STENOCARE A/S (“Stenocare”) Announces Additional Funding and Impending Increase in Sales

STENOCARE A/S
NASDAQ FIRST NORTH GROWTH MARKET, DENMARK

TICKER: STENO

In preparation for this week’s extraordinary general meeting on Friday, November 18, 2022, Stenocare is pleased to confirm its sales guidance and announce additional financing, which is expected to cover the financing needs of the business until the planned balance by the end of 2023.

This information is information that STENOCARE A/S is required to publish in accordance with the EU Market Abuse Regulation. The information has been provided by the contact person below for publication on November 15, 2022.

Additional funding secured: Stenocare prepared to add a new financial instrument at this week’s general meeting on Friday, November 18, 2022. The new instrument is a convertible loan facility of up to DKK 11m, which allows the company to issue loans (convertible bonds) where lenders have the option to convert into shares at a price set at 25% above the market price at issue. . Stenocare has already received firm commitments of 3.9 mDKK with reimbursement in January 2024. These commitments are deemed sufficient to fund the company to break-even, and the funds are ready to be released to the company following approval of the instrument at Friday’s General Meeting. For more details on the loan model, please see the documents for the General Assembly November 18, 2022.

On track to pace fourth quarter sales: The Stenocare The pharmaceutical approach has secured market entry with 11 full-spectrum medical cannabis oil products in 5 highly regulated countries. In partnership with local pharmaceutical distributors, the company now has access to markets with attractive growth potential in the years to come. On March 10e This year, Stenocare published indications that it would reach a quarterly sale rate of 4-5mDKK by the end of 2022, corresponding to an annual sale of 16-20mDKK or more in 2023. This expectation was based on Stenocare historical performance in 2018/2019, where sales reached more than 4mDKK in Q1-2019 with profits of 1.5mDKK. At this moment, Stenocare was in a market (Denmark) with 3 products. The company is currently preparing the first large shipment of products to Norway and the first shipment of CBD products in Denmark. These deliveries represent a combined sales value of DKK 3-4m and are ready to ship today with an expected arrival by the end of December, pending export permits from Canadian health authorities. It means that Stenocare is on track to reach the quarterly sales rate as communicated previously, and that the forecast for 2023 is within reach.

Running a Lean Business to Break-even: Stenocare runs a lean business and is able to calibrate the level of investments and costs at any time with the market situation and financial liquidity. On this basis, Stenocare expects to break even by the end of 2023 without raising additional capital. However, the Board of Directors and the management team are constantly monitoring opportunities to invest and accelerate the STENOCARE Strategy 2.0 to become a leading medical cannabis brand in Europe.

For more information regarding STENOCAREplease contact:Thomas Skovlund SchnegelsbergCEO Phone: +45 31770060 Email: [email protected]

by STENOCARE The Certified Advisor is Keswick Global SAPhone: +43 1 740 408045, Email: [email protected]

About STENOCARE A/S: Stenocare was founded in 2017 with the aim of providing medical cannabis to patients of Denmark and internationally. The company was the first to receive permission from the Danish Medicines Agency to import, distribute, cultivate and produce medical cannabis. Stenocare sources produce from a number of carefully selected, high-quality international suppliers and operates a unique, state-of-the-art indoor growing facility at Denmarkwhich has multiple levels of redundancy to preserve quality and consistency in a pesticide-free production process. www.stenocare.com www.stenocare.dk

https://news.cision.com/stenocare/r/stenocare-as–stenocare–announces-additional-financing-and-imminent-scale-up-of-sales,c3667362

https://mb.cision.com/Main/17551/3667362/1671498.pdf

(c) Decision 2022. All rights reserved., sources Press Releases – English

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