Heritage Cannabis Reports Q4 2023 and Year-End Financial Results

Article content

Achieved over 50% Growth in Gross Margin for the Year, and 628% in Gross Margin Growth for the Fourth Quarter

Article content

TORONTO — Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQB: HERTF) (“Heritage” or the “Company”), today announced its financial results as at and for the three- and twelve-month periods ended October 31, 2023. All figures are in Canadian dollars unless otherwise noted.

“Remaining true to our vision of sustainable growth, Heritage continued to optimize our products in 2023 while maintaining a close focus on production efficiencies, operational spending, and high gross margin sales, all of which were key in achieving growth in gross margin of over 50% for the year and 628% for the quarter compared to last year, showing a very promising trend for the start of this year,” said David Schwede, CEO of Heritage. “Our products continue to see significant demand, specifically for our newly launched RAD vape products and Adults Only brand (#9 vape brand in Canada), which contributed to our concentrate revenues growing by 6% in the fourth quarter. In the U.S., we have six SKUs in New York – our newest state – and our more established business in Missouri and West Virgina saw strong growth with over $3.5 million in sales for the year. With Q1 revenues and gross margins expected to continue this trend and SG&A expected to be down, we are keen to build on these successful ventures throughout 2024 and continue to explore additional revenue channels both in the U.S and internationally.”