Highlights for Q1 2019:
- Recorded sales of $1,080,882, representing 9% sales growth over the comparative quarter;
- Increased gross margin percentage to 77% for the quarter, a result of recognizing product formulation revenues, which yield larger gross margins; and
- Announced on March 4, 2019, that Delivra entered into a definitive arrangement agreement with Harvest One Cannabis Inc. (“Harvest One”), pursuant to which Harvest One will acquire all of the issued and outstanding common shares of Delivra. Under the terms of the agreement, shareholders of Delivra will receive 0.595 common shares of Harvest One for each Delivra share. Completion of the Arrangement remains subject to various closing conditions, including a final order by the Ontario Superior Court of Justice (Commercial List) (the “Court”) which was sought on May 29, 2019, as well as the satisfaction or waiver of all other conditions precedent for completion of the Arrangement, including those as set out in the Arrangement Agreement between the Corporation and Harvest One dated March 3, 2019 with respect to the Arrangement.