Canada's Trees Q4 2022 Gross Revenue Grows 75% YoY To $2.1M

Trees Corporation TREE released its fourth-quarter financial results, revealing gross revenue of CA$2.9 million ($2.1 million), a 75% increase compared to CA$1.6 million in the Q4 2021.

Q4 2022 Financial Highlights

• Gross margin of CA$1.1 million, or 37% of sales, a 99% increase over the fourth quarter of 2021.

• Record corporate retail sales of CA$2.7 million, 69% higher than the same period in 2021.

• Net loss and comprehensive loss of CA$1.4 million compared to CA$1.7 million in Q4 2021.

"We are proud to post another quarterly sales record as our stores hit their stride and continue to grow further", stated Campbell Becher, CEO of Trees. "With the imminent closing of our 5 Trees brand licensed store aquisition in B.C., anticipated to close in first quarter of 2023, our quarterly revenue and gross profit margin will jump by approximately 50% beginning immediately after the closing."

Change to the Financial Year-End

During the twelve months ended December 31, 2022, the company elected to change its year end to March 31 from December 31. The transition year will include 15 months of operations for the period starting January 1, 2022 and ending March 31, 2023. The company's objective for the change was to obtain its annual financial statement audit during a less resource constrained time of the year. The interim and annual reporting periods of the transition year will be changed based on new fiscal year end date.

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