Hempsana Holdings Ltd. announced on Tuesday financial results for the three and six-month period ended June 30, 2023, revealing second-quarter net revenues of CA$422,170 ($310,609), representing a 16% sequential increase.
During the first half of fiscal 2023, the company generated CA$786,001 in net revenues, representing a 25% increase compared to the same period of 2022.
"The investments we have made in our brands and brand partners to offer innovative products to the consumers is starting to bear fruit as we have seen significant revenue growth this quarter as seen in our results where we have increased our Q2 results from last year's Q2 results by more than 50%," Randy Ko, Hempsana's CEO, said. "With over 20 SKUs being distributed across the nation, we will look to focus on increasing the market share of these products within their respective categories."
Q2 2023 Financial Highlights
- Gross profit was CA$105,130 and gross margins were 24.9%.
- Net loss and comprehensive loss were CA$477,343, compared to a net loss of CA$536,197 in the same quarter of 2022.
- Net loss per share was CA$0.01, compared to CA$0.02 in the corresponding period of last year.
1H 2023 Financial Results
- Gross profit was CA$288,041 and gross margins were 36.6%.
- Net loss and comprehensive loss were CA$753,858, compared to a net loss of CA$778,572 in the same quarter of 2022.
- Net loss per share was CA$0.03, compared to CA$0.03 in the corresponding period of last year.
To learn more about how companies in the cannabis industry manage to stay afloat amid falling prices and a product glut, come join us at the Benzinga Cannabis Capital Conference, the place where deals get done.
The event is returning to Chicago this Sept 27-28 for its 17th edition.
Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
Related News
- Hempsana Q1 Revenue Stagnates YoY, What About Net Loss?
- Hempsana Holdings Receives Health Canada's Approval To Sell Medical Cannabis Directly To Patients Across Canada
- Hempsana Teams Up With GAMA To Launch New Cannabis Product Offerings And Brands
Photo: Courtesy of Kimzy Nanney on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!