Business
Heritage Cannabis Announces Record Sales in Q4 and Continued Cost Management Driving the Company towards Positive Cash Flow
Heritage Cannabis Announces Record Sales in Q4 and Continued Cost Management Driving the Company towards Positive Cash Flow.
About this update from Trees Corporation
[{"type":"text","content":"\nHeritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), is pleased to announce a third consecutive record gross revenue quarter. The company expects its fourth quarter revenue to increase between 20-25% above its record Q3 as a result of continued strong sales growth throughout the fourth quarter.\n\nAlong with growth in sales and revenue, Heritage has been focused on cost reduction across the Company and based on the current trajectory expects to be cash-flow positive in early calendar 2022.\n\nRecently, Headset published data showing Heritage’s compound annual growth rate (CAGR) of sales from February 2021 to August 2021 of over 16% compared to the average CAGR of the top eight Canadian Licensed Producers of 3%. Also, over the latest 3 month period at the time (July to August), Heritage saw an increase in sales of over 19% in the period compared to a decline of 3% for the same group.\n\n“Heritage has continued to outpace our larger peers in sales growth, and we don’t plan on slowing down”, commented David Schwede, CEO of Heritage. “The growth in sales and prudent cost management we have undertaken in the past few months are driving the Company towards positive cash flow as early as the beginning of calendar 2022. Our portfolio expansion of 34 skus in the flower and preroll categories, the largest segments of the market, will see results start to take shape in the coming quarters. Building a strong, self sufficient and sustainable business does not occur without strong business practices, and I am excited to see that we are within striking distance of accomplishing this in the cannabis sector.”\n\nAbout Heritage Cannabis Holdings Corp.\n\nHeritage is a leading cannabis company offering innovative products to both the medical and recreational legal cannabis markets in Canada and the U.S., operating under two licensed manufacturing facilities in Canada. The company has an extensive portfolio of high-quality cannabis products under the brands Purefarma, Pura Vida, RAD, Premium 5, feelgood., CB4 and ArthroCBD.\n\nON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.\n\n“David Schwede”\nDavid Schwede\nCEO\n\nThe Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this ...