Heritage Cannabis 2022 revenue increases 110% to $21.7 million

The net sales of Heritage Cannabis Holdings Corp. HERTF CANN for fiscal year 2022 was C$29.6 million, or $21.7 million, an increase of 110% from C$14 million for fiscal year 2021.

Fiscal year 2022 financial highlights

Gross margin was C$8 million compared to gross margin of C$566,133 in fiscal 2021.

The overall loss was C$23.9 million or C$0.03 per share, compared to an overall loss of C$57.7 million or C$0.08 CA$ per share for fiscal year 2021

4th Quarter 2022 Financial Highlights

Net revenue was C$8 million, an increase of 72.9% from C$4.6 million in the fourth quarter of 2019. fiscal year 2021.

Overall net loss was C$26.9 million or C$0.03 per share, compared to an overall loss of C$42.7 million or 0, CA$01 per share in the fourth quarter of 2021.

Gross margin was C$426,112 compared to gross margin of (C$2.7 million) in the fourth quarter of fiscal 2021.

"We are very pleased to have achieved another quarter of revenue growth which is a testament to the success of our products in the marketplace, and with revenue growth of 125% year-over-year, we demonstrate our ability to execute a sustainable growth story We saw significant year-over-year gross margin growth despite the challenging regulatory environment within the The cannabis industry continues to be plagued by overcapacity, lack of tax reform and regulatory constraints, but we have continued to grow through the launch of innovative products as well as the introduction of new brands. said David Schwede, CEO of Heritage.

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