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THE GOOD SHROOM CO DISCLOSES FINANCIAL RESULTS, RECORDS OVER 6X REVENUE GROWTH FROM PREVIOUS YEAR
THE GOOD SHROOM CO DISCLOSES FINANCIAL RESULTS, RECORDS OVER 6X REVENUE GROWTH FROM PREVI...
About this update from Mercanto Holdings Inc
[{"type":"text","content":"\n \n \n \n THE GOOD SHROOM CO DISCLOSES FINANCIAL RESULTS, RECORDS OVER 6X REVENUE GROWTH FROM PREVIOUS YEAR\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n MONTREAL\n \n \n ,\n \n \n Nov. 23, 2022\n \n \n /CNW/ - The Good Shroom Co Inc. (the \"\n \n Company\n \n \") (TSXV: MUSH), discusses financial & operational highlights for the fiscal year ended\n \n July 31\n \n 2022.\n \n \n \n \n \n \n \n \n \n The Company's CEO Mr.\n \n Eric Ronsse\n \n encourages readers to read the entire release and to contact him afterwards for questions/comments or refer to the Management Discussion & Analysis.\n \n \n \n The Company recorded\n \n $1,522,134\n \n in sales revenue. Over 6X growth from the previous year.\n \n \n \n The majority of this revenue was made in the last 6 months of the fiscal year from its cannabis operations and the rest from its functional mushroom beverages. This was the Company's first fully operational year with its cannabis division beginning sales only as of\n \n December 25, 2021\n \n .\n \n \n \n Gross profit margins were of\n \n $228,638\n \n .\n \n \n \n Cannabis product gross margins vary depending on the product. Its important to note the Company has negotiated favourable payment terms that do not hinder cash flow. It is actively working to increase margins.\n \n \n Non-cannabis product gross margins are higher than cannabis products. The proportion of Teonan sales to total sales in the upcoming year is expected to be more than this year.\n \n \n \n No debt 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 Operating cash loss was of\n \n $777,776\n \n .\n \n \n \n \n An IMPORTANT NOTE on the operating cash loss;\n \n \n \n A significant portion of this cash loss is due to the capital investment incurred during the year to setup up its US distribution network for its mushroom beverages. As a result the Company's products are now available through America's 2 largest grocery distributors, KEHE and United Natural Foods, as of late Q3...