Business
Harvest One Reports Q3 2021 Financial Results
Vancouver, British Columbia--(Newsfile Corp. - May 27, 2021) - Harvest One Cannabis Inc. ( TSX...
About this update from Delivra Health Brands Inc
[{"type":"text","content":"Harvest One Reports Q3 2021 Financial ResultsVancouver, British Columbia--(Newsfile Corp. - May 27, 2021) - Harvest One Cannabis Inc. (TSXV: HVT) (OTCQB: HRVOF) (\"Harvest One\" or the \"Company\"), a uniquely positioned cannabis-infused CPG leader, with brands LivRelief TM and Dream Water TM products, is pleased to announce its fiscal Q3 financial and operating results for the three and nine months ended March 31, 2021.Management Commentary\"Our third quarter financial results reinforce the continued improvement of the Company's operating performance and financial position,\" said Gord Davey, President and Chief Executive officer of Harvest One. \"Management's continued focus on targeted sales, marketing, operational improvements and cost reductions, is reflected in considerably improved profit margins and bottom line results on a quarterly year-to-date basis. We will build on this positive momentum and continue to execute on the Company's commercial strategy and growth initiatives.\"Mr. Davey continued, \"During the third quarter, the Company executed on key strategic projects including the divestiture of its Satipharm and Phytotech subsidiaries, as well as a bought deal financing with Research Capital Corporation and ATB Capital Markets Inc. These projects further strengthened the Company's liquidity position to support the growth of its global CPG business and build on the ongoing success of its LivRelief TM cannabis-infused topicals. We are encouraged with this ongoing progress and remain committed to the growth of our brands in North American and global markets through focused sales, marketing and expanded distribution channels, while maintaining rigorous cost control and fiscal responsibility.\" Financial and Operating Highlights for the Quarter:Reported $2.02 million revenue from continuing operations during the current quarter compared to $1.88 million during the same period in 2020. Product mix continues to transition from cultivation to CPG products.37% gross profit from continuing operations during the current quarter compared to 24% during the same period in 2020. This increase is driven by continuous operational improvements and cost control initiatives over the last nine months. Adjusted EBITDA(1) loss of $0.98 million during the quarter compared to a loss of approximately $1.6 million for the same period in 2020,...