Eve and Co - CEO, Melinda Rombouts
CEO, Melinda Rombouts
Source: The Market Herald Canada
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  • Eve & Co (EVE) reported gross revenues of $6.5 million in the first nine months of 2021
  • The company was able to lower its net loss for the first three quarters to just $298,000
  • The company has completed several additional shipments of cannabis to Germany and added new German customers over the course of the year
  • The company also announced today that it has granted 850,000 stock options to its directors, officers, and employees
  • Shares in Eve & Co Incorporated are down 6.90 per cent, trading at $0.135 per share

Eve & Co (EVE) reported gross revenues of $6.5 million in the first nine months of 2021.

This exceeds the $3.8 million in revenue for the entire 2020 fiscal year.

“We are very pleased with the success and progress of the Eve & Co team and the sales results of Q3 of the 2021 financial year,” said Eve & Co President and CEO Melinda Rombouts.

In addition to almost doubling revenue year-over-year, the company was able to lower its net loss for the first three quarters from $4.3 million in the same period of 2020 to $298,000 in 2021.

The company has completed several additional shipments of cannabis to its German customers, and in July signed an agreement with Adjupharm GmbH for the export of its dried cannabis flower to Germany.

And in August, Eve & Co announced that it had successfully completed its largest shipment, with an estimated retail value of $1.8 million, to a customer in Germany.

“Our focus has been on the emerging and growing foreign markets of Israel, Australia, Germany, and of the EU,” said Ms. Rombouts. “We expect our EU-GMP certification to allow Eve to continue to increase sales as these foreign markets mature and expand.”

In September, Eve & Co closed a private placement of 2,777,778 at $0.25 per share for gross proceeds of $500,000. This placement is with a multi-national medical cannabis company who will also lease of a portion of the cultivation area in the company’s Strathroy facility.

The company also announced today that it has granted 850,000 stock options to its directors, officers, and employees. The specific goals for the options vary based upon the duties and responsibility of the recipient, and each option is exercisable into one common share at $0.14 per share for a period of five years from the date of grant.

Eve & Co is engaged in the cultivation and sale of cannabis and its related products through its subsidiary Natural MedCo Ltd.

The company holds cultivation and processing licenses under the Canadian Cannabis Act, allowing it to produce and sell dried cannabis, cannabis plants, and cannabis oil.

Shares in Eve & Co Incorporated are down 6.90 per cent, trading at $0.135 per share as of 3:34 pm EST.

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