CEO of GABY Inc. to Present on GABY’s Strategy Live at VirtualInvestorConferences.com June 7th (GABLF)
SAN DIEGO, June 06, 2022 (GLOBE NEWSWIRE) — GABY Inc. (“GABY” or the “Company“) (CSE:GABY) (OTCQB:GABLF), a California consolidator of cannabis dispensaries and the parent company of San Diego’s Mankind Dispensary (“Mankind Dispensary“), is pleased to announce Margot Micallef, Founder and Chief Executive Officer of GABY Inc., will present live at VirtualInvestorConferences.com on June 7, 2022
DATE: June 7, 2022
TIME: 10:30 to 11 a.m. ET
Following the live presentation, Ms. Micallef will be available for 1×1 virtual meetings on June 8, 9 and 10 from 9 a.m. to 5 p.m. PT
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.
Recent Company Highlights
Following its acquisition of the Mankind dispensary in April of 2021, the Company recently confirmed its exclusive focus on its higher margin retail operations, terminating all of its lower margin wholesale distribution and manufacturing businesses. In the 12 months since acquisition of the Mankind dispensary, Management identified synergies and operational efficiencies and cut USD 3 million through reduction of payroll and operating costs implemented late Q4 2021. These cuts will be realized throughout 2022.
On May 30, 2022, the Company released its Q1-22 results and reported operating improvements as follows (monetary values are expressed in Canadian dollars)
A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5bff0373-735e-4f2c-91ed-931075eaaba8
Given Management’s relentless focus on operating efficiencies, the Company expects continued improvement in income from operations in 2022.
Margot Micallef, Founder and Chief Executive Officer of GABY, commented, “I’m pleased to be able to share the GABY story and strategy on VirtualInvestorConferences.com and look forward to the opportunity to speak to new and existing investors of GABY.”
GABY Inc. is a California-focused retail consolidator and the owner of Mankind Dispensary, one of the oldest licensed dispensaries in California. Mankind Dispensary is a well-known and highly respected dispensary with deep roots in the California cannabis community operating in San Diego. GABY curates and sells a diverse portfolio of products, including its own proprietary brands, Kind Republic™ Dank Space™ and Lulu’s™ through Mankind, A pioneer in the industry with a strong management team with experience in retail, consolidation, and cannabis, GABY is poised to grow its retail operations both organically and through acquisition.
GABY’s common shares trade on the Canadian Securities Exchange (“CSE”) under the symbol “GABY” and on the OTCQB under the symbol “GABLF”. For more information on GABY, visit www.GABYInc.com or the Company’s SEDAR profile at www.sedar.com
For further inquiries, please contact:
Margot Micallef, Founder & CEO or Investor Relations at IR@GABYinc.com
Senior Communications Manager
ABOUT VIRTUAL INVESTOR CONFERENCES®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Learn more about the event at www.virtualinvestorconferences.com
For Further inquiries please contact:
Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
Unless otherwise indicated, all references to “$” or “C$” in this press release refer to Canadian dollars and all references to “US$” in this Press Release refer to United States dollars.
Disclaimer and Forward-Looking Information
The CSE does not accept responsibility for the adequacy or accuracy of this release. Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, management’s expected continued improvement to GABY’s profitability in 2022, the estimated current and future cost savings of the Company, the Company’s future business strategy, including its plans to expand organically and through future acquisitions or greenfield expansions, and the anticipated benefits to be derived from GABY’s rationalization and cost cutting program. Although GABY believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because GABY can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Without limitation, these risks and uncertainties include: the severity of the COVID-19 pandemic; risks associated with the cannabis industry in general; failure to benefit from partnerships or successfully integrate acquisitions; actions and initiatives of federal, state and provincial governments and changes to government policies and the execution and impact of these actions, initiatives and policies; the size of the medical-use and adult-use cannabis market; competition from other industry participants; adverse United States (“U.S.“), Canadian and global economic conditions; failure to comply with certain regulations; and departure of key management personnel or inability to attract and retain talent. GABY undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
To the extent any information contained in forward-looking statements in this press release constitutes “future-oriented financial information” or “financial outlooks” within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated financial performance of the Company 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 future-oriented financial information or financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks set out above for forward-looking statements. The Company’s actual financial position and results of operations may differ materially from its management’s current expectations and, as a result, the Company’s actual revenue may differ materially from the prospective revenue estimates or projections provided in this press release. Such information is presented for illustrative purposes only and may not be an indication of the Company’s actual financial position or results of operations for the applicable financial periods.
Selected financial information outlined above for the Company’s Q1 2022 should be read in conjunction with, GABY’s interim annual financial statements and management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2022, which has been filed on the Company’s SEDAR profile at www.sedar.com and the Company’s website www.GABYinc.com.
Mankind operated through Miramar Professional Services Inc. along with its subsidiary Wild West Industries Inc. are direct or indirect subsidiaries of GABY and hold a cannabis license in the State of California. Readers are cautioned that unlike in Canada which has Federal 032320-F legislation uniformly governing the cultivation, distribution, sale and possession of medical cannabis under the Cannabis Act (Federal), in the U.S., cannabis is largely regulated at the State level. Cannabis is legal in the State of California; however, cannabis remains illegal under U.S. federal laws. Notwithstanding the permissive regulatory environment of cannabis at the State level, cannabis continues to be categorized as a controlled substance under the Controlled Substances Act in the U.S. and as such, cannabis-related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. federal law. To the knowledge of the Company, the businesses operated by each of GABY’s subsidiaries are conducted in a manner consistent with the State law of California, as applicable, and are in compliance with regulatory and licensing requirements applicable in the State of California, respectively. However, readers should be aware that strict compliance with State laws with respect to cannabis will neither absolve GABY, or its subsidiary of liability under U.S. federal law, nor will it provide a defense to any federal proceeding in the U.S. which could be brought against any of GABY, or its subsidiary. Any such proceedings brought against GABY, or its subsidiary may materially adversely affect the Company’s operations and financial performance generally in the U.S. market specifically.
(1) Adjusted EBITDA does not have any standardized meaning as prescribed by IFRS , and, therefore, is considered a non-GAAP measure and may not be comparable to similar measures presented by other issuers and should not be viewed as a substitute for measures reported under IFRS.. Adjusted EBITDA from continuing operations is used by management and investors to analyze the Corporation’s profitability based on the Corporation’s principal business activities regardless of how: these activities are financed; assets are depreciated and amortized, and results are taxed in various jurisdictions or subject to entity specific tax planning. It therefore excludes interest expense, taxes, depreciation, and items which management considers are not related to operational performance of its core businesses. In addition, Adjusted EBITDA provides an indication of the Corporation’s ongoing ability to service its debt, income taxes and capital expenditures and therefore excludes non-cash expenses. Readers should refer to GABY’s MD&A under section entitled “NON-GAAP DISCLOSURE” for a full description of why certain items are excluded from net loss in arriving at the non-GAAP measure Adjusted EBITDA.
Below is a reconciliation of the non-GAAP measure Adjusted EBITDA from continuing operations for the quarters ended March 31, 2022 and 2021:
A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/57257a03-5d3d-4b96-a2fa-c2590bf331bb