High Hampton Holdings Corp. Reports the Fourth Quarter 2018 Financial Results and Provides an Operational and Corporate Update
High Hampton Holdings Corp. (CSE:HC) (FSE: 0HCN) (“High Hampton” or the “Company”) immediately introduced that it has filed its Consolidated Audited Financial Statements for the yr ended August 31, 2018.
High Hampton Holdings Corp. (CSE:HC) (FSE: 0HCN) (“High Hampton” or the “Company”) immediately introduced that it has filed its Consolidated Audited Financial Statements for the yr ended August 31, 2018. The Consolidated Financial Statements and Management Discussion and Analysis can be found on SEDAR at www.sedar.com.
QUARTER ENDED AUGUST 31, 2018 HIGHLIGHTS:
- Liquidity stays robust with over $15 million in money as at August 31st, 2018.
- On June 7, 2018, the City of Coachella Ratified the Approval of a Conditional Use Permit (CUP) for High Hampton’s CoachellaGro Operation to domesticate medicinal hashish.
- On June 21, 2018, the Company acquired all the membership pursuits of 420 Realty (“420”). 420 has a number of permits in the City of Cudahy, CA (Greater Los Angeles Area), for a Development Agreement together with hashish cultivation (processing solely), distribution and a retail, non-store entrance license. The Company has utilized for 3 extra licenses to allow additional cultivation, nursery and manufacturing.
- On July 10, 2018, High Hampton efficiently closed the acquisition of 8 Points Management LLC and Bravo Distro LLC.
- On July 16, 2018, the Company introduced that it has engaged main world greenhouse design firm Aurora Larssen Projects Inc. (“ALPS”) for the design and help of its CoachellaGro Cannabis Cultivation Facility. ALPS is an entirely owned subsidiary of Aurora Cannabis Inc. (ACB.TSX.)
SUBSEQUENT TO THE QUARTER:
- On October 3, 2018, High Hampton introduced that it has secured 7 Megawatts of energy for its CoachellaGro facility pursuant to a Will Serve Letter from the Imperial Irrigation District (“IID”) with a affirmation to accommodate the CoachellaGro cultivation amenities by way of an current transmission line alongside Harrison Street the place the CoachellaGro operations are situated.
- On November 12, 2018, the Company accomplished the buy of Mojave Jane’s with the issuance of 8,974,352 frequent shares of the Company. Mojave Jane is a California licensed producer of premium hashish extracts and concentrates for the California markets. Based in Coachella, CA, and licensed for risky and non-volatile manufacturing, Mojave Jane presently makes use of state of the artwork CO2 extraction applied sciences and confirmed distillation methods to create merchandise for each leisure and medical hashish customers.
OPERATIONAL UPDATE:
In California, success in the hashish enterprise is constructed on the potential to supply high quality merchandise and manufacturers that stay inside the State’s complicated regulatory setting, and management distribution of these merchandise all through the state. We are pleased with our progress made in the previous yr. In a really quick interval we’ve got grown to type a Company with a licence to develop in Coachella to 1 with State-wide distribution and distinctive and compelling manufacturers.
Revenue will arrive in Q1 of 2019. Two of High Hampton’s present manufacturers, Cali-Gold and Mojave Jane are effectively acknowledged for high quality and have cleared the State’s licensing hurdles and begun operations. Experienced groups are in place and all essential gear is already available or has been ordered. Both companies will produce and ship merchandise and ship income in the first quarter of 2019 and present important development throughout the yr.
Distribution is subsequent. Bravo, High Hampton’s cornerstone distribution enterprise, has made wonderful progress towards operations as effectively. A 15,000 sq. foot facility is underneath lease in West Sacramento. The applicable purposes have been submitted, and the facility and the enterprise anticipate to be licensed in early Q2 and operational in late Q2 of 2019. A confirmed workforce with a protracted historical past of success in the distribution is in place to navigate the complicated distribution rules, function the enterprise, and create and keep market presence and demand. Bravo will, after all, distribute the full line of merchandise from Mojave Jane and CaliGold.
Vertical integration throughout the portfolio has begun. High Hampton’s facility in Cudahy, CA has met its milestones as we shut the yr. The conditional use allow has been obtained, together with the essential improvement settlement, metropolis permits, and State momentary licenses to function. Those licenses enable us to construct out the Cudahy facility and start constructing out expanded manufacturing (Type 7), distribution, product manufacturing, and R&D degree cultivation to develop and refine particular hashish strains.
Design and improvement of CoachellaGro continues. High Hampton’s 11-acre property in Coachella, CA obtained its conditional use allow, permitting design to start. Additionally, energy has been dedicated to the property on a scale that matches the full buildout plan. Design and improvement of CoachellaGro are being carried out in a modular vogue to permit High Hampton to answer the altering market dynamics for flower and bio-mass in California.
2019 will likely be an energetic and thrilling yr. In 2019, High Hampton will safe its full provide chain from the plant to distillates and concentrates to edibles and flower-based merchandise. Establishing our manufacturers and controlling the distribution of these manufacturers to California’s largest markets in the North and the South will present “touch” from the plant to the shopper. And that degree of management and perception will enable us to thrive as the market evolves and hold us in good standing with respect to evolving rules.
CORPORATE UPDATE:
Our board and administration are dedicated to working a enterprise with the highest requirements of integrity, accountability and transparency. When complaints are made that contradict these requirements be assured that we take them critically and examine them totally. With the public launch of our 2018 annual audited monetary statements the Board of administrators thought it was well timed to handle Paul Mann’s (“the Complainant”) press launch of October 22, 2018. That press launch comprises false statements, is very deceptive and defamatory.
