Tag: financial results & corporate updates

Blackhawk Growth Files Quarter Ended March 31, 2022 Financials and Reports Increase in Value of its Portfolio by 8.8% Quarter Over Quarter

Vancouver, British Columbia – TheNewswire – May 30, 2022 – Blackhawk Growth Corp. (CSE:BLR); (CNSX:BLR.CN); (OTC:BLRZF); (Frankfurt:0JJ) (the “Company”), is pleased to announce that the financial statements and MD&A for its first quarter ended March 31, 2022 have been filed on Sedar.

Highlights for the quarter ended March 31, 2022:

• Blackhawk acquires remaining 49% of Stable Foods Inc. Stable Foods is in development of shelf stable deserts that will be launched through distribution agreements once products are retail ready.  
• MindBio Therapeutics Pyt Ltd., intent is to spin out on a 1:1 basis  
• TERP Wholesale begins retail delivery and continues to develop further revenue streams  
• As at March 31, 2022, Blackhawk held $27,043,266 in current investments, a 8.8% increase from the value at December 31, 2021 
• As at March 31, 2022, NAV per share was $0.39  

Blackhawk Growth Corp. (“Blackhawk” or the “Company”) continues to review both equity and debt investment opportunities. The Company has focused its investments in the health, cannabis and CBD industries, in both Canada and the US.

“Our portfolio of companies continue to show growth and value,” says Frederick Pels, CEO of Blackhawk Growth Corp. “I look forward to updating shareholders as we work to execute, expand and deliver even more value from our initiatives over the course of the year.”

As at March 31, 2022 the Company’s equity investments consist of the following:

Company	Cost	Fair Value
	$	$
MindBio Therapeutics	11,826,638	11,826,638
Digital Mind	5,370,000	5,370,000
Terp Wholesale, LLC.	2,500,000	2,500,000
SAC Pharma Partners Inc.	1,890,000	1,890,000
Gaia Grow Corp.	1,500,000	450,000
Noble Line Inc.	1,050,470	1,050,470
Trip Pharma Inc.	1,120,403	1,120,403
Stable Foods Inc.	2,210,792	2,210,792
Spaced Food Inc.	355,110	355,110
Engine Media (UMG)	56,377	10,244
Fantasy Aces	9,470	−
Total Equity Investments	27,889,260	26,783,657

Short-term loans

As at March 31, 2022 the Company’s short-term loans consist of the following:

	March 31,2022	June 30, 2021
	$	$
Short term loans	259,609	259,609
Total loan investments	259,609	259,609

Chief Financial Officer Appointment

Blackhawk welcomes Marc Lowenstein as the Company’s new Chief Financial Officer who will be replacing Heidi Gutte who stepped down from the CFO position on May 16^th, 2022.

About Blackhawk Growth

Blackhawk Growth is an investment holding looking to create substantial value for its shareholders through the acquisition and development of high growth companies. It has focused its investments in the health, cannabis and cannabidiol industries in both Canada and the United States. Its portfolio of companies include Sac Pharma, LeichtMind Clinics, Noble Hemp, TERP Wholesale, Blum Distributors, MindBio Therapeutics, Digital Mind, Spaced Food, Stable Foods as well as an equity position in Gaia Grow Corp. (CSE:GAIA).

The company diligently posts updates through videos from the official company YouTube channel https://www.youtube.com/channel/UCs4f2tt3yAvOGhNLjgNOy-A  

Please join the conversation on our Blackhawk group supporter’s telegram group at https://t.me/Blackhawkgrowthcorp and visit us online at https://www.blackhawkgrowth.com.

For more information on Blackhawk, please visit our website at:

https://www.blackhawkgrowth.com/

Frederick Pels, Chief Executive Officer

(403)-991-7737

fred@blackhawkgrowth.com

Cautionary Note Regarding Forward-Looking Statement

All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable securities laws, including with respect to the future prospects of the business of the Company and its portfolio companies. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Copyright (c) 2022 TheNewswire – All rights reserved.

Small Pharma Shares Business Update Ahead of Annual Financial Results

– Appointment of Alastair Riddell as COO

– Two new Composition of Matter patents granted for pipeline projects

– Progress continues across short-acting psychedelics portfolio

May 25, 2022 – London, United Kingdom – Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF) (the “Company” or “Small Pharma”), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, provides a business update ahead of its annual financial results for the fiscal year ended February 28, 2022.  All references to “$” in this press release refer to Canadian dollars unless otherwise indicated.

Strengthening the Team

Small Pharma has appointed Dr. Alastair Riddell as Chief Operating Officer of the Company. Dr. Riddell joins the management team with over 30 years of international leadership experience in the pharmaceutical, life science and biotech industries. In his roles as CEO of Pharmagene plc, Paradigm Therapeutics and Stem Cell Sciences as well as Chairman of Feedback plc, Dr. Riddell led significant fundraises, including an IPO on the London Stock Exchange and trade sales to Takeda in Japan and Stem Cells, Inc. in the USA.  

In companies now acquired by Pfizer, J&J and GE Healthcare, Dr. Riddell oversaw all phases of clinical trials of novel anti-inflammatory, anti-infective and oncology products before moving to international sales and marketing. Dr. Riddell was recently Chairman of the South-West Academic Health Science Network, which fosters links between the National Health Service, industry and universities. He is non-executive director of one NASDAQ-listed and two UK biotech companies.

Following Dr. Riddell’s appointment, Marie Layzell, the current COO and Head of CMC, will take on the role of Chief Manufacturing and Development Officer to build out the infrastructure to support Small Pharma’s growing pipeline of products as they progress into and through clinical trials.

Peter Rands, Chief Executive Officer of Small Pharma, said:

“2022 is an important year for Small Pharma as we continue to develop our pipeline of short-acting psychedelics, strengthen our patent portfolio, and announce the efficacy data from our Phase IIa clinical trial of DMT-assisted psychotherapy in Major Depressive Disorder due later this year. At this stage of the Company, it is critical that we build a strong executive team with the right expertise to take us through our next phase of growth. Dr. Riddell is a highly respected leader with vast experience across the healthcare industry and we are delighted to welcome him to the team at Small Pharma. As we look to deepen our reputation as a leader in psychedelic-assisted therapies, Dr. Riddell’s understanding of growing, expanding and building successful healthcare businesses will facilitate the continued rapid growth and evolution of Small Pharma.”  

