G R E E N R I S E
FOODS
Capital Structure
Transfer Agent TSX Trust Company
Trading Symbol GRF.V
Shares Outstanding 44,922,402
Options 2,550,000
Warrants 3,465
Fully Diluted 47,475,867
Highlights as at December 31, 2020
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The Company earned revenues of $15.4 million as compared to $13.7 million for the year ended December 31, 2019 ("2019") and generated earnings from operations in the amount of $2.6 million as compared to $0.9 million for 2019.
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The Company generated $6.5 million of Adjusted EBITDA as compared to $4.2 million for 2019 and $6.0 million of cash flow from operations as compared to $3.3 million for 2019.
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On December 23, 2020, the Company announced the acquisition of the net assets of Mor Gro Farms Inc. ("Mor Gro"), a 22 acre greenhouse range located on a 57 acre farm in Kingsville, Ontario for a purchase price of $15.5 million. The acquisition was funded using cash on hand and a first mortgage of $13 million on the property. The acquisition has increased the company's fresh produce cultivation capacity by 60%. The Company successfully closed this acquisition on February 1, 2021
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The company was named to the 2021 Venture Top 50 list. The TSX Venture 50 is an annual ranking of the top 50 performing listed companies from five industry sectors: Clean Technology and Life Sciences, Diversified Industries, Energy, Mining and Technology. This selection is based on year over year performances across three equally weighted criteria being: (1) Market capitalization growth; (2) Share price appreciation and (3) trading volume for the year ended December 31, 2020
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On August 27, 2020, the Company repurchased 14,974,133 of its common shares for the purposes of cancellation at a cost, including expenses of $1.8 million. The Company used cash on hand to repurchase the common shares.
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Between August 31, 2020 and September 1, 2020, the Company announced its new CFO and management appointments that, along with the CEO form the core team to lead the Company to continue to manage its current farm and future greenhouse operations. All members of this core team have purchased shares in the Company and along with the Company’s directors received options as part of the 2,050,000 options granted on August 28, 2020. The option grant provides long term incentives for the Company’s board, officers and management to further drive the Company performance over the next 5 years.