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BellRock Brands Confirms Previous 2020 Financial Guidance of Merged Companies; Issues 2021 Guidance

BellRock Expects to Continue Delivering Significant Revenue and Cash Flow Growth in 2021 with a Focus on Scaling Operations and Expanding its Brand PlatformDENVER, Jan. 13, 2021 /PRNewswire/ - BellRock Brands Inc. ("BellRock" or "the Company") (CSE: BRCK.U), an industry-leading cannabis consumer packaged goods ("CPG") multi-state operator ("MSO"), is reporting that it has exceeded its previously announced guidance of $40 million pro forma revenue for 2020 and is issuing revenue and adjusted EBITDA guidance for 2021. The 2020 guidance was based on pro forma revenue results as if BellRock Brands had been formed on January 1, 2020 via the business combination of BR Brands and Dixie Brands (the "Merger").
BellRock Brands Confirms Previous 2020 Financial Guidance of Merged Companies; Issues 2021 Guidance
BellRock enters the new year focused on scaling operations and expanding its brand platform. As a result, the Company expects to generate over $50 million in revenue for 2021, representing approximately 25% year-over-year growth, consistent with the Company's four-year topline compounded annual growth rate. BellRock is forecasted to achieve positive adjusted EBITDA and free cash flow for the year. The forecast is based on organic revenue growth only and does not reflect any potential M&A.A  In addition, the Company's forecast is fully funded from operations and does not require additional external capital. BellRock is committed to growing shareholder value by unlocking synergies from its recent merger and driving continued profitability in 2021. "I am incredibly proud of the BellRock team for the seamless integration we achieved as a result of the merger," said BellRock Brands CEO Chuck Smith. "Achieving our revenue target is a testament to the strength and resilience of our company and our people. Looking ahead to this year, we expect this momentum to continue as we remain focused on unleashing the power of this platform that we have built to drive shareholder value."
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