Intellectual Property

The Company continues to build a robust IP portfolio with two additional patents granted.  These new patents bring the Company’s portfolio to a total of six granted patents and 68 patent applications pending across the Company’s psychedelic and non-psychedelic portfolio.

EP 3 826 632, Composition of Matter patent

This European patent protects Composition of Matter of certain deuterated homologues of N,N-dimethyltryptamine (“DMT”), including the active ingredient in SPL028. This patent sits alongside the Company’s UK patent for SPL028, strengthening its protection in European markets.

EP 3 844 147, Composition of Matter patent

This European patent protects Composition of Matter of certain deuterated homologues of certain tryptamine compounds, including the active ingredients currently being investigated in the SPL029 series. This patent also provides protection for therapeutic applications of these deuterated tryptamines and their use in the development of orally active formulations.

Portfolio Advances with Ultra Short-acting and Short-acting Psychedelic Programs

As Small Pharma’s portfolio continues to advance and expand, the Company has structured its programs into two areas: (i) “Ultra Short-acting” Psychedelic Program targeting a <30-minute psychedelic experience aimed at maximizing the clinical scalability of psychedelic therapies; and (ii) “Short acting” Psychedelic Programs, which incorporates a pipeline targeting a >30-minute short psychedelic experience aimed at optimizing patient convenience and expanding therapeutic potential in depressive disorders and additional indications.

Ultra Short-acting Psychedelic Program

SPL026 intravenous (“IV”) DMT-assisted psychotherapy for the treatment of Major Depressive Disorder (“MDD”) is the Company’s lead program, currently in the Phase IIa part of the Phase I/IIa trial.

Phase I results demonstrate SPL026 to be safe and well tolerated and to elicit a short, psychedelic experience

The full dataset for the Phase I clinical trial demonstrates a clear correlation between the intensity and quality of the psychedelic experience and doses of SPL026, starting at 9 mg and up to 21.5 mg, across all four cohorts. IV administration of SPL026 offers a short-lived, well-tolerated psychedelic experience of ~20 minutes, enabling a dosing session of ~30 minutes. No drug-related serious adverse events and minimal short-lived adverse events were reported.

Phase IIa clinical trial dosing expected to be completed in coming months

The Phase IIa clinical trial is progressing well as the Company enters the latter stages, with a significant number of patients dosed and no safety concerns highlighted to-date. However, slower than anticipated patient recruitment following COVID-19 government restrictions in the UK had some impact on trial timelines. These restrictions have been lifted and as such, patient recruitment has significantly improved. As a result, dosing is expected to complete in the coming months. Updates on trial completion progress and data are anticipated throughout H2 2022.

Phase IIb clinical trial preparation continues

Preparation continues for the international multi-site Phase IIb clinical trial, with further scientific advice requested from the United States Food and Drug Administration and the European Medicines Agency. The Company has also selected a centralized Contract Research Organization to support the execution of the study. 

Drug interaction study in patients with MDD expected to commence in H2 2022

This study will assess the impact of selective serotonin reuptake inhibitors (“SSRIs”) on the safety, tolerability, pharmacokinetics and pharmacodynamics of SPL026 with psychotherapy. The aim of the study is to enable a better understanding of the interaction between DMT-assisted psychotherapy and existing antidepressants, opening up the potential to reach the broadest population of patients suffering from MDD. Additionally, this could facilitate patient recruitment in future trials as patients may no longer be required to discontinue current SSRI medication.

UK “Fast-track” Designation

Following the award of the fast-track Innovation Passport Designation by the MHRA in October 2021, Small Pharma has engaged in the Innovative Licensing and Access Pathway.  Small Pharma has initiated collaborative discussions regarding the Target Development Profile with key regulatory bodies to identify opportunities to accelerate time to market and patient access to SPL026, DMT-assisted psychotherapy.

Short-acting Psychedelic Programs

SPL026 IM Phase I study planned for 2022

The SPL026 intramuscular (“IM”) preclinical program is complete and a comparative pharmacokinetics Phase I study is planned for 2022.  The study will compare the treatment profile of IM versus IV modes of administration of SPL026. IM injection would offer a simple injectable form that could further enhance convenience and accessibility of DMT-assisted psychotherapy for patients and clinicians.

SPL028, deuterated DMT-assisted psychotherapy, Phase I clinical trial planned for H2 2022

The program has been initiated with positive preclinical data of IM and IV formulations of SPL028. In vitro data demonstrated a reduction in clearance rate and significant extension in half-life compared to SPL026. SPL028 offers a similar pharmacological profile to SPL026 in vitro and in vivo, with differentiated pharmacokinetics. Additionally, toxicological profiling demonstrated SPL028 to be safe and well-tolerated in vivo at all doses tested, demonstrating significant safety margins for progressing into first-in-human trials. A Phase I clinical trial is planned to commence in H2 2022.

New Agreement with LifeSci Advisors as Investor Relations Agency

The Company has entered into a new master service agreement with LifeSci Advisors, LLC (“LSA”) to continue to provide investor relations services (the “Services”). The new agreement will commence on June 1, 2022 for a period of three months and shall automatically continue after the end of the initial term for successive one month periods unless either party provides written notice of termination at least 30 days prior to the commencement of a new term. LSA will receive a monthly fee of US$15,000 for the Services. The Company and LSA act at arm’s length and to the knowledge of the Company, LSA does not currently own any securities of Small Pharma. The agreement is on similar terms and conditions to the initial master service agreement between the parties dated June 20, 2021. LSA has agreed to comply with all securities laws and policies of the TSX Venture Exchange (the “TSXV”) in providing the Services. No stock options or other compensation are being granted in connection with the engagement.

Preliminary Financial Results

The Company had cash on hand as of February 28, 2022 of approximately $40.7 million (unaudited) and working capital of approximately $38.5 million (unaudited). The Company’s annual financial results for the fiscal year ended February 28, 2022 will be reported in June 2022.

