TORONTO / Jun 28, 2023 / Business Wire / Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), today announced its financial results as at and for the three- and six-month periods ended April 30, 2023. All figures are in Canadian dollars unless otherwise noted.
“We are very pleased to have achieved gross margin growth once again this quarter, despite the lack of much needed regulatory changes within the industry in Canada. We have remained extremely focused on managing our costs and quarterly burn-rate while harnessing a continuous improvement approach to maximize our product output”, said David Schwede, CEO of Heritage. “Our entry into the U.S. market is performing well with both our Missouri and West Virginia facilities gaining a strong foothold in their respective markets, and with our RAD brand launching in New York this summer we are building out our capital efficient footprint in the U.S. Similar to our growing relationship with an Australian firm, we continue to evaluate new international markets to introduce our portfolio of in-demand products.”
Selected Financial Highlights
Selected financial highlights for the three- and six-month periods ended April 30, 2023, and April 30, 2022, include the following:
| Three months ended | Six months ended | ||
(in $CDN) | Apr 30, 2023 | Apr 30, 2022 | Apr 30, 2023 | Apr 30, 2022 |
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Gross revenue | 10,165,939 | 10,452,313 | 19,612,934 | 20,048,454 |
Net revenue (net of excise tax) | 7,379,043 | 7,491,184 | 13,702,455 | 14,032,395 |
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Cost of sales | 4,074,385 | 4,306,378 | 8,346,636 | 8,962,828 |
Gross margin | 3,304,658 | 3,184,806 | 5,355,819 | 5,069,567 |
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General and administrative expenses | 5,051,952 | 4,084,500 | 9,699,499 | 9,244,998 |
Other Income (Expenses) | (375,704) | (185,513) | (553,556) | 8,367,299 |
Comprehensive Income (Loss) | (1,958,047) | (500,614) | (4,721,007) | 5,756,599 |
Q2 2023 Financial Highlights
Q2 2023 Growth, Operational, and Corporate Highlights
Financial Statements
The consolidated financial statements of the Company as at and for the three- and six-month periods ended April 30, 2023, 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, Adults Only, Thrifty, 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, 2022, and dated February 28, 2023. 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.
Last Trade: | US$0.0014 |
Daily Volume: | 0 |
Market Cap: | US$1.320M |
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