Shiny Health & Wellness Corp. reported its financial and operating results for the twelve months ended January 31, 2023 (“Fiscal 2023“). A complete set of audited financial statements and Management’s Discussion and Analysis has been filed at www.sedar.com
“I am pleased to present the financial results for our first year as a public company. The Ontario Cannabis market has had its challenges during 2022/2023 with increased competition and margin pressure but we have successfully maintained our margins by focusing on our customer specific needs and our employee training. In 2022 we also expanded our retail footprint by acquiring our first pharmacy as we look to be a Health and Wellness resource to our customers,” stated Michael Nadeau, CEO.
Fiscal Year 2023 Financial Highlights
- The Company experienced strong organic growth in Fiscal 2023 increasing store revenues to $29.6M or a 43% increase from the previous year. Sales were driven by the expanded store portfolio plus the ShinyBuddy data program which contributed $1.6 million in sales from its partnerships with licensed cannabis producers and brands; whereby it provides detailed insights into store sales trends. The ShinyBuddy Club Customer Loyalty Program grew to over 35,000 members.
- Shiny Health’s gross profit increased 43% to $10.9 million in Fiscal 2023. The Company proudly sustained a strong company-wide gross profit margin of 37.0%.
- Total general and administrative expenses increased to $15.8 million in Fiscal 2023 primarily related to the level of activity in expanding the retail store network and public company costs and general start-up expenses in the Company’s first year as a public company.
- Net comprehensive loss of $12.8 million for Fiscal 2023 was comprised of $7.5 million of impairment charges and $1.7 million of loss on extinguishment of a loan.
All dollar figures are quoted in Canadian dollars.
Corporate Update
Further to the Company’s press release dated May 31, 2023 announcing a Cease Trade Order (“CTO“) related to the failure to file financial statements, Shiny Health is pleased it has now filed its audited annual consolidated financial statements for Fiscal 2023 and related management’s discussion and analysis, and officer certifications, as required by Parts 4 and 5 of National Instrument 51-102 Continuous Disclosure Obligations and it is anticipated that the revocation of the CTO will occur within a few days. The Company also plans to announce a Corporate Update following the reinstatement of trading.About
Shiny Health & Wellness
Shiny Health & Wellness Corp. is on a mission to help people never settle, live fully by being a trusted source for health and wellness solutions and services. The Company recently broadened its retail growth strategy beyond adult-use cannabis by establishing mīhī Health & Wellness, a new line of business focused on building a network of community pharmacies, with its first pharmacy in Cornwall, Ontario. Striving to provide a more diverse and accessible cannabis experience for adult consumers, the Company also operates ShinyBud Cannabis Co., a well-established brand in Ontario strategically located in markets less saturated with cannabis retailers. The Company’s board of directors and management team hold extensive retail operating experience, a key competitive differentiator in leading its growth strategy. Shiny Health trades on the TSX Venture Exchange (TSXV) under the ticker symbol SNYB. For more information, please visit www.shinyhealthandwellness.com.
