Focusing On Innovative Product Lines Bears Fruit For This Cannabis Co In Q2

Hempsana Holdings Ltd. announced on Tuesday financial results for the three and six-month period ended June 30, 2023, revealing second-quarter net revenues of CA$422,170 ($310,609), representing a 16% sequential increase.

During the first half of fiscal 2023, the company generated CA$786,001 in net revenues, representing a 25% increase compared to the same period of 2022.

"The investments we have made in our brands and brand partners to offer innovative products to the consumers is starting to bear fruit as we have seen significant revenue growth this quarter as seen in our results where we have increased our Q2 results from last year's Q2 results by more than 50%," Randy Ko, Hempsana's CEO, said. "With over 20 SKUs being distributed across the nation, we will look to focus on increasing the market share of these products within their respective categories."

Q2 2023 Financial Highlights

• Gross profit was CA$105,130 and gross margins were 24.9%.
• Net loss and comprehensive loss were CA$477,343, compared to a net loss of CA$536,197 in the same quarter of 2022.
• Net loss per share was CA$0.01, compared to CA$0.02 in the corresponding period of last year.

1H 2023 Financial Results

• Gross profit was CA$288,041 and gross margins were 36.6%.
• Net loss and comprehensive loss were CA$753,858, compared to a net loss of CA$778,572 in the same quarter of 2022.
• Net loss per share was CA$0.03, compared to CA$0.03 in the corresponding period of last year.

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Photo: Courtesy of Kimzy Nanney on Unsplash