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Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) has signed a definitive agreement to supply its products to a top LP with the leading market share in Canada. The major LP has made its initial purchase featuring Heritage's brands including RAD, Premium 5, and CB4, with the first shipment of 12 SKUs completed in May. This collaboration will also involve white labelling some products, enhancing Heritage's revenue channels as it expands its presence on the two largest medical platforms in Canada. CEO David Schwede expresses optimism for the partnership's future.
Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) reported Q1 2022 financial results showing remarkable growth. Gross revenue surged over 400% year-over-year to $9,596,141, with net revenue reaching $6,541,211. The company's comprehensive income improved to $6,257,213, a significant turnaround from a loss of $3,211,082 a year earlier. Strong sales growth is attributed to expanding product lines and distribution channels, positioning Heritage at #17 in Canadian recreational sales. The company remains focused on profitability and market expansion.
Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) reported significant growth in its financial results for FY 2021, with gross revenue surpassing $18.6 million, marking a 100% increase from the previous year. Q4 revenues increased 450% year-over-year, driven by successful product launches. Despite this growth, the company recorded a comprehensive loss of approximately $57.7 million, largely due to non-cash impairments. The company plans to achieve positive cash flow in upcoming quarters through improved operations and the expansion of innovative product lines.
Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) has emerged as the leading seller of concentrates in Canada, achieving a market share of 15.2%. The company reported consistent growth, with four consecutive quarters of 25%+ growth. Heritage has expanded its product offerings, launching new SKUs and increasing its presence in provinces like Ontario, Alberta, and British Columbia. The upcoming financial results for the fiscal year ending October 31, 2021, will be released on May 11, 2022. Additionally, Heritage is advancing its U.S. expansion with a facility under development in Missouri.
Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) has announced the sale of its 18% interest in Stanley Park Digital Ltd. for approx. CDN$608,649. Initially acquiring the stake in April 2020 for CDN$340,000, the company is now refocusing on its core strengths in the recreational and medical cannabis markets. The sale proceeds are expected to be received in two tranches, with CDN$444,489 already received and the remaining CDN$164,160 anticipated within 180 days. Additionally, Heritage is working to finalize its 2021 financial statements, delayed since February 2022.
Heritage Cannabis Holdings Corp. (CSE: CANN; OTCQX: HERTF) announced it will receive a cease trade order from the Ontario Securities Commission for failing to file its annual documents by the February 28, 2022 deadline. The documents include audited financial statements for the year ending October 31, 2021. The delay stems from ongoing audits due to the company's growth and acquisition activity. However, the company asserts operations continue normally. Heritage expects to complete the filings by March 31, 2022, with the cease trade order lifted shortly after.
Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) announced significant growth, achieving over 100% revenue increase, totaling
Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) has announced the launch of nine innovative cannabis products in the Ontario market, set for release this spring. The new offerings include two infused pre-rolls, three concentrates, one pre-roll, two vape cartridges, and one flower product. CEO David Schwede emphasized the company's commitment to product innovation, aiming to provide high-demand, competitively priced items. Heritage operates under two licensed facilities in Canada, with a diverse portfolio in the medical and recreational cannabis sectors.
Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) expands its product distribution through a partnership with Spectrum Therapeutics, one of Canada’s largest online medical cannabis platforms. Heritage products, including offerings from well-known brands RAD, Premium 5, and CB4, will now be available on Spectrum's platform. CEO David Schwede highlights this collaboration as a significant achievement, acknowledging Spectrum's market leadership as a validation of Heritage's quality. This development marks a continued growth trajectory for Heritage in both the medical and recreational cannabis markets.
Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) announced a strategic partnership with OMNI Medical Services. This collaboration will facilitate a significant study to determine optimal cannabis strains for patients by analyzing their endocannabinoid systems. Endocanna Health, in which Heritage holds a 30% interest, will provide EndoDNA test kits for this research. CEO David Schwede emphasized the potential of this partnership to enhance understanding of medical cannabis benefits, particularly in treating COVID-19 patients.
