Hempsana Q1 Revenue Stagnates YoY, What About Net Loss?

Hempsana Holdings Ltd. announced first quarter financial results for the three-month period ended March 31, 2023, revealing net revenue of CA$363,831 ($275,425), an increase of 2.5% compared to CA$354,855 in Q1 2022.

Q1 2023 Financial Highlights

• Gross profit was CA$182,911 an increase of 4% compared to CA$175,838 in Q1 2022.

• Net loss and comprehensive loss were CA$276,515, compared to a net loss of CA$242,375 in Q1 2022.

• Net loss per share was CA$(0.01), similar to the CA$(0.01) net loss per share in Q1 2022.

• Subsequent to March 31, 2023, the company announced a private placement financing of CA$900,000.

• Cash at he end of the period was CA$51,168.

Randy Ko, Hempsana’s CEO stated: “Hempsana continues to expand its innovative product offerings to consumers across Canada with the launch of seven new SKU’s from ufeelu and two new brands: Caviar Gold and Craft Bangers. We believe that Caviar Gold and Craft Bangers will provide great dried flower options that have high THC potency (25+%) combined with high terpene profiles (4+%). We believe we have the opportunity to dominate the infused pre-roll market as we use a patented process to infuse our pre-rolls and moonrocks that provides consumers a consistent smoking experience as the patented process uniformly distributes the distillate into the flower. The main complaint that consumers have in the market today is that the infused pre-rolls do not burn consistently and that is what we have focused on, bringing to market superior infused pre-roll quality that allow users to enjoy a smooth and consistent smoking session just as they do with non-infused pre-rolls.”

Resignation of Director

Douglas Sommerville has announced that due to other personal commitments, that he has resigned as a director of the company and would not seek re-election at the upcoming annual general meeting.

Photo by Giorgio Trovato on Unsplash

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