Nabis Holdings Inc (CSENAB) (OTCMKTS:NABIF) published fiscal third-quarter results Wednesday and provided a shareholder update.
The three months ended July 31 were largely spent expanding the company’s US footprint.
In May, the Nabis bought an extraction and production facility in Washington State, and the next month, agreed to acquire Desert’s Finest, a 6,000-square-foot dispensary in Desert Hot Springs, California.
Meanwhile, it launched an exclusive CBD brand known as BIS, or “Be in Synergy,” and announced a strategic alliance with CannaKorp for its Wisp Vaporizing System.
It also acquired a 49% stake in Cannova Medical, an Israeli company that developed an alternative oral method of cannabis consumption known as the sublingual strip.
“We continue to make progress on our strategic plan by diligently working on and closing acquisitions in Arizona, California, Michigan and Washington,” CEO Shay Shnet said.
Overall, Nabis’ assets clocked in at $44 million, including $20.3 million in cash and $19.5 million in working capital.
The company saw a net loss in the quarter of $5.2 million, compared to a $60,000 loss in the third quarter a year ago.
“We are pleased to report a strong balance sheet with a cash balance that will fund us through our previously announced acquisitions,” added Shnet. “With our enhanced leadership at the helm, we look forward to reaching many milestones performance on our strategic initiatives.”
On Tuesday, the company announced the appointment of Nicole Rusaw as CFO, an executive Shnet called “an experienced public company leader with a proven track record.”
This quarter, the company has continued to grow its portfolio, acquiring a 44,000-square-foot cultivation, fulfillment and production facility located near Phoenix. The company said it plans to use the facility as the hub of its operations.
That purchase was done in September, and pairs with a deal made in August to buy a licensed medical marijuana business, which included a Phoenix dispensary.
“With a definitive agreement signed on a Phoenix, Arizona based dispensary along with a manufacturing & supplier agreement in Arizona for WISP, a unique vaporizing solution, we are excited about the opportunity for Nabis in this state,” Shnet said.
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