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
Recent News Filings & Articles
Highlights as at December 31, 2020
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Q1 Financial Results, 2021
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The Company generated quarterly earnings of $595 thousand as compared to a loss of $603 thousand for the prior year period.
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On February 1, 2021, the Company completed the acquisition, through its wholly owned subsidiary Bull Market Farms Inc., of the net assets of Mor Gro Farms Inc., comprising a 22-acre greenhouse range ("GR2") on a 57-acre property in Kingsville, Ontario for cash consideration of $15.9 million. As a result of the transaction, a bargain purchase gain of ~$1.9 million was generated and recognized during the quarter.
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The Company now owns and operates 73 acres of greenhouse cultivation capacity at 2 different locations.
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Brighter and warmer days have resulted in higher crop yields which has allowed the Company to pick earlier and generate tomato sales of ~$121 thousand as compared to nil in the prior year quarter. For the week ended May 21, 2021, year to date shipments of fresh produce equalled 3.6 million pounds as compared 1.7 million pounds in the same period in the prior year. This represents a 114% increase from the prior year period.
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Annual Financial Results, 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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2021 Venture Top 50 List
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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.