About Small Pharma

Small Pharma is a biotechnology company progressing a pipeline of short-acting psychedelics with therapy for the treatment of mental health conditions, with a current focus on depression. Small Pharma initiated a clinical program into DMT-assisted psychotherapy in February 2021. This program includes a Phase I/IIa trial on the Company’s lead candidate alongside the development of a robust pipeline of proprietary preclinical assets.

About DMT

DMT is a naturally occurring psychedelic tryptamine found in plants and in the brain of mammals. Scientific evidence suggests DMT offers the potential for rapid-acting and long-lasting antidepressant effects. DMT is differentiated by its short psychedelic experience (< 30 mins), which allows for short treatment sessions and offers the potential for convenient supervised treatments within patient clinics. Small Pharma is advancing a pipeline of DMT-based therapies and is leading the most advanced clinical trial in commercial development for DMT-assisted psychotherapy in Major Depressive Disorder.

For further information contact: 

Small Pharma

Peter Rands Chief Executive Officer Email: ir@smallpharma.co.uk  Tel: +44 (0)20 7112 9118

Media Relations Contacts:

USA: McKenna Miller KCSA Strategic Communications Email: smallpharmapr@kcsa.com Tel: +1 (949) 949-6585

Investor Relations Contacts:

Eric Ribner LifeSci Advisors Email: eric@lifesciadvisors.com Tel: +1 (646)-889-1200

Kristi Papanikolaw KCSA Strategic Communications Email: smallpharmair@kcsa.com
Tel: +1 (212) 682-6300

Rest of World
Donna Curran Hanover Communications Email: dcurran@hanovercomms.com  
Tel: +44 (0)20 7400 4480

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the Company’s continued progression of Phase IIa clinical trials of SPL026, the Company’s preparation for the international multi-site Phase IIb clinical trial of SPL026, the Company’s plans, expectations, timelines and possible outcomes with respect to its anticipated SPL026 study assessing the impact of SSRIs, any statements related to the Company’s initiatives to accelerate time to market and patient access to SPL026, DMT-assisted psychotherapy, the Company’s plans, expectations, timelines and possible outcomes of the further Phase I study of SPL026 comparing IM versus IV modes of administration, and the Company’s ability to develop solutions to effectively address depression through DMT-based therapies.  

In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company’s business and results of operations; the impact of COVID-19; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

Small Pharma makes no medical, treatment or health benefit claims about its proposed products. The MHRA or other similar regulatory authorities have not evaluated claims regarding DMT-assisted therapies and other next generation psychoactive compounds. The efficacy of such therapies has not been confirmed by MHRA-approved research. There is no assurance that such DMT-assisted therapies and other psychoactive compounds can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. Any references to quality, consistency, efficacy and safety of potential therapies do not imply that Small Pharma verified such in clinical trials or that Small Pharma will complete such trials. If Small Pharma cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Small Pharma’s performance and operations.

The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Wuhan General Group China Announces Corporate Update

CAPE TOWN, SA / ACCESSWIRE / May 17, 2022 / WUHAN GENERAL GROUP, INC. (OTC PINK:WUHN) (“WGG” or the “Company”), a bioceutical company focused on alternative plant-based cannabinoids and mental health therapeutic research is pleased to share the following update:

M2Bio Sciences is pleased to announce that an approach has been received from an unrelated arms length third party to acquire all the operating subsidiaries of Wuhan General Group (China) for cash.

The operations of Wuhan’s subsidiaries are all in startup mode and loss-making and in need of further financing to continue operations.

If the offer is accepted by Wuhan, the cash will firstly be used to settle the creditors. The majority of credit balances emanate from ongoing legal action against the company, as reported in the formal disclosure statement on OTCIQ.com.

Wuhan expects to make a further press release in the very near future.

About Wuhan General Group, Inc./ M₂Bio Sciences, Inc

Wuhan General Group, Inc. (DBA M2bio Sciences), through its wholly-owned subsidiary MJ MedTech is a nutraceutical biotechnology company focused on alternative plant-based cannabinoids and psilocybin medical research that develops and commercializes a range of CBD and mushrooms-based products under Dr. AnnaRx™, Medspresso™, and Liviana™ brands. In addition, our research and clinical trials with psilocybin are aimed at new therapies that will help patients who suffer from alcohol addiction, mental illness, and cardiovascular diseases. Our mission is to advance botanical-based medicine to the forefront by deploying best-practice science and medicine, clinical research, and emerging technologies. The Company is traded on the Over-the-Counter Bulletin Board of NASDAQ under the trading symbol “WUHN”.

Publicly traded company (OTC Pink: WUHN)
Visit Website
Contact via E-mail
Follow us on Twitter
Follow us on Facebook
Follow us on YouTube
Follow us on Instagram

Forward-Looking Statements:

Safe Harbour Statement – In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company’s future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company’s business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company’s website. The Company disclaims any responsibility to update any forward-looking statements.

SOURCE: Wuhan General Group, Inc./ M₂Bio Sciences, Inc.

View source version on accesswire.com:
https://www.accesswire.com/701757/Wuhan-General-Group-China-Announces-Corporate-Update

Greenbrook TMS Reports First Quarter Operational and Financial Results

TORONTO–(BUSINESS WIRE)–Greenbrook TMS Inc. (TSX: GTMS, NASDAQ: GBNH) (“Greenbrook” or the “Company”), today announced its first quarter 2022 (“Q1 2022”)operational and financial results. All values in this news release are in United States dollars, unless otherwise stated.

FIRST QUARTER 2021 OPERATIONAL AND FINANCIAL HIGHLIGHTS

• Quarterly revenue increased by 15% to $13.1 million as compared to the first quarter of 2021 (“Q1 2021”). Treatment volumes increased by 13% to 59,067 as compared to Q1 2021.
• The COVID-19 omicronvariant, paired with typical seasonal factors,affected quarter-over-quarter results. Revenue decreased by 7% as compared to the fourth quarter of 2021 (“Q4 2021”), while treatments decreased by 4% as compared to Q4 2021.
• New patient starts increased by 15% to a record 1,817 as compared to Q1 2021, and 9% as compared to Q4 2021, showing strong forward momentum into the second quarter of 2022.
• Entity-wide regional operating loss decreased by 30% to $1.0 million as compared to $1.5 million in Q1 2021.
• The Company continued the roll-out of its Spravato® (esketamine nasal spray) offering at select TMS treatment centers (“TMS Centers”). As at March 31, 2022, the Company expanded its offering of Spravato® to 23 TMS Centers across the United States, building on the long-term business plan of utilizing our TMS Centers as platforms for the delivery of innovative treatments to patients suffering from Major Depressive Disorder and other mental health disorders.

