Heritage Cannabis Reports Q2 2022 Financial Results

Heritage Cannabis Reports Q2 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- and six-month periods ended April 30, 2022 (“Q2 2022”). All figures are in Canadian dollars unless otherwise noted. “We are excited to release these financials which show us reaching cash-flow positive territory ahead of schedule. The Heritage team continues to deliver on product innovation, distribution, and new revenue channels which has been a driving force to allow us to reach our targets – a major achievement during the recent choppy markets – and we remain focused on building a strong platform that can both generate top-line growth without sacrificing strong business fundamentals,” said David Schwede, CEO of Heritage. “We have signalled our drive to success over the past year, and with our continued solid execution of our business strategy we have crossed an important milestone ahead of our committed timeframe. Our total gross revenue for the first half of this year is up over 210% from the same time a year ago – a strong signal of what is ahead for Heritage and our innovative, in-demand products.” Selected Financial Highlights Selected financial highlights for the three- and six-month periods ended April 30, 2022 include the following:   Three months ended   Six months ended (in $CDN) April 30, 2022 $   April 30, 2021 $   April 30, 2022 $   April 30, 2021 $   Gross revenue 10,452,313 4,604,798 20,048,454 6,432,071 Net revenue (net of excise tax) 7,491,184 3,575,175 14,032,395 5,095,791           Cost of sales 4,306,378 2,083,913 8,962,828 3,094,274 Gross margin 3,184,806 1,491,262 5,069,567 2,001,517           General and administrative expenses 4,084,500 6,379,173 9,244,998 10,558,931 Other Income (Expenses) (185,513) (641,651) 8,367,299 (602,901) Comprehensive Income (Loss) (500,614) (5,151,011)…

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Source : Heritage Cannabis Reports Q2 2022 Financial Results

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