Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), today announced its financial results as at and for the three months ended January 31, 2022 (“Q1 2022”). All figures are in Canadian dollars unless otherwise noted.
“Our team has done a phenomenal job over the past year in transitioning Heritage to a Company with exceptional brands offering innovative, in-demand products – a great accomplishment and testament to how far we have come in just one year. With revenue growth over 400% from the first quarter of last year, and 34% over the fourth quarter of 2021, we are hitting our stride as a branded cannabis company, and we’re just getting started,” commented David Schwede, CEO of Heritage. “As we move to cash flow positive territory, the Company has never been healthier, and our stable balance sheet, continued revenue growth, and proven commitment to a lean cost structure are leading indicators of where we are headed. We have an incredible business with staff that are the soul of our company. During a very turbulent time in the cannabis market, we are so appreciative of our platform partners that trust and believe in our products, and exceedingly thankful to our shareholders for their patience during this transitionary period.”
Selected Financial Highlights
Selected financial highlights for the three months periods ended January 31, 2022, January 31, 2021, and October 31, 2021 include the following:
| Three-month periods ended | |||||
(in $CDN) | Jan 31, 2022 | Jan 31, 2021 | Oct 31, 2021 | |||
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Gross revenue | 9,596,141 | 1,827,273 | 7,132,942 | |||
Net revenue (net of excise tax) | 6,541,211 | 1,520,616 | 4,649,025 | |||
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Cost of sales | 4,656,450 | 1,010,361 | 7,329,654 | |||
Gross margin | 1,884,761 | 510,255 | (2,680,629) | |||
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General and administrative expenses | 5,160,498 | 4,179,758 | (420,566) | |||
Other income (expenses) | 8,552,812 | 38,750 | (41,433,121) | |||
Comprehensive income (loss) | 6,257,213 | (3,211,082) | (42,685,990) |
Q1 2022 Financial Highlights
Q1 2022 Growth, Operational, and Corporate Highlights1
Financial Statements
The consolidated financial statements of the Company as at and for the three months ended January 31, 2022 and accompanying management's discussion and analysis have been filed with the securities regulators and are available on SEDAR at www.sedar.com under the Company’s issuer profile.
About Heritage Cannabis Holdings Corp.
Heritage Cannabis is a leading cannabis company offering innovative products to both the medical and recreational legal cannabis markets in Canada and the U.S., operating under two licensed manufacturing facilities in Canada. The company has an extensive portfolio of high-quality cannabis products under the brands Purefarma, Pura Vida, RAD, Premium 5, feelgood., the CB4 suite of medical products in Canada and ArthroCBD in the U.S.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.
“David Schwede”
David Schwede
CEO
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein may include, but is not limited to, assumptions related to cash flow and capital resources, and expectations related to the supply and manufacturing agreements, the intended expansion of the Company, and partnerships and Joint Venture Partnerships.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.
An investment in securities of the Company is speculative and subject to several risks including, without limitation, the risks discussed under the heading "Risks and Uncertainties" in the Company's annual management discussion and analysis for the year ended October 31, 2021, and dated May 10, 2022. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.
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1 Rankings sourced from Headset Data
Last Trade: | US$0.0014 |
Daily Volume: | 0 |
Market Cap: | US$1.320M |
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