Canadian Hemp Company's Q2 Results Prove Resilience Amid Industry Challenges

The Hempshire Group, Inc. HMPG HMPSF formerly known as Hoist Capital Corp, reported on Tuesday its second quarter financial results, revealing a year-over-year increase in revenue of 187% to $56,213.

Q2 2023 Financial Highlights

• Gross margins improved to 47% during the second quarter from a negative 53% in the comparative period. The comparative 2022 period was negative due to an inventory write-down of $24,966.
• Loss from operations totaled $514,728, representing a year-over-year improvement from $548,554 in the same period of last year.
• Net loss and comprehensive loss was $625,306, compared to $4.06 million in the prior year's period.
• As of June 30, 2023, the company's combined cash and non-cash working capital balances were $0.3 million.

Hempshire formulates and markets its own proprietary brand of organic hemp smokes under the MOUNTAIN Smokes brand name, including MOUNTAIN® Original, Mint Squeeze, and Pineapple Squeeze.

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Related News

• The Hempshire Group Secures $539K Via Note Financing, Approves Incentive Plans And Incentive Awards
• The Hempshire Group Q3 Revenue Declines 59% YoY, Settles All Debt

Photo: Courtesy of Matteo Paganelli on Unsplash