Multi-Banner Cannabis Retailer's Q3 Revenue Slumps Over 42% YoY But CEO Remains Optimistic
Shiny Health & Wellness Corp. has reported a decrease in sales to CA$ 4.3 million ($3.2m million) for the three months ending October 31, 2023, down from CA$ 7.46m the previous financial year. The decline was attributed to market trends in the Ontario cannabis retail sector throughout the period, the pharmaceutical company said. Shiny Health also closed underperforming adult-use cannabis dispensaries and sold a number of larger stores. The Toronto-based firm recently inked an agreement with Karan S. Holla for his chain of 10 adult-use cannabis retail outlets, Stash & Co. CEO Meris Kott said Shiny Health was gradually building its brand presence in Ontario. The pharma company revealed that it made a CA$ 6m net loss for the quarter, an uptick from the CA$ 1.75m loss in the corresponding period the year before.