Upon receipt of the Complainants supplies the Board instantly instructed administration to carry out an inside assessment and report their findings. That assessment highlighted inaccuracies in the supplies and did not substantiate any of the opinions of the Complainant. The inside assessment additionally confirmed a management setting during which governance and controls are functioning appropriately.
In the opinion of our auditors, Manning Elliott LLP, the consolidated monetary statements present pretty, in all materials respects, the monetary place of High Hampton Holdings Corp. as at August 31, 2018 and 2017, and its monetary efficiency and its money flows for the years then resulted in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board
Despite the affirming proof that we do issues proper, our Board understands and is dedicated to its fiduciary duties to behave in the greatest curiosity of all shareholders. We consider this dedication is greatest expressed with the recruitment of seasoned unbiased administrators. Our board has been energetic and aggressive on this initiative with two new unbiased administrators becoming a member of our board over the previous 6 months. Board independence and recruitment will proceed to be a prime precedence in 2019.
Our primary precedence continues to be executing on our operational excellence and compliancy data to ship robust outcomes that drive long run shareholder worth. Creating a robust administration workforce with an “earnings matters” focus is a cornerstone to this worth creation. With the latest addition of Gary Latham as CEO and Tom Baird as COO to the administration group that focus has begun. Q1 2019 will see our preliminary revenues. Additional updates will likely be supplied as we progress by way of the yr towards the desired outcomes of development and monetary sustainability in 2019.
About High Hampton Holdings Corp.
High Hampton Holdings Corp. is a hashish sector funding firm centered on alternatives in California striving to turn into the largest consolidator in the medicinal hashish sector. The Company has assembled a stellar workforce with hashish, capital markets, compliance, political, licensing and manufacturers & merchandise provide chain expertise and aggressively develops its wholly owned subsidiaries towards sustainable development and energetic operations:
CoachellaGro Corp., a California company centered on the improvement of a 254,000 sq ft. greenhouse facility located in the hashish industrial park situated in Coachella, California with a legitimate conditional use allow (CUP) for the improvement of a full-service manufacturing facility so as to serve third social gathering state licensed medicinal marijuana operators.
420 Realty, LLC has utilized for a number of permits to vertically combine in the City of Cudahy, CA (Greater Los Angeles Area), for a improvement settlement (DA) together with hashish cultivation, nursery, manufacturing, supply, and distribution licenses on a single parcel location. 8 Points Management, LLC serves the hashish business with gross sales, advertising and marketing, transportation, and provide chain administration providers by way of its subsidiary Bravo Distro LLC. Bravo’s prospects embody California storefront dispensaries, supply providers, and chain shops, in addition to non-retail accounts of hashish comparable to producers, cultivators, and the rising CBD medical market of clinics, universities, analysis, veterinary, and different sciences with an increasing buyer base.
CALIGOLD is serving the edibles market by crafting America’s best high quality “medicinal-grade” hashish edible merchandise combining artwork and science to ship revolutionary creations and adhere to vital business requirements in consistency, dosing accuracy, and compound formulation.
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Stock Exchanges
High Hampton trades in Canada, ticker image HC on the CSE, and in Europe, ticker image 0HCN on the FSE. Neither the CSE, nor the FSE has permitted nor disapproved the contents of this press launch. Neither the CSE, nor the FSE accepts accountability for the adequacy or accuracy of this launch.
Marijuana Industry Involvement
Canadian listings (CSE) will stay in good standing so long as they supply the disclosure that’s rightly required by regulators and complying with relevant licensing necessities and the regulatory framework enacted by the relevant state during which they function. Marijuana is authorized in sure states nonetheless marijuana stays unlawful underneath US federal regulation and the method to enforcement of US federal regulation towards marijuana is topic to alter. Shareholders and traders have to be conscious that antagonistic enforcement actions may have an effect on their investments and that High Hampton’s potential to entry personal and public capital might be affected and or couldn’t be obtainable to help persevering with operations.
On behalf of the Board of Directors
High Hampton Holdings Corp.
Certain statements contained on this press launch represent forward-looking info. These statements relate to future occasions or future efficiency. The use of any of the phrases “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and related expressions and statements regarding issues that aren’t historic information are supposed to determine forward-looking info and are based mostly on the Company’s present perception or assumptions as to the final result and timing of such future occasions. Actual future outcomes might differ materially. In specific, this launch comprises forward-looking info regarding the intention of the events to finish the Acquisition and sure ancillary transactions contemplated thereby. These transactions are topic to quite a few materials dangers, and there isn’t a assurance that they are going to be accomplished on the phrases or inside the timeframes presently contemplated, or in any respect. The forward-looking info contained on this press launch is made as of the date hereof and the Company will not be obligated to replace or revise any forward-looking info, whether or not on account of new info, future occasions or in any other case, besides as required by relevant securities legal guidelines. Because of the dangers, uncertainties and assumptions contained herein, traders shouldn’t place undue reliance on forward-looking info. The foregoing statements expressly qualify any forward-looking info contained herein.
All financial references herein seek advice from Canadian {dollars} until in any other case specified.
SOURCE High Hampton Holdings Corp.
For additional info: 8 Wellington St. E. Mezzanine Level | Toronto, On | M5E 1C5 | www.HighHampton.com; Gary Latham, Chief Executive Officer, Email: glatham@highhampton.com, Phone: 703.629.5338; Christian Scovenna, Director, Email: christian@HighHampton.com, Phone: 416.453.4708
