Canadian cannabis retailer Choom Holdings Inc. CHOO CHOOF said Tuesday that its revenue grew by 147.94% year-over-year hitting $5.1 million in the third quarter of fiscal 2021.
The Vancouver-based company also reported that revenue for the nine months ending March 31 amounted to $17.7 million, representing a 403.67% increase compared to the same period of fiscal 2020.
Choom CEO Corey Gillon said he was pleased with the company's performance over the period.
"Despite the increased COVID-19 restrictions and this traditionally being a slower season in cannabis retail, we continued to see strong year-over-year growth, coupled with high customer demand," he added.
Over the past nine months, the company focused on expanding its retail footprint and optimizing its existing business.
"Upon joining the organization, I initiated a full assessment of the business, developed a new strategy, organizational structure, and hired the right people capable of building a best-in-class retailer," Gillon explained.
Here's what the third-quarter earnings report showed:
- The gross margin in the third quarter was 37.85%, representing an increase of 8.46% year-over-year.
- General and administrative expenses amounted to $900,000, accounting for 17.69% of revenue in the third quarter.
- Salary and wages of $950 000, or 18.54% of revenue
- Adjusted EBITDA, a non-IFRS financial measure, came in positive at $50,000, compared to a $1.59 million loss in the corresponding quarter of 2020.
- Ecommerce sales increased 137% in the third quarter compared to the previous period.
Meet the biggest cannabis industry players and make deals that will push the industry forward.
Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.
Join us September 13-14, 2022 at The Palmer House in Chicago, IL.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.