Business
THE GOOD SHROOM CO ANNOUNCES Q2 2023 FINANCIAL RESULTS
THE GOOD SHROOM CO ANNOUNCES Q2 2023 FINANCIAL RESULTS Canada NewsWire The Comp...
About this update from Mercanto Holdings Inc
[{"type":"text","content":"\n \n \n \n THE GOOD SHROOM CO ANNOUNCES Q2 2023 FINANCIAL RESULTS\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n The Company recorded\n \n \n $888,765\n \n \n in Q2 sales revenue.\n \n \n \n 94% growth\n \n from the same quarter in the previous year.\n \n \n \n \n MONTREAL\n \n \n ,\n \n \n March 28, 2023\n \n \n /CNW/ - The Good Shroom Co Inc. (the \"Company\") (TSXV: MUSH), discloses financial results for it's second quarter (\"Q2\") ended\n \n January 31, 2023\n \n .\n \n \n \n \n \n \n \n \n \n \n \n Key Performance Points\n \n \n \n \n \n Q2 Gross profit of\n \n $182,242\n \n \n \n \n No long-term debt\n \n obligations other than\n \n $40,000\n \n due\n \n December 2023\n \n to the government of\n \n Canada\n \n .\n \n \n Net loss of\n \n $95,166\n \n . Excluding non-cash items, the Company's cash loss was of\n \n $39,142\n \n .\n \n \n The Company's capital structure at present is\n \n 48,774,683 shares outstanding\n \n with approximately\n \n 40% inside ownership\n \n . On a fully diluted basis it is 51,329,683 shares.\n \n \n The Company has not raised additional capital since its go-public transaction in\n \n April 2021\n \n .\n \n \n \n ESG:\n \n The Company is now using\n \n 100% Ocean reclaimed plastic\n \n for some of its packaging and expects to continue increasing its use.\n \n \n \n The\n \n Company's CEO\n \n Mr.\n \n Eric Ronsse stated\n \n \"As we continue to\n \n increase sales\n \n we are beginning to realize\n \n economies of scale\n \n . At the same time, the Canadian cannabis industry is having liquidity issues. Cannabis capital markets are down, banks show little interest in lending and private lenders have aggressive interest rates. Therefore, when operating a young consumer packaged goods brand such as Teonan and a Canadian cannabis company simultaneously, financial discipline is of the utmost importance. Especially as we begin to scale this company. This is why we are\n \n heavily focused on cash flow\n \n , maintaining a tight capital structure and revenue ...