Bill Leonard, President and Chief Executive Officer of Greenbrook commented:

“Despite the impact of the COVID-19 omicron variant early in the quarter, we continued to see resilient growth in both revenue and new patient starts, with the latter producing a record result during Q1 2022. We are very excited about the promising prospects of the continued roll-out of our Spravato® program to more of our active TMS Centers which we believe will enhance profit margins by optimizing the utilization of our current TMS Centers. This builds on our long-term strategy of utilizing our growing network of TMS Centers and affiliated physicians as a services platform to deliver innovative treatments to patients suffering from mental health disorders. We believe that record forward-looking indicators late in the quarter will provide strong momentum into the second quarter and we believe this will position us better than ever to serve the unmet need for mental health support across the United States.”

SELECTED FIRST QUARTER FINANCIAL AND OPERATING RESULTS ⁽¹⁾

Selected Financial Results

(US$) (unaudited)		Q1 2022		Q1 2021
Total revenue		13,065,146		11,313,175
Regional operating income (loss)		(1,038,049)		(1,492,118)
Loss before income taxes		(8,004,959)		(7,836,166)
Loss for the year and comprehensive loss		(8,004,959)		(7,836,166)

(US$) (unaudited)		Q1 2022		Q1 2021
Loss attributable to the common shareholders of Greenbrook		(7,837,983)		(7,626,554)
Net loss per share (basic and diluted)		(0.44)		(0.56)

_________________
Note:
(1)		Please note that additional selected consolidated financial information can be found at the end of this press release.

Selected Operating Results

		As at March 31,		As at March 31,		As at December 31,
(unaudited)		2022		2021		2021
Number of active TMS Centers(1)		146		119		147
Number of TMS Centers-in-development(2)		2		9		2
Total TMS Centers		148		128		149
Number of management regions		15		13		15
Number of TMS Devices installed		234		201		234
Number of regional personnel		340		317		386
Number of shared-services / corporate personnel(3)		68		49		44
Number of TMS providers(4)		161		116		135
Number of consultations performed(5)		3,501		3,591		3,547
Number of patient starts(5)		1,817		1,583		1,667
Number of treatments performed(5)		59,067		52,126		61,416
Average revenue per treatment(5)		$221		$217		$229

______________
Notes:
(1)		Active TMS Centers represent TMS Centers that have performed billable TMS (as defined below) services during the applicable period.
(2)		TMS Centers-in-development represents TMS Centers that have committed to a space lease agreement and the development process is substantially complete.
(3)		Shared-services / corporate personnel is disclosed on a full-time equivalent basis. The Company utilizes part-time staff and consultants as a means of managing costs.
(4)		Represents clinician partners that are involved in the provision of TMS therapy services from our TMS Centers.
(5)		Figure calculated for the applicable period ended.

For more information, please refer to the Management’s Discussion & Analysis of Financial Condition and Results of Operations (“Q1 2022 MD&A”) and the unaudited condensed interim consolidated financial statements of the Company for the three months ended March 31, 2022 and 2021. These documents will be available on the Company’s website at www.greenbrooktms.com, under the Company’s SEDAR profile at www.sedar.com and under the Company’s EDGAR profile at www.sec.gov.

CONFERENCE CALL AND WEBCAST

First Quarter Conference Call Details:

Bill Leonard, President and Chief Executive Officer, and Erns Loubser, the Chief Financial Officer, will host a conference call at 10:00 a.m. (Eastern Time) on May 16, 2022 to discuss the financial results for the quarter.

Toll Free North America: 1-866-521-4909
Toronto: 647-427-2311

Webcast:

For more information or to listen to the call via webcast, please visit:
www.greenbrooktms.com/investors/events.htm

For those that plan on accessing the conference call or webcast, please allow ample time prior to the call time.

Conference Call Replay:

Toll Free (North America): 1-800-585-8367
Toronto: 416-621-4642
Passcode: 3459997

The conference call replay will be available beginning at 1:00 p.m. ET on May 16, 2022, until 11:59 p.m. ET on June 16, 2022.

About Greenbrook TMS Inc.

Operating through 148 Company-operated treatment centers, Greenbrook is a leading provider of Transcranial Magnetic Stimulation (“TMS”) therapy, an FDA-cleared, non-invasive therapy for the treatment of Major Depressive Disorder and other mental health disorders, in the United States. TMS therapy provides local electromagnetic stimulation to specific brain regions known to be directly associated with mood regulation. Greenbrook has provided more than 840,000 TMS treatments to over 24,000 patients struggling with depression.

Cautionary Note Regarding Forward-Looking Information

Certain information in this press release, including with respect to the Company’s future financial and/or operating performance, the Company’s expectations regarding the impact of the continued roll-out of the Spravato® offering at additional TMS Centers and its future growth prospects, constitute forward-looking information within the meaning of applicable securities laws in Canada and the United States, including the United States Private Securities Litigation Reform Act of 1995. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, the factors described in greater detail in the “Risk Factors” section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2021, in the “Risks and Uncertainties” section of the Company’s Q1 2022 MD&A and in the Company’s other materials filed with the Canadian securities regulatory authorities and the United States Securities and Exchange Commission from time to time, available at www.sedar.com and www.sec.gov, respectively. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(US$)		Q1 2022(unaudited)		Q1 2021(unaudited)
Total revenue		13,065,146			11,313,175
Direct center and patient care costs		7,340,496			6,360,023
Regional employee compensation		3,475,551			2,986,315
Regional marketing expenses		1,717,164			1,984,621
Depreciation		1,569,984			1,474,334
Total direct center and regional costs		14,103,195			12,805,293
Regional operating income (loss)		(1,038,049	)		(1,492,118	)
Center development costs		159,446			280,433
Corporate employee compensation		3,617,860			2,886,584
Corporate marketing expenses		134,954			161,034
Other corporate, general and administrative expenses		1,370,804			1,668,464
Share-based compensation		249,322			205,970
Amortization		207,500			115,833
Interest expense		1,229,311			1,027,912
Interest income		(2,287	)		(2,182	)
Loss before income taxes		(8,004,959	)		(7,836,166	)
Income tax expense		–			–
Loss for the period and comprehensive loss		(8,004,959	)		(7,836,166	)
Loss attributable to non-controlling interest		(166,976	)		(209,612	)
Loss attributable to the common shareholders of Greenbrook		(7,837,983	)		(7,626,554	)
Net loss per share (basic and diluted)		(0.44)		(0.56)

