Hempsana Revenue Grows 728% YoY, What About Net Loss?

Hempsana Holdings Ltd. Q3 2022 revenues were CA$251,631, ($187,000) a 728% increase compared to CA$30,364 in Q3 2021.

Q3 2022 Financial Highlights

• Gross profit was CA$69,498 and gross margins were 27.6% compared to gross profit of CA$30,053 and gross margin of 98% in Q3 2021.

• Net loss and comprehensive loss were CA$(486,432) in Q3 2022 compared to a net loss of CA$(2,460,126) Q3 2021.

• Net loss per share was CA$(0.02) in Q3 2022, compared to CA$(0.11) in Q3 2021.

Randy Ko, Hempsana’s CEO stated: “Our team remains focused on leading the market in the manufacturing and distribution of rare cannabinoids to support product development cycles with many of the major consumer brand leaders in Canada. Our management team continues to keep their ears to the ground on consumer data driven insights, innovation and brand development as we continue to expand on our strategic partnership program to bring unique products to market. With the approval of 10 products into the Ontario Cannabis Store with distribution starting in Q4 of 2022, we look to expand our portfolio of products to the recreational and medical channels.”

“A key area we are focused on is the infused pre-roll market, which has shown great growth with 1000% year over year sales increases in the largest provinces of the Canadian market. The Caviar Gold launch couldn’t be timed any better with initial SKU launches scheduled for Q4 of this year. We look to position the brand as one of the highest quality and highly potent products in the infused pre-roll market and will look to be aggressive in capturing market share.”

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Photo by Jeff W on Unsplash

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