequently updated by SSC through press releases issued on April 30, 2025, May 14, 2025, and May 20, 2025.
2024 Highlights
SSC achieved major milestones during 2024, including:
SSC completed three acquisitions, including 1) the Lamplighter brand, 2) licenced producer CannMart Inc., and 3) leading preroll co-manufacturer ANC Inc. These three acquisitions buttressed SSC's infrastructure significantly, which is now comprised of strong extraction, formulation, prerolling, and cultivation abilities, providing a solid foundation for future growth.
SSC closed two over subscribed non-brokered financings for total gross proceeds of $4.7 million, and $7.8 million was raised from the exercise of warrants.
SSC significantly strengthened its team, which is now comprised of talented professionals across all disciplines. SSC's ability to attract top talent is stronger now than ever.
Subsequent to December 31, 2024, SSC closed the acquisition of Delta 9 Bio-Tech and re-branded the operation to Humble Grow Co. (" Humble"), a licensed producer operating a 100,000 square foot cultivation facility in Winnipeg, Manitoba, and concurrently closed a non-brokered $6.0 million over subscribed convertible debenture offering. The acquisition of Humble vertically integrated SSC's operations upstream to include cultivation in a market where the demand for cannabis flower appears to be transitioning back into expansion mode.
2024 was a transformative year for SSC, and with a portfolio of assets providing manufacturing capability across the largest product categories, and the proven ability to close accretive acquisitions in a distressed market and industry, and to attract top talent, the Company is positioned for significant growth through 2025.
2024 Financial Highlights
2024 Gross Revenue: the Company generated gross revenue of $20,498,204 (2023 - $6,973,401), increase of 194% over the prior year.
2024 Net Revenue: the Company generated net revenue of $13,679,144 (2023 - $6,191,646), increase of 121% over the prior year.
2024 Gross Profit ($): the Company generated a gross profit of $1,181,189 (2023 - $3,497,279), a decrease of 66% over the prior yea r
2024 Adjusted EBITDA: the Company generated an adjusted EBITDA loss of $3,803,445 (2023 - $2,246,926), a decrease of 269% over prior period
December 31, 2024 Working Capital: $1,626,131 (2023 - $3,693,879), a decrease of 56% over the prior year.
SSC's gross revenue increased by approximately 194% from $7.0 million in 2023 to $20.5 million in 2024 due to its aggressive organic and acquisition based growth.
During 2024, SSC's total assets increased 278% from $10.2 million at December 31, 2023 to $38.6 million at December 31, 2024. This increase in assets is primarily due to SSC closing several high-impact acquisitions during 2024. Subsequent to the year end, further substantial assets were added through the Humble acquisition that closed on February 28, 2025 (refer to Note 24 – Subsequent Events in the Annual Financial for further details.)
Jeff Swainson, SSC's President & CEO stated: "All things being equal, it is SSC's view that the non-cash changes to accounting treatment will positively impact future revenue, profitability, and cash flow. Gross margins remain strong, and the size and capability of our asset base improved significantly during 2024. We look forward to filing our Q1 2025 financial statements as soon as possible, and as we proceed through 2025, we are focused intently on maximizing cash flow from operations and on strengthening our balance sheet. We believe that SSC's positioning today is stronger than ever before, and that the continued execution of our highly impactful business plan is capable of delivering strong value to shareholders."
Q1 2025 Financials
As announced on April 30, 2025, and further discussed in news releases dated May 14, 2025, and May 20, 2025, a MCTO was issued by the Company's principal regulator, the ASC on May 5, 2025 to accommodate additional time required to file the Company's Annual Financials. The ASC has approved a further extension of the MCTO to June 20, 2025 to provide the Company with adequate time to prepare the Q1, 2025 financial results due to the delays incurred in filing the Annual Financials.
Pursuant to the MCTO, management of the Company may not trade in securities of the Company until such time as the Company files the March 31, 2025 financial statements and the MCTO is revoked. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company. The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements.
The Company confirms that (a) there have been no failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines under NP 12-203; (b) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the default announcement; and (c) there is no other material information concerning the affairs of the Company that has not been generally disclosed. The Company will issue required bi-weekly updated regarding the MCTO until it is revoked.
About Simply Solventless Concentrates Ltd.
SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see www.simplysolventless.ca.
Notice on Forward Looking Information
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "projected", "approximately" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the release date of its March 31, 2024 quarterly financials, SSC's ability to attract talent, SSC's foundation for future growth, SSC's future revenue, profitability, and cash flow, and strengthening SSC's balance sheet. SSC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of SSC, including expectations and assumptions concerning SSC, the timing and market acceptance of products, competition in SSC's markets, SSC's reliance on customers, fluctuations in interest rates, SSC's ability to maintain good relations with its customers, employees and other stakeholders, changes in law or regulations, SSC's ability to protect its intellectual property, as well as other risks and uncertainties, including those described in SSC's filings available on SEDAR+ at www.sedarplus.ca, including its most recent annual information form. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of SSC. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and SSC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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