(US$)		Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q2 2020
(unaudited)
Revenue		13,065,146		14,047,452		13,130,245		13,707,212		11,313,175		9,913,552		12,006,570		9,788,555
Regional operating income (loss)		(1,038,049)		43,741		249,057		921,339		(1,492,118)		(2,050,168)		967,584		(225,198)
Net loss attributable to common shareholders of Greenbrook		(7,837,983)		(6,831,859)		(3,517,250)		(6,775,825)		(7,626,554)		(8,391,630)		(7,636,132)		(9,477,505)
Net loss per share – Basic(1)		(0.44)		(0.34)		(0.22)		(0.48)		(0.56)		(0.60)		(0.57)		(0.76)
Net loss per share – Diluted(1)		(0.44)		(0.34)		(0.22)		(0.48)		(0.56)		(0.60)		(0.57)		(0.76)

_______________
Note:
(1)	The Company has retrospectively presented the number of Common Shares and net loss per share calculations reflecting the number of Common Shares following the consolidation of our Common Shares on the basis of one post-consolidation Common Share for every five pre-consolidation Common Shares, which was implemented by the Company effective February 1, 2021.

Contacts

For further information please contact:
Glen Akselrod
Investor Relations
Greenbrook TMS Inc.

Contact Information:
investorrelations@greenbrooktms.com
1-855-797-4867

IntelGenx Reports First Quarter 2022 Financial Results

SAINT LAURENT, Quebec, May 12, 2022 (GLOBE NEWSWIRE) — IntelGenx Technologies Corp. (TSX:IGX) (OTCQB:IGXT) (the “Company” or “IntelGenx”) today reported financial results for the first quarter ended March 31, 2022. All dollar amounts are expressed in U.S. currency, unless otherwise indicated, and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.

2022 First Quarter Financial Summary:

• Revenue was $237,000, compared to $286,000 in the 2021 first quarter.
• Net comprehensive loss was $3.0 million, compared to $2.3 million in Q1-2021.
• Adjusted EBITDA loss was $2.1 million, compared to $1.7million in the 2021 first quarter.
• Cash and short-term investments totaled $10.2 million as at March 31, 2022 compared to $2.0 million as at March 31, 2021.

First Quarter and Recent Developments:

• Presented at the 2022 Bloom Burton & Co. Healthcare Investor Conference.
• The Company’s wholly owned subsidiary, IntelGenx Corp., received a third term loan in the amount of $3.0 million pursuant to its amended and restated secured loan agreement with atai Life Sciences (“atai”).
• Resumed patient dosing in the ongoing Phase 2a ‘BUENA’ clinical trial in patients with mild to moderate Alzheimer’s Disease under a previously amended protocol using higher doses of Montelukast VersaFilm^®.

“We continued to advance our portfolio of innovative film products and product candidates this quarter, and were pleased to have achieved a significant milestone in that regard with the resumption of patient screening in our ongoing ‘BUENA’ Montelukast VersaFilm^® Phase 2a clinical trial in patients with mild to moderate AD,” commented Dr. Horst G. Zerbe, CEO of IntelGenx.

Financial Results:

Total revenues for the three-month period ended March 31, 2022 amounted to $237,000, a decrease of 17%, compared to $286,000 for the three-month period ended March 31, 2021. The change is mainly attributable to a decrease in product revenues of $160,000, partially offset by increases in Research and Development (“R&D”) revenues of $99,000 and royalties of $12,000.

Operating costs and expenses were $2.6 million for the first quarter of 2022, versus $2.2 million for the corresponding three-month period of 2021. The increase for the three-month period ended March 31, 2022 is mainly attributable to increases of $327,000 in R&D expense, $155,000 in selling, general and administrative expenses, and $3,000 in depreciation of tangible assets, offset partially by a $151,000 decrease in manufacturing expenses.

For the first quarter of 2022, the Company had an operating loss of $2.3 million, compared to an operating loss of $1.9 million for the comparable period of 2021.

Net comprehensive loss for the three-month period ended March 31, 2022 was $3.0 million, or $0.02 per basic and diluted share, compared to net comprehensive loss of $2.3 million, or $0.02 per basic and diluted share, for the comparable period of 2021. The increase for the 2022 first quarter was primarily attributable to higher R&D expenses and a reduction in fair value of short-term investments.

As at March 31, 2022, the Company’s cash and short-term investments totalled $10.2 million.

Conference Call Details:

IntelGenx will host a conference call to discuss these first quarter 2022 financial results today at 4:30 p.m. ET. The dial-in number for the conference call is (888) 506-0062 (Canada and the United States) and (973) 528-0011 (International), access code 546214. The call will also be webcast live and archived on the Company’s website at www.intelgenx.com under “Webcasts” in the Investors section.

About IntelGenx

IntelGenx is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films.

IntelGenx’s superior film technologies, including VersaFilm^®, DisinteQ^™, VetaFilm^™ and transdermal VevaDerm^™, allow for next generation pharmaceutical products that address unmet medical needs. IntelGenx’s innovative product pipeline offers significant benefits to patients and physicians for many therapeutic conditions.

IntelGenx’s highly skilled team provides comprehensive pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development, clinical monitoring, IP and regulatory services. IntelGenx’s state-of-the-art manufacturing facility offers full service by providing lab-scale to pilot- and commercial-scale production. For more information, visit www.intelgenx.com.

