Business
Harvest One and Its Brands LivRelief(TM) and Dream Water(TM) Report Continued Improvement in Adjusted EBITDA(1) Results for Fiscal Q2 2022
Vancouver, British Columbia--(Newsfile Corp. - March 1, 2022) - Harvest One Cannabis Inc. (T...
About this update from Delivra Health Brands Inc
[{"type":"text","content":"Harvest One and Its Brands LivRelief(TM) and Dream Water(TM) Report Continued Improvement in Adjusted EBITDA(1) Results for Fiscal Q2 2022Vancouver, British Columbia--(Newsfile Corp. - March 1, 2022) - Harvest One Cannabis Inc. (TSXV: HVT) (OTCQB: HRVOF) (\"Harvest One\" or the \"Company\"), a uniquely positioned cannabis-infused health and wellness consumer packaged goods (\"CPG\") leader, with brands LivRelief TM and Dream Water TM, is pleased to announce its fiscal Q2 2022 and year-to-date financial and operating results for the three and six months ended December 31, 2021.Management Commentary\"Our three- and six-months results continue to demonstrate steady progress towards our financial objectives of increasing adjusted earnings before interest, taxes, depreciation and amortization ('Adjusted EBITDA') while simultaneously reducing operating and overhead expenditures,\" said Gord Davey, President and Chief Executive Office of Harvest One. \"Our strategic transition to a global leading health and wellness company that is uniquely positioned in the cannabis space has been beneficial. Our structure and commitment to financial growth is evident in our results, notwithstanding and similar to other companies in our sector, our top line revenue being affected by the COVID-19 pandemic and the Omicron variant due to delays in product deliveries to customers and receipt of supply chain materials for production of Dream Water products. These sales orders are not lost, but only deferred to our next quarters, as we have sustained our operations through these challenging times. We are pleased to see the positive results of our strategic repositioning and are equally excited with our prospects moving forward.\" Financial highlights for the quarter ending December 31, 2021Net revenue: The Company reported total net revenue from continued operations of $1.74 million in fiscal Q2 2022, approximately a 10% decrease from the $1.93 million reported in fiscal Q2 2021. This decrease is due to lower sales of Dream Water™ in US and lower LivRelief™ sales in Canada as a result of supply chain disruptions and labour shortages stemming from the Omicron wave of the COVID-19 pandemic in fiscal Q2 2022. While the impacts of COVID-19 could continue to delay or slow the implementation of the Company's planned objectives and negatively impact ...