Simply Solventless Announces 2023 Annual Results

Published: April 30, 2024

Simply Solventless Announces 2023 Annual Results

Simply Solventless Concentrates Ltd. announced its 2023 annual results. Selected financial, operational and transactional information is set out below and should be read in conjunction with SSC’s December 31, 2023 financial statements and the related management’s discussion and analysis, which are available for review on SSC’s SEDAR+ profile at SSC is also pleased to announce the appointment of Murray Brown to the position of Vice President, Operations, and to reiterate previously announced Q1 2024 guidance.

Jeff Swainson, President & CEO of SSC, stated: “2023 was a transformative year for SSC as our incredible team exceeded expectations across the board. Against a backdrop of continued industry headwinds, we eliminated all long-term debt, increased gross revenue by 149% to approximately $7.0 million, increased normalized net income by 215% to approximately $1.9 million, and strengthened our team significantly. Continued strong results are what matters to our team, and we now look to profitably expand our market share through continued organic growth and opportunistic acquisitions, capitalizing on the significant opportunities resulting from industry headwinds.”

2023 Financial Highlights:

  • December 31, 2023 Working Capital(1)$3,693,879.
  • 2023 Gross Revenue$6,973,401 (December 31, 2022 –$2,799,367), an increase of 149%.
  • 2023 Net Revenue$6,191,646 (December 31, 2022 – $2,799,367), an increase of 121%.
  • 2023 Gross Margin$3,497,279 (December 31, 2022 – $38,427), an increase of 9,001%.
  • 2023 Gross Margin: 57% of net revenue (December 31, 2022 – 1.4%), an increase of 3,971%.
  • 2023 EBITDA(1)$1,401,847 (December 31, 2022 – $1,191,950 loss), an increase of 218%.
  • 2023 Adjusted EBITDA(1)$2,246,926 (December 31, 2022 – $1,143,343 loss), an increase of 297%.
  • 2023 Net Income$1,040,316 (December 31, 2022 – $1,683,799 loss), an increase of 162%.
  • 2023 Normalized Net Income(1)$1,885,395 (December 31, 2022 – $1,635,192 loss), an increase of 215%.


(1)     Non-IFRS financial measure. See discussion in the Non-IFRS Financial Measures advisories section of this press release below.

2023 Operations and Transaction Highlights:

  • Brands: Launched the popular brands Astrolab (May 2023) and Frootyhooty (November 2023).
  • Facility Sale Leaseback: In June 2023, SSC eliminated $7,047,169 of debt and liabilities through a sale leaseback transaction of SSC’s facility.
  • Financings: In August 2023, SSC raised $584,694 of equity at $0.20/unit (a “Unit“), each Unit being comprised of one common share and one common share purchase warrant, and converted $1,162,348 in convertible debentures to Units at $0.17/Unit, eliminating all remaining long-term debt of SSC.
  • Go Public Transaction: On December 18, 2023, SSC went public on the TSXV under the “HASH” ticker symbol through a reverse takeover transaction with Dash Capital Corp.

Appointment of Vice President, Operations and Option Grant
SSC is also pleased to announce the appointment of Murray Brown as Vice President, Operations of SSC. Murray is currently the Production Manager of SSC. Murray comes with four decades of experience at the executive level in cannabis, oil and gas services, and manufacturing. Prior to joining SSC, Murray served as Vice President, Operations and Chief Financial Officer of Custom Cannabis for a period of five years. In connection with Murray’s appointment and a past executive appointment, SSC has granted an aggregate of 400,000 stock options under SSC’s equity incentive plan at an exercise price of $0.20 per share and expiring on April 24, 2027. The option grants and appointment of Murray remains subject to the final approval of the TSX Venture Exchange.

Reiteration of Q1 2024 Financial Guidance
SSC projects record quarterly gross revenue during Q1 2024 of approximately $3,100,000 (Q1 2023 – $1,789,562), representing a growth rate of 73%. SSC also projects Q1 2024 adjusted EBITDA of approximately $500,000 (Q1 2023 – $318,978) (see Non-IFRS Financial Measures, below), a growth rate of 56%, and quarterly Q1 2024 net income of approximately $310,000 (Q1 2023 – $44,491), a growth rate of 597%.

SSC expects to issue its Q1 2024 results on or around May 9, 2024.

About Simply Solventless Concentrates Ltd.
SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC’s mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see