Forward-Looking Information and Statements

This document may contain forward-looking information about IntelGenx’s operating results and business prospects that involve substantial risks and uncertainties. Statements that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements include, but are not limited to, statements about IntelGenx’s plans, objectives, expectations, strategies, intentions or other characterizations of future events or circumstances and are generally identified by the words “may,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “could,” “would,” and similar expressions. All forward looking statements are expressly qualified in their entirety by this cautionary statement. Because these forward-looking statements are subject to a number of risks and uncertainties, IntelGenx’s actual results could differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the heading “Risk Factors” in IntelGenx’s annual report on Form 10-K, filed with the United States Securities and Exchange Commission and available at www.sec.gov, and also filed with Canadian securities regulatory authorities at www.sedar.com. IntelGenx assumes no obligation to update any such forward-looking statements.

Source: IntelGenx Technologies Corp.

For IntelGenx:

Stephen Kilmer
Investor Relations
(647) 872-4849
stephen@kilmerlucas.com

Or

Andre Godin, CPA, CA
President and CFO
IntelGenx Corp.
(514) 331-7440 ext 203
andre@intelgenx.com

Goodness Growth Holdings Announces First Quarter 2022 Results

– First quarter GAAP revenue of $15.6 million increased 18.2% compared to 2021 –

– Excluding discontinued operations, first quarter revenue increased 34.5% YoY –

MINNEAPOLIS, May 11, 2022 /PRNewswire/ — Goodness Growth Holdings, Inc. (“Goodness Growth” or the “Company”) (CSE: GDNS) (OTCQX: GDNSF), a physician-led, science-focused cannabis company and IP incubator, today reported financial results for its first quarter ended March 31, 2022. All currency figures referenced in this press release reflect U.S. dollar amounts.

“Our first quarter results reflected continued growth across all of our markets besides Arizona, where we have been working through the loss of biomass related to weather impacts we’ve discussed previously,” said Chairman and Chief Executive Officer, Kyle Kingsley, M.D. “The recent launch of flower sales in Minnesota’s medical market is going exceptionally well for our Green Goods retail stores in the state, and we also expect the recent transition to adult-use sales in New Mexico to contribute to stronger sales growth throughout the remainder of this year. Our business will continue to benefit from these recent regulatory transitions in our markets, and we also believe it’s possible that adult-use sales could begin in New York sometime during the second half of 2022.”

Kingsley continued, “First quarter results were also impacted by an inventory adjustment in Arizona and impairments of long-lived assets in Arizona and Maryland. Given our pending transaction with Verano Holdings Corp. and the license overlaps in these markets, we’ve revised our operating plans. We recently wound down operations at the outdoor farm in Amado, Arizona, and will no longer pursue the phase two expansion in Massey, Maryland. We are continuing to focus on our expansion in New York, and expect the pending transaction with Verano to close sometime during the fourth quarter.”

Summary of Key Financial Metrics
Three Months Ended
US $ in millions	March 31,
	2022		2021		Variance
GAAP Revenue	$15.6		$13.2		18.2%
Revenue (excl. OH and AZ dispensary)	$15.6		$11.6		34.5%
GAAP Gross Profit	$2.5		$5.6		-55.4%
Gross Profit Margin	15.9%		42.6%		-2,670 bps
SG&A Expenses	$9.3		$8.0		16.3%
SG&A Expenses (% of Sales)	59.6%		60.6%		-100 bps
Adjusted EBITDA (non-GAAP)	($2.6)		($1.8)		NM
Adjusted EBITDA Margin (non-GAAP)	(16.7%)		(13.5%)		-320 bps

First Quarter 2022 Financial Summary

Total revenue in the first quarter was $15.6 million, an increase of 18.2 percent as compared to Q1 2021. Excluding contributions from Ohio and Arizona retail, total revenue increased 34.5 percent and reflected growth in each of the Company’s other markets. Retail revenue excluding Arizona increased 40.3 percent to $12.4 million in Q1 2022. Wholesale revenue, excluding Ohio increased by 17.3 percent to $3.2 million, reflecting strong growth in Maryland, New York, and Minnesota, partially offset by a decline in the Arizona market.

Gross profit was $2.5 million, or 15.9 percent of revenue, as compared to gross profit of $5.6 million or 42.6 percent of revenue in Q1 last year. The decline in gross profit margin was driven primarily by an inventory valuation adjustment of $3.4 million related to write downs of Arizona inventory to net realizable value as compared to the prior-year quarter. Excluding inventory valuation adjustments, gross margins were relatively flat.

Total operating expenses in the first quarter were $10.2 million, a reduction of $0.2 million as compared to $10.4 million in the first quarter of 2021. The decline in total expenses was attributable to a decrease in stock-based compensation of approximately $1.4 million, partially offset by an increase in general and administrative expenses of $1.2 million which was driven by professional fees related to the pending Verano transaction, and increased salaries.

Total other expenses were $8.5 million during Q1 2022, compared to other expense of $0.5 million in Q1 2021. The variance in other expenses was primarily attributable to a loss on impairment of long-lived assets of $5.3 million driven by write-offs in Maryland and Arizona, and increased interest expense related to the Company’s credit facility.

EBITDA, as described in accompanying non-GAAP reconciliation, was a loss of $10.7 million during Q1 2022, compared to a loss of $3.5 million in Q1 2021. Adjusted EBITDA was a loss of $2.6 million in Q1 2022, as compared to a loss of $1.8 million in Q1 2021. Please refer to the Supplemental Information and Reconciliation of Non-GAAP Financial Measures at the end of this press release for additional information.

Net loss in Q1 2022 was $14.6 million, as compared a loss of $6.9 million in Q1 2021. The variance compared to the prior year was driven by the write-down of Arizona inventory to realizable value, the impairment of long-lived assets and increased interest expenses.

