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GOODNESS GROWTH HLDGS INC (GDNSF) is a leading player in the cannabis industry, focusing on cultivation, processing, and distribution of high-quality cannabis products. With a strong presence in multiple states, the company is known for its innovative approach, premium offerings, and commitment to sustainability. They have recently expanded their product line, entered new markets, and formed strategic partnerships to drive growth and profitability. Goodness Growth's financial health is robust, with steady revenue growth and a solid balance sheet. Their dedicated team and customer-centric approach set them apart in the competitive cannabis landscape.
Goodness Growth reported a 2022 revenue of $74.6 million, marking a 37.1% increase year-over-year, with Q4 revenue at $19.0 million (up 39.4% YoY). Gross profit surged to $30.9 million, reflecting a 56.1% growth with a gross margin of 41.4%. The company amended its credit facility with Green Ivy, removing the amortization schedule and extending maturity to April 2024. Additionally, Goodness Growth is pursuing a $10 million convertible loan to strengthen its balance sheet. Legal disputes with Verano Holdings continue, as Goodness Growth denies allegations of breach regarding their terminated agreement.
Goodness Growth Holdings (CSE: GDNS; OTCQX: GDNSF) announced a significant modification to its credit facility with Green Ivy, eliminating amortization and extending maturity to April 30, 2024. The amendment will involve issuing up to 15 million Subordinate Voting Shares to the lender. The company is also in advanced discussions for a new $10 million secured convertible loan with a 12% interest rate. Governance updates include the resignation of two board members and the conversion of Super Voting Shares to Subordinate Voting Shares, improving the voting structure. As of March 31, 2023, the company has $60.4 million in loans outstanding.
Goodness Growth Holdings (GDNSF) announced a rescheduling of its financial results release for Q4 and full year 2022 to March 31, 2023, post-market close. The company will conduct a conference call on April 3, 2023, at 8:30 a.m. ET to discuss these results, with dial-in options provided for interested parties. Goodness Growth is focused on enhancing customer-centric operations across its cannabis business, which includes cultivation, manufacturing, and retail. Operating in five markets with 18 dispensaries, the company is dedicated to delivering quality products and supporting local communities through various programs.
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