FINANCIAL HIGHLIGHTS
Q2-2024 | Q2-2023 | Q2-2022 | |
Revenue | |||
Net Profit (Loss) | ( | ( |
- The Company achieved gross revenue of
$1,126,473 , marking a 1.27 times increase over the prior year's quarter. - A gross profit of
$332,696.86 was recorded, representing a significant rise from Q2 2023's$182,241.94 . - Notably, the Company achieved a net profit of
$56,017.38 , marking a turnaround from the net loss of ($95,116 ) in the same quarter last fiscal year. - Cannabis products accounted for 96% of revenue, underscoring the Company's strategic focus on this segment, with wellness beverage sales of
$43,544 compared to$36,549 in the corresponding quarter last year. - Profitability achieved in Q3-2023, continued through Q2-2024.
- As of
January 31, 2024 , the Company maintained satisfactory working capital of$610,942 and carried no long-term debt obligations. - Importantly, the Company has no outstanding excise taxes owed, demonstrating its commitment to fiscal responsibility.
The Company faced unforeseen supply issues related to cannabis quality resulting in the temporary unavailability of two key products for three consecutive weeks, leading to a revenue shortfall vis à vis its internal sales forecast. Despite this challenge, the Company's resilience and proactive measures mitigated the impact, with the products swiftly made available for sale within three weeks. Management was content with the response time as it confirmed that its operational structure provides resilience against significant revenue shocks.
Furthermore, the Company experiences a bi-annual phenomenon coinciding with each product launch cycle. As new products are introduced to the market, consumer interest naturally gravitates towards these latest offerings, temporarily dampening sales of existing products as customers eagerly embrace what's new. This dynamic often results in a dip in sales during the initial month of a product launch cycle. However, historical data indicates that sales typically rebound to normal levels for certain products once the initial excitement subsides and customers return to their preferred choices.
In an industry fraught with fiscal challenges, The
"We are excited about the future prospects, particularly in light of today's positive financial results. Our strategic approach, underscored by a focus on one market at a time expansion and product innovation, continues to yield promising outcomes," stated
* https://mjbizdaily.com/canada-finance-minister-warned-about-cannabis-industry-financial-distress/
MUSH operates a portfolio of brands which include traditional cannabis and wellness beverage products.
website: thegoodshroom.co
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This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Corporation with respect to future business activities and sales. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect the Corporation's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Corporation believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected are the following: market acceptance of the Company's hash and other cannabis products, changes in the vendor's business or strategy, changes in our supplier's operations and pricing, expectations regarding competition and their pricing strategy; maintaining in good standing all necessary regulatory licenses and authorizations for its products; the benefits, safety, efficacy, dosing and social acceptance of cannabis related products and no material changes in the legal environment; supply chain disruptions and shortages. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law. Trading in the securities of the Company should be considered highly speculative.
SOURCE The
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