100s of titles, one news app for just $10 a month.
Dive Deeper:
IM Cannabis Reports Record First Quarter 2022 Financial Results, Revenues Increase 169% YoY To $23.6M
IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC), a medical and adult-use cannabis company with operations in Israel, Canada, and Germany,…
Ascend Wellness Net Revenue Increased +28% YoY, Q1 2022 Financial Results And MedMen Settlement
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a vertically integrated multi-state cannabis operator, on Wednesday, reported its financial results…
TerrAscend Reports First Quarter 2022 Financial Results, Net Sales Up To $49.7M
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), reported its financial results late Thursday for the first quarter ending March 31, 2022.
Why Should Investors Keep An Eye On Aurora Cannabis Stock Despite A Weak Quarter?
Aurora Cannabis Inc. (NASDAQ: ACB) reported financial and operational results late Thursday for the third quarter of fiscal 2022 ended March…
One subscription that gives you access to news from hundreds of sites
iAnthus Reports 17% Drop In Revenue For Q1 2022, Here Are The Details
iAnthus Capital Holdings, Inc. (OTCPK:ITHUF) (CSE:IAN) reported its financial results for the first quarter ended March 31, 2022. Q1 2022…
Jones Soda Reports Solid Q1 Revenue Growth, What Is At The Center Of These Strong Results?
Jones Soda Co. (OTCQB: JSDA) (CSE:JSDA) released its financial results for the first quarter ended March 31, 2022.
Get all your news in one place
Latest Business news:
OECD chief sees global digital tax deal pushed back to 2024
The Organisation for Economic Cooperation and Development (OECD) on Tuesday acknowledged for the first time that a global digital tax…
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
Shanghai: world's biggest port is returning to normal, but supply chains will get worse before they get better
Shanghai is slowly emerging from a gruelling COVID lockdown that has all but immobilised the city since March. Although Shanghai’s…
Hotels want to use NFTs to screw over travelers
Adding crypto to the travel industry will only make things less accessible and worse for the planet.
Snapchat owner leads latest round of tech-stock plunge
Social media stocks shed about $147bn (€137bn) in market value yesterday after Snap’s profit warning, adding to woes for the…
'Life is too short' - couple retires on cruise ships to avoid cost of land living
When Angelyn Burk, a recently retired accountant, decided to crunch some numbers one evening last year, she made a stunning…
From analysis to good news, read the world’s best news in one place
China's Gen Z Has the Power to Make or Break Western Brands
Young, nationalistic shoppers are derailing big bets on China
Countries agree to overhaul WHO funding model
Geneva (AFP) - The World Health Organization's member states agreed Tuesday to overhaul how they fund the UN health agency,…

Heritage Cannabis' Revenue Increases 450% YoY In Q4, Provides Financial Results For 2021

By Jelena Martinovic

Heritage Cannabis Holdings Corp. (CSE:CANN) (OTCQX:HERTF) announced its financial results for the fourth quarter and for the twelve months ended October 31, 2021.

“Heritage’s revenue grew over 100% for the year and almost 40% from Q3/21 to Q4/21, which was the higher end of the previously provided guidance, “ David Schwede, the company’s CEO, said. “We are building a strong and sustainable business in a nascent industry, and with our solid business practices and product and brand innovations, we are focused on positive cash flow as a priority.”

Q4 2021 Financial, Operational & Corporate Highlights

  • Gross revenue totaled CA$7.13 million ($5.5 million), representing an increase of over 450% year-over-year.
  • The cost of sales amounted to CA$7.32 million, compared to $22,943 for the three months ended October 31, 2020.
  • Comprehensive loss of CA$42.7 million or CA$0.06 loss per share compared to a comprehensive loss of CA$4,74 million and CA$0.01 loss per share for the corresponding quarter of 2020.
  • Vape products have been a key driver in recent sales growth initiatives, with sales hitting consecutive records in 2021.
  • In September 2021, Heritage launched a private label program that pairs leading cannabis brands with Heritage’s extraction expertise.
  • Announced changes to its board of directors and appointment of a new CEO. Donald Ziraldo resigned from the board and his position as chair for personal reasons and to pursue other business initiatives.
  • Entered into a three-year exclusive intellectual property licensing and royalty agreement with Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) (FSE: 0NN).
  • Entered into a joint venture sales and processing agreement with Noble Growth Corp.
  • Excuted a term sheet with Merida Capital Partners IV LP and its affiliates for up to $1.5 million in senior unsecured convertible promissory notes to fund the company’s entry into the state of Missouri.

2021 Financial Highlights

  • Gross revenue of CA$18.7 million, representing a year-over-year increase of 100%.
  • Cost of sales totaled CA$13.5 million, compared to CA$6.6 million for the year ended October 31, 2020.
  • Comprehensive loss of CA$57.7 million or CA$0.08 loss per share compared to a comprehensive loss of CA$8.6 million or CA$0.02 per share for the year ended October 31, 2020.
  • Increased its total assets by CA$14.35 million year-over-year to CA$97.8 million.

Photo: Courtesy of Dmitry Demidko on Unsplash

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.

Dive Deeper:
IM Cannabis Reports Record First Quarter 2022 Financial Results, Revenues Increase 169% YoY To $23.6M
IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC), a medical and adult-use cannabis company with operations in Israel, Canada, and Germany,…
Ascend Wellness Net Revenue Increased +28% YoY, Q1 2022 Financial Results And MedMen Settlement
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a vertically integrated multi-state cannabis operator, on Wednesday, reported its financial results…
TerrAscend Reports First Quarter 2022 Financial Results, Net Sales Up To $49.7M
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), reported its financial results late Thursday for the first quarter ending March 31, 2022.
Why Should Investors Keep An Eye On Aurora Cannabis Stock Despite A Weak Quarter?
Aurora Cannabis Inc. (NASDAQ: ACB) reported financial and operational results late Thursday for the third quarter of fiscal 2022 ended March…
One subscription that gives you access to news from hundreds of sites
iAnthus Reports 17% Drop In Revenue For Q1 2022, Here Are The Details
iAnthus Capital Holdings, Inc. (OTCPK:ITHUF) (CSE:IAN) reported its financial results for the first quarter ended March 31, 2022. Q1 2022…
Jones Soda Reports Solid Q1 Revenue Growth, What Is At The Center Of These Strong Results?
Jones Soda Co. (OTCQB: JSDA) (CSE:JSDA) released its financial results for the first quarter ended March 31, 2022.
Get all your news in one place