RAD - Heritage Cannabis Reports $8.79M Q3 2023 Revenue Showing Strong YoY Growth | Benzinga
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) recently reported its financial results as at and for the three and nine-month periods ended July 31, 2023.
"We are highly focused on the strategic vision of driving sustainable growth across the organization through increasing market penetration with our brands and diversifying our revenue channels,” said David Schwede, CEO of Heritage. "These activities contribute to growing revenue and gross margin, which we have seen successfully occur again this quarter, including a 47% increase in gross margin over Q3 2022.”
Third Quarter 2023 Financial Highlights
- Gross revenue for Q3 2023: $11,032,568 CAD ($8,789,793 USD) (up $232,784 CAD / $185,449 USD from Q3 2022).
- Gross revenue for nine months ended July 31, 2023: $30,645,502 CAD ($24,448,468 USD) (a decrease of $202,736 CAD / $161,707 USD from 2022).
- Cost of sales improvement in Q3 2023, down 10.6% as a percentage of sales.
- Gross ...