Day: August 18, 2021

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Newage Revenue Hits A New High Of $124 Million In The Second Quarter

NewAge
newage

NewAge, Inc. released its financial results for the second quarter of 2021, citing a net revenue rise of 98 percent to $124 million. The quarter’s gross profit increased by 120 percent year over year to $84 million. With basic profits per share of $0.11, the company’s EBITDA is $1.7 million.

“We experienced faster top and bottom-line performance in the second quarter, as well as sustained income statement improvement,” stated Brent Willis, NewAge’s Chief Executive Officer. “We completed the Aliven purchase in the third quarter, held a very successful annual meeting, further integrated ARIIX, generating further cost and revenue savings, and continued to expand our social selling efforts globally. As our plan develops, we reinforced our team and positioned NewAge for even more revolutionary performance.”

The net operating loss for the quarter was $9.6 million, compared to $8.8 million in the same period the previous year. The company’s net income was $17.4 million. For the quarter, cash and cash equivalents were $92 million, with a debt burden of $31.5 million, excluding lease liabilities. $9.7 million of the debt was canceled after the quarter ended.

“Our second-quarter results indicated remarkable progress in integrating our businesses and realizing revenue and cost synergies,” Willis added. “As we continue to build up more platforms and programs for our global sales force, we expect sustained solid returns from operations throughout the year. With distinct health and wellness brands and an on-trend D2C business system, a rising e-commerce Subscriber base, and an increasing and strengthening network of exclusive Brand Partner influencers, we feel we are stronger and better positioned than we have ever been.”

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Coway Establishes A Committee To Oversee Environmental, Social, And Governance Issues

coway
coway

Coway Co., Ltd. has formed an Environmental, Social, and Governance (ESG) committee that will report to the Board of Directors and be responsible for ensuring that the company’s actions are in line with its stated sustainability strategy. The committee’s primary goals will be climate change response and human rights measures. The committee will also be in charge of making decisions on ESG management strategies, long-term sustainability goals, and how to respond to key risks and opportunities.

Jangwon Seo, Coway’s co-CEO, and two independent directors, Jin-Bae Kim and Da-Woo Lee, will make up the committee. Jin-Bae Kim will chair the meeting and guarantee fairness.

A firm official stated, “We intend to integrate ESG activities throughout all corporate operations, and the ESG committee will enable this at every level.” “As the Best Life Solution Company, Coway will continue to carry out our ESG activities to fulfill stakeholder expectations and achieve global sustainability standards,” says the company.

Coway has also created an ESG Council, which includes representatives from the departments of environmental, human resources, ethics, research and development, and legal affairs.

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4life Manufacturing Facilities In Utah Receive a “A”

4life
4life

4Life recently signed a deal with NSF International, an independent third-party certification organization, to comply with current Good Manufacturing Practices (cGMP) and as a firm having FDA-registered food processing facilities in the United States. Procedures, facilities and equipment, documentation methods, grounds, cleanliness, and lab operations are all audited by NSF.

The company’s production plants in Sandy, Utah, and Vineyard, Utah, received an “A” rating and had no non-conformances throughout the audit.

“Achieving this level of compliance is not easy,” said Steve Pederson, Vice President of Quality. “This is the result of many individuals in the company, including our leaders, managers, and colleagues, putting in a lot of effort throughout the year. Many businesses claim to be dedicated to quality. We’ve gone beyond simply stating it; we’ve demonstrated it. This accreditation is about a dedication to our brand, our Affiliates, and our customers, not just compliance with regulations.”

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Subsidiaries Of The Medical Marijuana Industry Report The Highest Monthly Revenue In The Company’s History

medicalmarijuanainc
medicalmarijuanainc

In July 2021, Medical Marijuana stated that its subsidiaries HempMeds Mexico and Kannaway Japan, as well as its third-party production and distribution company, all had their best revenue months ever. In July, the firm Medical Marijuana as a whole reported its highest revenue month since November 2020, when it set a new record.

Medical Marijuana, Inc. CEO Blake Schroeder stated, “Success is earned, not acquired,” and “I can safely say that our employees throughout the world have been working harder than ever this year to reach financial and operational success benchmarks for the firm.” “Medical Marijuana, Inc. has been a pioneer and top-player in the cannabidiol (CBD) and hemp sectors for more than a decade and our recent successes demonstrate that we have no intention of abandoning that reputation. We will be the first genuinely global cannabis firm, and we are grateful to our customers for assisting us at every turn.”