Heritage Cannabis Reports Q1 2022 Financial Results

Heritage Cannabis Reports Q1 2022 Financial Results
CANNANNEW REPORT

TORONTO–(BUSINESS WIRE)–$cann #cann—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 $         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               Cost of sales   4,656,450   1,010,361   7,329,654 Gross margin…

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Source : Heritage Cannabis Reports Q1 2022 Financial Results

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