Heritage Cannabis 2022 Revenue Grows 110% To $21.7M

Heritage Cannabis Holdings Corp. HERTF CANN net revenue in FY 2022 was CA$29.6 million, ($21.7 million) a 110% increase compared to CA$14 million in FY 2021.

FY 2022 Financial Highlights

• Gross margin was CA$8 million compared to gross margin of CA$566,133 in FY 2021.

• Comprehensive loss was CA$23.9 million or CA$0.03 loss per share compared to a comprehensive loss of CA$57.7 million or CA$0.08 loss per share in FY 2021

Q4 2022 Financial Highlights

• Net revenue was CA$8 million, a 72.9% increase compared to CA$4.6 million in Q4 FY 2021.

• Net comprehensive loss was CA$26.9 million or CA$0.03 loss per share compared to a comprehensive loss of CA$42.7 million or CA$0.01 loss per share in Q4 FY 2021.

• Gross margin was CA$426,112 compared to gross margin of CA$(2.7 million) in Q4 FY 2021.

“We are very pleased to have achieved another quarter of top line revenue growth that signals the success of our products in market, and with year-over-year revenue growth of 125% we are demonstrating our ability to execute a sustainable growth story. We saw significant growth in gross margins year over year despite the challenging regulatory environment within the cannabis industry. The market continues to be burdened by overcapacity, lack of tax reform and regulation constraints, however we have continued to grow through innovative product launches as well as new brand introduction,” stated David Schwede, CEO of Heritage.

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