Heritage Cannabis Holdings Corp. (CSE:CANN) (OTCQB:HERTF) reported its financial results on Monday for the three- and twelve-month periods ended October 31, 2023, revealing an increase in gross margin of more than 50% for 2023 and 628% for the fourth quarter compared to last year.

"In the U.S., we have six SKUs in New York – our newest state – and our more established business in Missouri and West Virginia saw strong growth with over $3.5 million in sales for the year," he continued. "With Q1 revenues and gross margins expected to continue this trend and SG&A expected to be down, we are keen to build on these successful ventures throughout 2024 and continue to explore additional revenue channels both in the U.S. and internationally."

• Net revenue slightly dropped year-over-year to CA$7.98 million ($5.9 million), from CA$8.03 million in the prior year's period.
• Cost of sales amounted to CA$4.9 million, down from CA$7.6 million in the prior year's period.
• Gross margin was CA$3.1 million, up from CA$426,112 in the same quarter of last year.
• General and administrative expenses amounted to CA$ 5.8 million, down from approximately CA$6 million.
• Comprehensive loss was CA$14.1 million, down from CA$26.9 million in the same period of 2022.

• Net revenue increased year-over-year to CA$29.8 million, from CA$29.6 million in the prior year's period.
• Cost of sales amounted to CA$17.7 million, down from CA$21.6 million in the prior year's period.
• Gross margin was CA$12 million, up from roughly CA$8 million in the same quarter of last year.
• General and administrative expenses amounted to CA$20.1 million, down from approximately $20.6 million.
• Comprehensive loss was CA$19.9 million, down from CA$23.9 million in the same period of 2022.

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