The Good Shroom Co Inc., an emerging player in the Canadian cannabis industry which owns and operates a portfolio of brands that include cannabis products and wellness beverages, proudly announces its financial results for the year ended July 31, 2023. Readers should review the financial statements and the accompanying Management’s Discussion and Analysis available at www.sedar.com.
Financial Highlights
- The Company achieved robust revenue growth with sales of $4,060,359, a 266% increase from the prior year of $1,522,134.
- A gross profit $665,115 was recorded, a significant increase from the prior year of $228,638. The net loss of $452,140 is mainly attributed to the accumulated losses of Q1/Q2 2023.
- 97% of revenue was generated through cannabis products, as most of it’s resources have been geared towards this division and sales for wellness beverages of $184,674 remained flat compared to $192,307 for 2022.
- Profitability achieved in Q3-2023, continued through Q4.
- Working capital of $418,636 as at July 31, 2023.
- No long-term debt obligations.
“We are pleased with today’s results, the 266% increase from the prior years sales tells us our growth strategy is effective and we have the team in place to successfully execute. Creating and offering innovative products is bolstering brand recognition and broadening our customer base, which is leading to increased sales. Despite accumulated losses in the first two quarters, we achieved positive cash flow in Q3 and Q4 and we expect to maintain this trend. We are also remain optimistic about the growth opportunities for our wellness beverage division and we intend on further developing this market in the coming year.” stated Eric Ronsse, the Chief Executive Officer, and added: ” We have reached several of our performance goals this past year and we look forward to delivering appreciable shareholder value in the coming year.”
Subsequent Events
- On October 5, 2023, Health Canada approved the transfer of the Company’s micro-processing license to a standard processing license. The micro-processing license enabled the Company to create and commercialize a variety of innovative cannabis products but was subject to an annual limit of 600kg of cannabis, in terms of selling and handling. The Company can now manufacture, sell and distribute an unlimited amount of cannabis products.
- The Company is expanding its product offering in Quebec with 10 new product launches scheduled in Q1/Q2 -2024.
- The Company is penetrating the Alberta market with a diverse portfolio of products including cannabis flower, edibles, joints, infused joints and capsules.
About the Company
MUSH operates a portfolio of brands which include traditional cannabis and wellness beverage products.