Other Events

On February 1, 2022, the Company announced that it has entered into a definitive arrangement agreement with Verano Holdings Corp. pursuant to which Verano will acquire all of the issued and outstanding shares of the Company in an all-share transaction valued at the time of announcement of approximately US $413 million on a fully-diluted basis. Under the terms of the Arrangement Agreement, each holder of Goodness Growth subordinate voting shares will receive 0.22652 of a Verano Class A subordinate voting share for each Goodness Growth subordinate voting share held and each holder of Goodness multiple voting shares and Goodness Growth super voting shares will receive 22.652 Verano Shares for each Goodness Growth multiple voting share and Goodness Growth super voting share held, respectively. The transaction is subject to the approval of shareholders; the approvals of the Supreme Court of British Columbia; receipt of U.S. regulatory approvals and New York State regulatory requirements; and other customary conditions of closing.

On March 1, 2022, the Company began the sale of smokeable cannabis flower in Minnesota’s medical cannabis program. At launch, the Company had six strains of flower available at all eight of its Green Goods^™ dispensaries in Minnesota, and today it is producing approximately 25 strains of cannabis for patients. Select strains of the Company’s smokeable cannabis flower are also available for purchase at all other registered medical cannabis dispensaries in the state to help ensure that all Minnesotans have access to cannabis flower.

On April 1, 2022, the Company began adult-use sales in New Mexico. The Company’s cultivation facility in the state is now producing approximately 30 strains of cannabis for patients and customers, and its four Green Goods^™ dispensaries in Albuquerque, Gallup, Las Cruces, and Santa Fe are now selling both medical and adult-use products including whole flower, vapes, pre-rolls, beverages and extracts.

Balance Sheet and Liquidity

As of March 31, 2022, the Company had 128,111,328 equity shares issued and outstanding on an as-converted basis, and 159,693,031 shares outstanding on an as-converted, fully diluted basis.

As of March 31, 2022, total current assets were $38.8 million, including cash on hand of $8.6 million. Total current liabilities were $20.5 million.

About Goodness Growth Holdings, Inc.

Goodness Growth Holdings, Inc., is a physician-led, science-focused holding company whose mission is to bring the power of plants to the world. The Company’s operations consist primarily of its multi-state cannabis company subsidiary, Vireo Health, and its science and intellectual property incubator, Resurgent Biosciences. The Company manufactures proprietary, branded cannabis products in environmentally friendly facilities and state-of-the-art cultivation sites, and distributes its products through its growing network of Green Goods^® and other retail locations and third-party dispensaries. Its team of more than 500 employees are focused on the development of differentiated products, driving scientific innovation of plant-based medicines and developing meaningful intellectual property. Today, the Company is licensed to grow, process, and/or distribute cannabis in seven markets and operates 18 dispensaries across the United States. For more information about Goodness Growth Holdings, please visit www.goodnessgrowth.com.

Additional Information

Additional information relating to the Company’s first quarter 2022 results will be available on EDGAR and SEDAR on May 11, 2022. Goodness Growth refers to certain non-GAAP financial measures such as Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and adjusted EBITDA (defined as earnings before interest, taxes, depreciation, and amortization, less certain non-cash equity compensation expense, one-time transactions, and other non-recurring non-cash items. These measures do not have any standardized meaning and may not be comparable to similar measures presented by other issuers. Please see the Supplemental Information and Reconciliation of Non-GAAP Financial Measures at the end of this news release for more detailed information regarding non-GAAP financial measures.

Contact Information
Investor Inquiries:	Media Inquiries:
Sam Gibbons	Amanda Hutcheson
Vice President, Investor Relations	Corporate Communications
samgibbons@goodnessgrowth.com	amandahutcheson@goodnessgrowth.com
(612) 314-8995	(919) 815-1476

Forward-Looking Statement Disclosure

This press release contains “forward-looking information” within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes “financial outlooks” within the meaning of applicable United States or Canadian securities laws, such information is being provided as preliminary financial results and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as “should,” “may,” “continue,” “expect,” “outlook,” “will,” “believe,” “subject to,” “plans,” and “pending,” or variations of such words and phrases. These statements should not be read as guarantees of future performance or results. Forward-looking information includes both known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements or information contained in this press release. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein and in our Annual Report on Form 10-K filed with the Securities Exchange Commission. Our actual financial position and results of operations may differ materially from management’s current expectations and, as a result, our revenue, adjusted EBITDA, and cash on hand may differ materially from the values provided in this press release. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management’s experience and perception of trends, current conditions, and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, risks related to the timing of adult-use legislation in markets where the Company currently operates; current and future market conditions, including the market price of the subordinate voting shares of the Company; risks related to the COVID-19 pandemic; federal, state, local, and foreign government laws, rules, and regulations, including federal and state laws in the United States relating to cannabis operations in the United States and any changes to such laws; operational, regulatory and other risks; execution of business strategy; management of growth; difficulty to forecast; conflicts of interest; risks inherent in an agricultural business; liquidity and additional financing; the timing of adult-use sales in New York; the Company’s ability to meet the demand for flower in Minnesota; risk of delay in consummation of or failure to consummate the transaction with Verano; and risk factors set out in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which is available on EDGAR with the U.S. Securities and Exchange Commission and filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.  

The statements in this press release are made as of the date of this release. Forward-looking statements in this press release, other than the statements regarding the proposed arrangement with Verano, do not assume the consummation of such proposed arrangement unless specifically stated otherwise. Except as required by law, we undertake no obligation to update any forward-looking statements or forward-looking information to reflect events or circumstances after the date of such statements.

Supplemental Information

The financial information reported in this news release is based on unaudited financial statements for the fiscal quarters ended March 31, 2022 and March 31, 2021. All financial information contained in this news release is qualified in its entirety with reference to such financial statements. To the extent that the financial information contained in this news release is inconsistent with the information contained in the Company’s audited financial statements, the financial information contained in this news release shall be deemed to be modified or superseded by the Company’s audited financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws.

