Yooma Wellness Reports Third Quarter 2022 Results, Canadian Business Journal

TORONTO, ON CANADA, November 29, 2022 (GLOBE NEWSWIRE) — Yooma Wellness Inc. (“Yuma” or “Company“) (CSE: YOOM, AQSE: YOOM), a Toronto-based global wellness platform that develops and markets a portfolio of wellness brands, today announced interim financial statements (“financial statement“) For the three-month and nine-month periods ended September 30, 2022 and September 30, 2021. A summary of Yooma’s financial highlights during the reporting periods is provided below. , is included in the financial statements and related management discussion and analysis available on Yooma’s SEDAR page at www.sedar.com.

Yooma CEO Jordan Greenberg commented: At the same time, costs were significantly lower year-over-year as the cost-cutting measures implemented earlier this year came into effect. In the meantime, we continue to explore various opportunities for asset sales, M&A, or other strategic transactions, and will update the market with the results of these efforts over time. “

Key financial highlights (Q.3 2022)

For the three months ended September 30, 2022, the company generated revenue of US$2.4 million (up 14% from US$2.1 million in Q3 2021) and total profit of US$400,000 (up from US$2.6 million 114% increase). Comprehensive losses incurred in Q3 2021). The company’s results for the quarter were, among other things, cost of sales of USD 1.8 million (up 17% from USD 1.6 million in Q3 2021) and expenses of USD 1.3 million (down 61% from USD 3.2 million in Q3 2021). decrease). Currency translation of USD 1 million in our favor.

The year-over-year increases in revenue and cost of goods sold were primarily due to the impact of Yooma’s completed acquisitions in the second half of 2021, most notably the UK acquisitions of Vitality CBD and Vertex Co., Ltd. in Japan. Significant year-on-year decrease in expenses due to lower trading activity in Q3 2022 compared to the same period last year and the closure of some of Yooma’s less profitable businesses in the US Thing. Ongoing efforts to streamline and streamline Yooma’s global platform.

All amounts are in US dollars.	for Three months period ends			3 months ended			for September period ends			9 months ended
	September 30			September 30			September 30			September 30
		2022			2021			2022			2021
Earnings	$	2,424,756		$	2,128,620		$	8,913,501		$	4,909,637
Cost of sales		(1,828,896	)		(1,568,512	)		(6,567,368	)		(3,776,668	)
gross profit	$	595,860		$	560,108		$	2,346,133		$	1,132,969
expense
depreciation	$	33,453		$	177,804		$	479,155		$	409,327
consulting fee		125,750			130,767			424,945			521,456
expert fee		104,831			363,172			437,734			1,264,899
Listing cost		–			–			–			960,725
stock compensation		45,723			574,839			408,139			674,441
Loss on disposal of fixed assets		–			–			981,904			–
Asset depreciation		–			–			–			134,810
debt forgiveness		44,585			–			(392,971	)		–
Fair value adjustment for discounted purchase price		–			–			328,412			–
office and administration		920,386			1,961,692			4,804,717			5,447,390
Liabilities guarantee fair value adjustments		(13,085	)		–			(155,867	)		–
Other income/income		(11,224	)		(14,402	)		(97,967	)		(77,250	)
		1,250,419			3,193,872			7,218,201			9,335,798
Deferred Income Tax Refund		29,738			–			421,761			–
net loss		(624,821	)	$	(2,633,765	)	$	(4,450,306	)	$	(8,202,830	)
Other General Gain (loss)
currency conversion		1,163,883			–			699,183			–
comprehensive Gain (loss)	$	539,062		$	(2,633,765	)	$	(3,751,123	)	$	(8,202,830	)
Loss per share – basic and diluted:	$	(0.01	)	$	(0.03	)	$	(0.04	)	$	(0.14	)
Weighted Average Number of Ordinary Shares Outstanding – Basic and Diluted:		100,859,744			78,389,781			100,859,744			60,310,551

About Yooma Wellness Inc.

Yooma’s mission is to build a global leader in the marketing, distribution and sale of wellness products containing hemp seed oil, hemp-derived and cannabinoid (CBD) ingredients. The company leverages its strategically curated sales channels and e-commerce network to offer a diverse mix of wellness products through its UK, French and Japanese subsidiaries. For more information, please visit www.yooma.ca.

Issuer Contact:
Jordan Greenberg, CEO
Email: [email protected]
Phone: 1-512-823-1678

Forward-Looking Statement

All information contained in this press release includes information regarding future financial or operating results and other statements of Yooma that express management’s expectations or estimates of future performance or activities other than statements of historical fact. and constitute forward-looking information or forward-looking statements. These statements are forward-looking statements within the meaning of applicable securities laws (collectively, “forward-looking statements”) and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are To provide information regarding management’s current expectations and plans for the future. Words such as “will”, “intention”, “believe”, “future”, “plan” are “Hope” “Continuation” or negative forms or other variations of these words are used to identify such forward-looking information. Specific forward-looking statements include, but are not limited to, all disclosures regarding future operating results, economic conditions and expected course of action, including statements regarding Yooma’s mission and strategic plans. not.this is in progress review of strategic options; and the nature and focus of Yooma’s business going forward.

There are a number of risks and uncertainties that may affect forward-looking statements. Uncertainty, Impact and Response to the COVID-19 Pandemic. reliance on licenses; competition; reliance on senior management and key personnel. General business risks and responsibilities. regulation of the CBD industry; changes in laws, regulations and guidelines; legal compliance; limited operating history; adverse publicity or consumer perception; product liability, intellectual property risks;Product recalls; Difficulty predicting; Managing growth; Litigation; Ability to effectively integrate existing and future acquisition targets into the platform. the impact of competition in the industry; Requirements for the provision of increasingly innovative product solutions and services. customer growth trend. Availability of funding to support future growth and working capital requirementstransaction activity and operations. Current working capital adequacy to support future working capital and working capital requirementsand other matters beyond Yooma’s control. The forward-looking statements contained herein reflect management’s current views and reasonable assumptions based on information currently available to management; We cannot be certain that it will be consistent with the forward-looking information. Yooma cautions you not to place undue reliance on such forward-looking statements. Yooma disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Nothing contained herein should be construed as an offer to sell or the solicitation of an offer to buy or sell securities of Yooma.

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