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Heritage Cannabis Q3 Net Revenue Grows 73% YoY Driven By Vape And Concentrate Sales

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Heritage Cannabis Q3 Net Revenue Grows 73% YoY Driven By Vape And Concentrate Sales

8:57 am ET September 28, 2022 (Benzinga) Print

Heritage Cannabis Holdings Corp. (OTCQX: HERTF) (CSE:CANN) Q3 2022 net revenue was CA$7.5 million ($5.46 million), a 73% increase compared to CA$4.3 million in Q3 2021.

Q3 2022 Financial Highlights

  • Gross revenue of CA$10.8 million, an increase of CA$5.7 million compared to gross revenue of CA$5.1 million in Q3 2021, representing an increase of 111%. The growth was driven by a continued increase in the company’s vape and concentrate offerings as well as the launch of the flower vertical.

  • Gross margin was CA$2.5 million, compared to CA$1.2 million in Q3 2021.

  • Cost of sales was CA$5 million, an increase of CA$2 million compared to CA$3 million in Q3 2021.

  • Comprehensive loss of CA$2.8 million or CA$0.00 loss per share compared to a comprehensive loss of CA$6.6 million or CA$0.01 loss per share for the three months ended July 31, 2021.

“What we have accomplished in the third quarter is a tremendous achievement by the entire team at Heritage. Given the sector headwinds and after normalizing for isolated events in the quarter, we are proud to state that we have marked our second consecutive quarter of positive EBITDA. It is also our sixth consecutive quarter of increasing revenue which has been driven by the team focusing on growing revenue through the addition of sales channels and the further expansion of our already successful portfolio of products,” stated David Schwede, CEO of Heritage.

“Our platform approach has protected us from significant challenges across the industry and we will continue to execute on our business strategy, focusing on cost management and driving revenue which was up over 165% from the same time a year ago. Our team is driven to innovate and propel growth, and the delivery of positive financials this past quarter represents an important milestone for the company and what is ahead for us. Through multiple new brand and product launches on the near-term horizon, as well as the imminent launch of product sales in the U.S. contributing to revenue, Heritage is on a clear path for success.”

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