Press release from Companies
Publicerat: 2019-08-20 14:54:41
STENOCARE A/S (“STENOCARE”) today announces its results for the period 01.01.2019 – 30.06.2019. The report is available as an attached file and on www.stenocare.dk/investor/EN.
Thomas Skovlund Schnegelsberg, CEO of STENOCARE, comments: “The medical cannabis industry is young and defined by almost limitless demand and varying degrees of turbulence. Referring to our press release earlier this morning regarding additional cultivation related issues identified at CannTrust, we are now in a new situation regarding the STENOCARE products from CannTrust and will work with the Danish Medicines Agency to review this situation. This will have a negative consequence on profit and the cash flow in 2019 and 2020 and give us set back according to deliver products to the Danish market. At the current time, we are also negatively influenced by governance issues that surfaced after the end of the second quarter 2019, relating to non-compliance issues by CannTrust. As a precaution, and despite an external laboratory has tested the product quality STENOCARE decided with the Danish Medicines Agency to enforce a quarantine on all products. This will be maintained until the situation has been cleared with the Canadian Health Authorities. Needless to say, this has had negative adverse effect on our sales and profits, both in the second quarter due to reversed sales and generally in the current third quarter. It has to be highlighted that STENOCARES development so far has been intense and eventful and the second quarter was no exception. During the quarter, we started cultivating medical cannabis at our facility in Jutland, and also announced that STENOCARE - as the first vendor in Denmark - had received licenses to sell medical cannabis in capsules. Both of these events were important milestones for STENOCARE. We have focused on our preparations for being able to grow and sell own produced products at scale to the market, domestically as well as internationally. The board of directors of STENOCARE have also tasked the management team with identifying additional partners for sourcing medical cannabis products for the Danish market.” Second quarter 2019 (1 April 2019 – 30 June 2019) First half-year 2019 (1 January 2019 – 30 June 2019) The Company’s result per share: The result for the period divided by the average number of shares. Total number of shares as of June 30th, 2019, amounted to 8,942,762 (5,681,818*). Average number of shares for the second quarter 2019 is 8,942,762 (5,681,818*). Solidity: Equity divided by total capital. *Adjusted for a reversed split in connection with the IPO. Highlights during the period June 2019, STENOCARE announced that the cultivation of medical cannabis plants has commenced at its facility in Jutland. The first harvest is expected later during Q3 2019. Highlights after the period This information is information that STENOCARE A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on August 20th, 2019. For additional information regarding STENOCARE, please contact: Thomas Skovlund Schnegelsberg, CEO Phone: +45 31770060 E-mail: presse@stenocare.com STENOCARE A/S was founded in 2017 with the purpose of being an active participant in the Danish medical cannabis pilot programme. The company was first to receive the Danish Medicines Agency"s permission to import, distribute as well as cultivate and produce medical cannabis. The company offers medical cannabis oil that comply with the strict Danish regulatory requirements. STENOCARE is building a state-of-the-art production facility for the cultivation and production of medical cannabis at the company’s premises in Jutland, Denmark.