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Safe Supply Streaming Co. Ltd. (CSE: SPLY) reported its annual financial statements for the fourth quarter and full year ending Sept. 30, showing some positive activity following a recent restructure during the period.

Safe Supply faced a net loss of C$5.4 million for the fourth quarter of 2023, contributing to a total net loss of C$6.3 million for the entire fiscal year. The losses are mainly due to various operating and uplisting costs during the year.

The company spent C$331,604 on management and consulting fees in the fourth quarter and C$596,026 for the fiscal year, which covered key personnel and operational support.

Professional fees amounted to C$159,139 in the fourth quarter and C$587,381 for the year, associated with legal advice for operations and investments. The company also allocated C$80,745 in the fourth quarter and C$272,579 for full-year 2023 for other business development costs, including participation in trade shows.

Filings also mentioned some of the company’s recent investments, including partnerships with Cannalabs Science Inc., Safety Strips Tech Corp., and RAMM Pharmaceuticals.

Listing fees linked to the reverse takeover of Origin Therapeutics Holdings Inc. were significant, totaling C$4.8 million for both the fourth quarter and full-year 2023. The firm invested C$42,526 in both Q4 2023 and the fiscal year to prepare for going public and trading.

As of Sept. 30, 2023, Safe Supply had a working capital of C$1.95 million as well as cash and cash equivalents of C$3.77 million.

Safe Supply also conducted private placements during the fiscal year to address capital needs, raising gross proceeds of C$3.08 million. However, the report noted associated issuance costs totaling C$555,652.

Background

Origin Therapeutics Holdings was the precursor to Safe Supply, initially focusing on investments in psychedelics but eventually restructuring to create Safe Supply. The new entity is trying to position itself to invest in and support companies involved in the Canadian legal narcotics business, encompassing the entire supply chain from sourcing raw materials like coca leaves to manufacturing and distribution.

Health Canada’s issuance of licenses allowing companies to legally engage with substances such as cocaine and psilocybin is also attracting other players like Adastra Holdings Ltd. (CSE: XTRX), Filament Health Corp. (OTCQB: FLHLF), and Power Leaves to the playing field.

Safe Supply’s approach involves owning stakes in these companies, potentially generating revenue through royalties, advisory fees, and other financial mechanisms. The firm also wants to have a meaningful influence on investee companies, with board representation and special relationships.

The post Safe Supply posts Q4 uplisting costs ahead of new game plan appeared first on Green Market Report.

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Adam Jackson, KahliBuds, 420GrowLife