Nutritional High Announces Financial Results for 2019 Fiscal Year End – GlobeNewswire

TORONTO, Nov. 29, 2019 (GLOBE NEWSWIRE) — Nutritional High International Inc. (“Nutritional High” or the “Company“) (CSE: EAT, OTCQB: SPLIF) is pleased to announce its financial and business results and wishes to provide highlights and commentary on the results for financial year ended July 31, 2019.All Figures in Thousands CAD, unless otherwise stated
Green Therapeutics (Nevada) and Palo Verde (Colorado) financials are not consolidated in these results
*Historically, revenue was derived from lease and interest income, beginning fiscal Q3 2018, the Company started to earn revenue from Canabis sales
Fiscal 2019 Financial Highlights:
Revenue
   º  $23.6 million from the sale of Cannabis related products primarily via its wholly owned distributor in California, Calyx Brands Inc. (“Calyx”).
   º  Represents a year over year increase of 306%
   º  In the coming months, management fully expects to continue revenue growth from Calyx, while at the same time being able to consolidate revenue and financials from Green Therapeutics and directly enter the Colorado market.
 Gross Profit of 23.2%, indicating cost of goods sold of $18.1 million including costs of product purchase, direct labor related to products sales and an allocation of overhead directly attributable to product sales. Margin improvement of 10.1% year over year.  
 Operating expenses of $25.9 million, an increase of $16.2 million from prior year mainly attributed to the Company’s business and operations expansion. Key drivers are :
   º  Salaries, benefits and consulting fee: $8.4 million. The increase primarily comes from salaries and consulting fees in business acquisitions and operations in Calyx, Pasa Verde and Oregon as well as costs related to hiring and recruiting additional members to senior corporate management and several strategic advisors.
   º  General and administrative expenses: $2.8 million. This is mainly due to operations from Calyx and Pasa Verde, which were acquired in the third and fourth quarters of 2018 respectively.
   º  Sales,

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