This Canadian Cannabis Company Releases Q2 2024 Financial Results And Partnership Closure

Shiny Health & Wellness Corp. SNYB, a provider of premium cannabis products in Canada, has unveiled its second-quarter fiscal year 2024 financial results for the three months ending July 31, 2023.

Additionally, the company has announced the closing of the Turbo Holdings partnership.

Q2 Overall Performance

• Sales experienced a decrease during the period ending July 31, 2023, primarily due to the reduction in the company's cannabis retail store count, which decreased from 31 to 26 stores.
• Shiny Health's Q2 FY2024 results reveal a net comprehensive loss of $2.1 million, based on sales of $6.2 million.
• Gross profit for the same period amounted to $2.1 million while operating expenses stood at $3.1 million.
• Other expenses totaled $1.1 million with an additional other comprehensive gain of $0.04 million.
• For the six months ending July 31, 2023, the company reported a net comprehensive loss of $2.8 million based on sales of $12.6 million, with a gross profit of $4.5 million and operating expenses of $6.2 million.
• Salaries and benefits expenses declined by 18.0% for the Q2 period in 2023 compared to the same period in 2022, attributed to reduced corporate headcount and share-based compensation.

Turbo Partnership Closure

• The company announced the closing of the Asset Purchase Agreement with an affiliate of Turbo Holdings Canada Inc., combined with a new Trademark License Agreement.
• The transaction involved the sale of two of Shiny Health's retail locations for an estimated total purchase price of $800,000.
• Under the Trademark License Agreement, the affiliate of Turbo Holdings obtained the right to operate these stores under the "ShinyBud" trademark.
• Turbo Holdings has secured Alcohol Gaming Commission of Ontario (AGCO) approvals, and the adult-use dispensaries are open for business.
• A portion of the proceeds from this partnership closure has been allocated to debt repayment.

Now Read: Layoffs & Facility Sales Save Millions For This Cannabis Producer As It Eyes European Market

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