Heritage Cannabis Holdings Corp. CANN HERTF recently reported its financial results as at and for the three and nine-month periods ended July 31, 2023.
“We are highly focused on the strategic vision of driving sustainable growth across the organization through increasing market penetration with our brands and diversifying our revenue channels,” said David Schwede, CEO of Heritage. “These activities contribute to growing revenue and gross margin, which we have seen successfully occur again this quarter, including a 47% increase in gross margin over Q3 2022.”
Third Quarter 2023 Financial Highlights
- Gross revenue for Q3 2023: $11,032,568 CAD ($8,789,793 USD) (up $232,784 CAD / $185,449 USD from Q3 2022).
- Gross revenue for nine months ended July 31, 2023: $30,645,502 CAD ($24,448,468 USD) (a decrease of $202,736 CAD / $161,707 USD from 2022).
- Cost of sales improvement in Q3 2023, down 10.6% as a percentage of sales.
- Gross margin for Q3 2023: $3,626,293 CAD ($2,894,123 USD) (up $1,155,454 CAD / $922,577 USD from Q3 2022).
- Comprehensive loss for Q3 2023: $1,061,856 CAD ($847,308 USD) (improved from $2,799,327 CAD / $2,231,776 USD in Q3 2022).
- Gross margin for nine months ended July 31, 2023: $8,982,112 CAD ($7,164,805 USD) (up $1,441,706 CAD / $1,150,502 USD from 2022).
- Comprehensive loss for nine months ended July 31, 2023: $5,782,863 CAD ($4,610,719 USD) (compared to comprehensive income of $2,957,272 CAD / $2,361,270 USD in 2022).
Third Quarter 2023 Operational and Corporate Highlights
- Heritage transitioned into a product and brand company, focusing on "forever SKUs."
- The company established distribution relationships with well-known companies such as Canopy Growth Corp CGC.
- Entered the recreational cannabis market in New York with RAD brand products.
- Signed a manufacturing and distribution agreement in the US.
- Entered the recreational cannabis-infused beverage market in Canada through a sales and distribution agreement.
- Shipped its first purchase order of live resin concentrate vape cartridges to Australia.
- Appointed Jasmine Paige as Interim Chief Financial Officer.
- Pura Vida brand products are approved for listing by Société Québécoise du cannabis in Québec.
“Paired with this strategy, we are maximizing efficiencies and fine-tuning our production, as well as continuing to penetrate our U.S. markets which are gaining strength showing over $3.2 million in sales thus far in Missouri and West Virginia combined,” Schwede concluded. “These strategies are setting the stage for our Company as we continue to grow in our home market and explore international opportunities.”
Price Action
HERTF shares were trading up at 132.14% at $0.026 per share Monday afternoon.
Want to watch our Cannabis Capital Conference live? For existing subscribers, you can get direct access through our research platform. For new users, you can get instant access here!
Now Read: EXCLUSIVE: FDA Advisors Say Regulatory Certainty Needed For Cannabis Market
Image by El Planteo
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
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!