Combined revenue for the year ended is $50 million
* All references to dollar values refer to Canadian dollars unless otherwise stated.
TORONTO, June 26, 2020 /PRNewswire/ – Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) www.libertyhealthsciences.com (“Liberty” or the “Company”), a provider of high quality cannabis, announced its financial results for fiscal year 2020 ending February 29, 2020. Consolidated net sales for fiscal year-end February 29, 2020 were $50,075,579, compared with $10,002,538 for fiscal year-end February 28, 2019.
Liberty’s aggregate operating expenses decreased from $25,588,038 for fiscal year 2019 to $25,184,000 for fiscal year 2020 ending February 29, 2020.
The Company recorded net income for the fiscal year-end February 29, 2020 of $22,266,322, which includes the gain on the sale of a property of $14,266,807, compared with a net loss of $22,293,815 for the fiscal year-end February 28, 2019. The significant year-over-year increase in revenue was driven by the Company’s introduction of more than 200 new products, the opening of new dispensaries, expanded delivery infrastructure, as well as an upsurge in same store sales volume and an increase in registered patient base for Medical Marijuana Use in Florida.
As of February 29, 2020, Liberty maintained $24,957,245 of cash and