LUFF Enterprises Announces First Quarter Financial Results And Provides Corporate Update
May 31st, 2022
News, Top News
Vancouver, B.C. – Luff Enterprises Ltd., (CSE: LUFF) (“LUFF” or the “Company”) is pleased to announce its financial results for the first quarter of 2022 and provide a corporate update.
The first quarter of 2022 was a transitional period for the Company as it downsized its operations footprint and focused on preserving cash and working capital balances. As at March 31, 2022, Luff had cash balances of $3.2 million and positive working capital of $5.2 million.
The Company’s key strategic initiatives for the remainder of 2022 are to further expand its online sales channels in the US, and to launch a new online sales initiative in Canada. To achieve this, the Company is actively pursuing opportunities to acquire an existing licensed producer in Canada. The Company is also pursuing opportunities to establish an online wellness marketplace. This aligns with our vision of providing high-quality wellness products that empower the lives of our customers.
Luff’s direct-to-consumer business model will allow the Company to connect growers and product manufacturers to users, providing better selection and fresh product at great prices. This will result in higher gross margins and efficiencies. This model will also include implementing new and expanded direct-to consumer marketing campaigns to bring awareness to Luff’s brands and product offerings.
Philip Campbell, LUFF CEO, commented “This online marketplace strategy allows us to offer a broader range of competitively priced products while capturing intermediary margins by selling directly to the final consumer. With the large oversupply of cannabis in Canada and the compression of wholesale prices, we believe this capital efficient, technology focused strategy will allow us to scale up sales quickly and efficiently while capturing strong gross margins.”
Through the successful execution of this strategy, the Company’s ultimate goal is to become the premier online cannabis dispensary in North America.
A complete set of Luff’s interim consolidated financial statements and Management’s Discussion & Analysis for the quarter ended March 31, 2022 will be filed on SEDAR (www.sedar.com) and posted on the Company’s website (www.luffbrands.com).
About Luff Enterprises Ltd.
LUFF is a hemp and wellness company, focused on providing premium quality, innovative products across the United States through its online store. Committed to plant-based science, LUFF produces and sources a suite of thoughtfully designed products to benefit a wide range of user needs.
Currently, the Company focuses on identifying unique products and formulations leveraging cannabinoids to empower people to realize the full potential of everyday life. LUFF’s scientifically formulated products are non-GMO, THC-free, 3rd party tested, and only crafted with hemp grown in the United States.
THE CANADIAN SECURITIES EXCHANGE (THE “CSE”) HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE CSE OR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release may contain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to 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 statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to 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 statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Luff assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
For further information:
Philip Campbell, CEO and Director
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