ManifestSeven Reports Financial Results for Second Quarter Fiscal Year 2021


Continued execution of M7’s integrated B2B and B2C business model drives ongoing enhancement of California’s cannabis supply chain M7 reports ongoing strategic review IRVINE, Calif., July 30, 2021 /PRNewswire/ — ManifestSeven Holdings Corporation (CSE: MSVN; OTCMKTS: MNFSF) (“M7” or the “Company“), California’s first integrated omnichannel platform for legal cannabis, today announced financial results for its fiscal second quarter ended May 31, 2021. M7’s second-quarter financial results reflect the continued demand for the Company’s integrated regulated operations—its business-to-business and direct-to-consumer divisions, respectively, Highlanders Distribution and Weden—which seamlessly integrate the cannabis supply chain directly with end-users in major metropolitan markets throughout California. All financial information in this press release is provided in U.S. dollars unless otherwise indicated. Second Quarter 2021 Fiscal Quarter Financial Highlights Generated consolidated revenue of $3.8 million during the second fiscal quarter, in line with consolidated revenue of $3.8 million during the first fiscal quarter. During the second fiscal quarter, M7 continued to place a greater emphasis on generating revenue from its regulated operations, with regulated product sales increasing by 4% quarter-over-quarter and expected to yield greater long-term revenue growth. Reported consolidated gross profit of $1.2 million during the second first quarter, representing an increase of 10% from $1.1 million during the first fiscal quarter. The increase in gross profit is primarily attributable to a shift in product mix from ancillary to regulated products, as described above. The Company’s gross profit margin increased from 30% during the first fiscal quarter to 33% during the second fiscal quarter, with gross profit margin for the Company’s regulated segment increasing from 30% to 34% quarter-over-quarter. The Company expects gross profit as a percentage of revenue to fluctuate going forward as the Company continues to implement its business model and further refine its product mix. M7 continued to optimize its cost structure, resulting in operating expenses (excluding depreciation and amortization and stock-based compensation expense) of $2.7 million during the fiscal second quarter, representing a decrease of…

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Source : ManifestSeven Reports Financial Results for Second Quarter Fiscal Year 2021

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