Steep Hill Inc. to Close Canadian Lab and Focus on US Operations
Steep Hill Inc. to Close Canadian Lab and Focus on US Operations
Toronto, Ontario--(Newsfile Corp. - September 2, 2022) - Steep Hill Inc. (CSE: STPH) ("Steep Hill" or the "Company") has made the decision close its analytical testing facility in Scarborough, Ontario on September 1, 2022. "Molecular Science Corp. (MSC) was one of the first purpose-built labs in the regulated cannabis sector in Canada. Changes in the market including price compression and increased costs have made ongoing operations unsustainable from profitability standpoint," said Sameet Kanade, CEO for Steep Hill.
安大略省多倫多-(Newsfile Corp.-2022年9月2日)-陡峭山公司(CSE：STPH)(“陡峭的山丘“或”公司已決定於2022年9月1日關閉其位於安大略省斯卡伯勒的分析測試設施。分子科學公司(MSC)是加拿大受監管的大麻部門首批專門建造的實驗室之一。從盈利的角度來看，包括價格壓縮和成本增加在內的市場變化使持續運營變得不可持續，“陡坡首席執行官Sameet Kanade表示。
Since obtaining Health Canada license in 2018, MSC quickly gained a reputation for innovation including launching the industry's first mobile lab, forging strategic partnerships with University of Guelph/Durham College and exceptional customer service. "We are proud of our many accomplishments including having industry leading turnaround times on testing and an exemplary compliance record," said Mr. Kanade. Steep Hill acquired MSC in 2021 and implemented measures to right-size operations with a focus on customer retention and commercial services. This effort combined with capital support resulted in improvements in terms of operational efficiency, expanded services and client growth.
自2018年獲得加拿大衞生部執照以來，MSC迅速在創新方面贏得了聲譽，包括推出行業首個移動實驗室，與圭爾夫大學/達勒姆學院建立戰略合作伙伴關係，以及卓越的客户服務。卡納德先生説：“我們為我們的許多成就感到自豪，包括在測試方面擁有業界領先的週轉時間和堪稱典範的合規記錄。”陡坡於2021年收購了MSC，並實施了以客户保留和商業服務為重點的適當規模的運營措施。這一努力與資本支持相結合，在業務效率、擴大服務和客户增長方面取得了改善。
Over the past six months, the Canadian cannabis focused analytical testing market has suffered from significant price discounting and lab-shopping for desired results. In addition, excess capacity and lack of profitability of Licenced Producers (growers) continues to impact service providers/vendors such as MSC. Decreasing margins and increased operating costs of a GMP laboratory in an inflationary market have made our operations unsustainable in Canada.
在過去的六個月裏，加拿大以大麻為重點的分析測試市場受到了大幅降價和為獲得預期結果而在實驗室選購的影響。此外，獲得許可的生產者(種植者)產能過剩和缺乏盈利能力繼續影響着MSC等服務提供商/供應商。在通貨膨脹的市場中，GMP實驗室不斷下降的利潤率和增加的運營成本使我們在加拿大的運營難以為繼。
The closing of MSC, will enable Steep Hill to focus on the US business. Management is pursuing both organic growth and acquisition opportunities while maintaining focus on preserving capital. Steep Hill will continue to evaluate the Canadian market for opportunities that align with the future direction of the business.
關閉MSC，將使陡峭山能夠專注於美國業務。管理層正在尋求有機增長和收購機會，同時保持對保存資本的關注。陡峭山將繼續評估加拿大市場，尋找與未來業務方向一致的機會。
ABOUT STEEP HILL
關於陡峭山丘
Steep Hill is a science and technology company focused on providing products and services, including analytical testing services within the hemp and cannabis market sectors. The Company's focus is on two areas: science and technology, by providing science-backed differentiated products and services that are critical within these sectors; and quality and compliance, by offering services that assist its customers to offer products and services that meet expected standards of quality, safety and compliance.
陡峭山是一家專注於提供產品和服務的科技公司，包括大麻和大麻市場部門的分析測試服務。該公司的重點是兩個領域：科學和技術，通過提供科學支持的差異化產品和服務，這些產品和服務在這些領域至關重要；質量和合規，通過提供服務，幫助其客户提供符合預期的質量、安全和合規標準的產品和服務。
For further information, please contact:
如需更多信息，請聯繫：
Raj Ravindran, CFO
首席財務官拉傑·拉文德蘭
Email: rajscontact@gmail.com
電子郵件：rajsContact@gmail.com
416-839-7424
416-839-7424
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