Heritage Cannabis Holdings Corp. CANN HERTF reported Monday that it has achieved its third consecutive record gross revenue quarter.
Moreover, the Toronto-based company expects its fourth-quarter revenue to spike between 20-25% above its record third quarter as a result of continued strong sales growth throughout the period.
The company also reported that it has been focusing on cost reduction and expects to be cash-flow positive in early calendar 2022, based on the current trajectory.
“The growth in sales and prudent cost management we have undertaken in the past few months are driving the Company towards positive cash flow as early as the beginning of calendar 2022,” David Schwede, CEO of Heritage said. “Our portfolio expansion of 34 SKUs in the flower and preroll categories, the largest segments of the market, will see results start to take shape in the coming quarters.”
Heritage highlighted that recently published data from Headset showed that its compound annual sales growth rate from February 2021 to August 2021 was over 16% compared to the average CAGR of the top eight Canadian licensed producers of 3%.
In addition, over the latest three-month period at the time (July to August), the company saw an increase in sales of over 19% in the period compared to a decline of 3% for the same group.
“Heritage has continued to outpace our larger peers in sales growth, and we don’t plan on slowing down,” Schwede continued. “Building a strong, self-sufficient, and sustainable business does not occur without strong business practices, and I am excited to see that we are within striking distance of accomplishing this in the cannabis sector.”
More recent news from Heritage:
- Heritage Teams Up With Noble Growth To Expand Its Branded Cannabis Flower Products Across Canada
- Heritage Cannabis To Supply Australian Companies With Innovative Medical Cannabis Products
- Heritage Cannabis Reveals 338% YoY Spike In Q2 Revenue, Ahead Of Acquiring California-Based Bloom Brands
HERTF Price Action
Heritage’s shares traded 6.73% higher at $0.0523 per share after the market close on Friday.
Photo: Courtesy of Heritage Cannabis Holdings Corp.
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