GOODNESS GROWTH HOLDINGS, INC
CONSOLIDATED BALANCE SHEETS AS OF 3/31/22 AND 12/31/21
(Amounts Expressed in USD, Unaudited and Condensed)
		March 31,		December 31,
		2022		2021
Assets
Current assets:
Cash		$	8,601,217		$	15,155,279
Accounts receivable, net of allowance for doubtful accounts of $482,038 and $572,080, respectively			6,267,347			4,502,469
Inventory			18,259,329			20,422,061
Prepayments and other current assets			3,437,124			1,560,113
Assets Held for Sale			2,185,523			—
Total current assets			38,750,540			41,639,922
Property and equipment, net			93,307,000			99,488,559
Operating lease, right-of-use asset			8,187,410			8,510,499
Notes receivable, long-term			3,750,000			3,750,000
Intangible assets, net			9,943,746			10,184,289
Goodwill			183,836			183,836
Deposits			1,994,890			1,718,206
Deferred tax assets			4,610,000			1,495,000
Total assets		$	160,727,422		$	166,970,311
Liabilities
Current liabilities
Accounts Payable and Accrued liabilities		$	17,685,524		$	14,805,473
Right of use liability			1,702,825			1,600,931
Liabilities held for sale			1,129,249			—
Total current liabilities			20,517,598			16,406,404
Right-of-use liability			79,917,552			80,228,097
Long-Term debt			31,210,645			27,329,907
Total liabilities		$	131,645,795		$	123,964,408
Stockholders’ equity
Subordinate Voting Shares ($- par value, unlimited shares authorized; 84,111,628 shares issued and outstanding)			—			—
Multiple Voting Shares ($- par value, unlimited shares authorized; 374,586 shares issued and outstanding)			—			—
Super Voting Shares ($- par value; unlimited shares authorized; 65,411 shares issued and outstanding, respectively)			—			—
Additional Paid in Capital			179,071,928			178,429,422
Accumulated deficit			(149,990,301)			(135,423,519)
Total stockholders’ equity		$	29,081,627		$	43,005,903
Total liabilities and stockholders’ equity		$	160,727,422		$	166,970,311

GOODNESS GROWTH HOLDINGS, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2022 AND 2021
(Amounts Expressed in USD, Unaudited and Condensed)
		Three Months Ended
		March 31,
		2022		2021
Revenue		$	15,638,572		$	13,189,889
Cost of sales
Product costs			9,682,977			7,506,048
Inventory valuation adjustments			3,466,917			68,000
Gross profit			2,488,678			5,615,841
Operating expenses:
Selling, general and administrative			9,277,969			8,035,991
Stock-based compensation expenses			642,506			2,046,618
Depreciation			156,096			171,562
Amortization			172,267			206,443
Total operating expenses			10,248,838			10,460,614
Loss from operations			(7,760,160)			(4,844,773)
Other income (expense):
Impairment of long-lived assets			(5,313,176)			—
Gain on disposal of assets			168,359			437,107
Interest expenses, net			(4,601,799)			(1,026,146)
Other income (expenses)			1,199,994			56,668
Other income (expenses), net			(8,546,622)			(532,371)
Loss before income taxes			(16,306,782)			(5,377,144)
Current income tax expenses			(1,375,000)			(1,735,000)
Deferred income tax recoveries			3,115,000			235,000
Net income (loss) and comprehensive income (loss)			(14,566,782)			(6,877,144)
Net income (loss) per share – basic and diluted		$	(0.11)		$	(0.06)
Weighted average shares used in computation of net income (loss) per share – basic & diluted			128,111,328			116,103,635

GOODNESS GROWTH HOLDINGS, INC
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2022 AND 2021
(Amounts Expressed in USD, Unaudited and Condensed)
		March 31,
		2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(14,566,782)		$	(6,877,144)
Adjustments to reconcile net loss to net cash used in operating activities:
Inventory valuation adjustments			3,466,917			68,000
Depreciation			156,096			171,562
Depreciation capitalized into inventory			700,193			508,358
Non-cash operating lease expense			274,067			286,296
Amortization of intangible assets			172,267			206,443
Stock-based payments			642,506			2,046,618
Interest Expense			996,157			—
Impairment of long-lived assets			5,313,176			—
Deferred income tax			(3,115,000)			(235,000)
Accretion			1,384,812			91,507
Gain on disposal of OMS			—			(437,107)
Gain on disposal of royalty asset			(168,359)			—
Change in operating assets and liabilities:
Accounts Receivable			(1,764,878)			(52,521)
Prepaid expenses			(1,877,011)			(886,714)
Inventory			(1,255,162)			(1,875,784)
Accounts payable and accrued liabilities			2,880,051			1,885,815
Change in assets and liabilities held for sale			—			124,843
Net cash used in operating activities		$	(6,760,950)		$	(4,974,828)
CASH FLOWS FROM INVESTING ACTIVITIES:
PP&E Additions		$	(2,173,430)		$	(4,922,251)
Proceeds from sale of royalty asset			236,635			—
Acquisition of MJ Distributing			—			(1,592,500)
Proceeds from sale of OMS net of cash			—			1,150,000
Deposits			(276,684)			(1,595)
Net cash provided by (used in) investing activities		$	(2,213,479)		$	(5,366,346)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of issuance costs		$	2,884,581		$	23,162,526
Proceeds from option exercises			—			966,156
Lease principal payments			(464,214)			(332,137)
Net cash provided by financing activities		$	2,420,367		$	23,796,545
Net change in cash and restricted cash		$	(6,554,062)		$	13,455,371
Cash and restricted cash, beginning of period		$	15,155,279		$	27,105,680
Cash and restricted cash, end of period		$	8,601,217		$	40,561,051

Reconciliation of Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA are non-GAAP measures and do not have standardized definitions under GAAP. The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non- GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented.

Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
		Three Months Ended
		March 31,
		2022		2021
Net income (loss)		$	(14,566,782)		$	(6,877,144)
Interest expense, net			4,601,799			1,026,146
Income taxes			(1,740,000)			1,500,000
Depreciation & Amortization			328,363			378,005
Depreciation included in cost of goods sold			700,193			508,359
EBITDA (non-GAAP)		$	(10,676,427)		$	(3,464,634)
Inventory adjustment			3,466,917			68,000
Loss on impairment of long-lived assets			5,313,176			—
Stock-based compensation			642,506			2,046,618
Other income			(1,190,619)			—
Gain on disposal of assets			(168,359)			(437,107)
Adjusted EBITDA (non-GAAP)		$	(2,612,806)		$	(1,787,123)

View original content to download multimedia:https://www.prnewswire.com/news-releases/goodness-growth-holdings-announces-first-quarter-2022-results-301544551.html

SOURCE Goodness Growth Holdings, Inc.