The Good Shroom Reports Its First Profitable Quarter, Revenue Grows 144% YoY

The Good Shroom Co Inc. MUSH, which owns and operates a portfolio of brands that include traditional cannabis products as well as mushroom-based wellness beverages, announced it's first profit since commencement of operations and released its financial results for the quarter ended April 30, 2023, revealing net revenue of CA$1 million ($759,000), an increase of 144% compared to CA$419,397 in the Q3 FY 2022, and an increase of 52% compared to CA$670,276 in Q2 FY 2023.

Q3 FY 2023 Financial Highlights

• Gross margin was CA$279,217 or 27%, compared to CA$93,877 or 22% in Q3 FY 2022.

• Net profit and comprehensive profit was CA$13,660 compared to a loss of CA$229,995 in Q3 FY 2022, and a loss of CA$95,116 in Q2 2023.

• Cash at the end of the period was CA$283,580.

"We are pleased with today's results; brand recognition is increasing sales, bolstering loyalty and we are seeing gains in terms of operational efficiency. We also expect to begin realizing economies of scale into the near future. As we execute on our asset light business model and leverage our network of manufacturing partners, we are moving forward with limited capital assets all the while having the flexibility to rapidly scale up and meet growing sales and consumer preferences." stated Eric Ronsse, the CEO.

“As most of our resources have been geared towards our cannabis division, with good results, sales for wellness beverages (of $29,775 for Q3), remain flat. However, we see growth opportunities for this division as well and we intend on allocating additional resources, to implement a new marketing strategy before calendar year-end."

Photo by Giorgio Trovato on Unsplash

Related News

The Good Shroom Q1 Net Revenue Grows 1280% YoY To $493K