MONTREAL, June 29, 2022 /CNW/ - The Good Shroom Co Inc. (the "Company" or "MUSH") (TSXV: MUSH), discloses financial & operational information from Q3-2022.
Sales revenue was $419,397 for the quarter ended April 30, 2022 compared to $65,470 for the same quarter in the prior year which equates to 6.4 X growth.
The majority of this revenue was derived from its hash and cannabis tea's in Quebec and the rest from its functional mushroom beverages.
Gross profit margins were $93,877 compared to $7,067 in the same quarter last year.
Operating loss was of $229,994 compared to $2,521,727 in the same quarter last year.
MUSH, through its licensed subsidiary Teonan Biomedical Inc. (the "Subsidiary"), operates 2 cannabis brands; Nordique Royale™ and Velada™.
In Quebec, according to https://quebec.weedcrawler.ca/best_sellers, 5/10 best selling infusions are by Velada™ products and one of the best selling hash products is by Nordique Royale™.
The Company is presently working towards listing some of its products in British Columbia, Nova Scotia and Alberta.
The Company will be launching a variety of new products in Quebec this September.
MUSH also operates Teonan™ functional beverages sold across north America.
Teonan™ was accepted into the distribution networks of the two largest distributors in the USA, United Natural Foods and Kehe.
The Company will be submitting its products to a variety of key retailers during the course of 2022, including Wholefoods, Albertsons Safeway, Wegmans along with a large number of regional players across the USA.
Its products are now for sale in all Central Market locations in the USA and a variety of independent retailers in the greater New York area.
About the Company
MUSH operates a portfolio of brands which include traditional cannabis and beverage products. It exists to promote the use of functional ingredients such as probiotics and functional mushrooms in consumer products. Its line of Teonan beverages are first a quality and tasty beverage but also contain a dose of functional mushrooms and probiotics.
We all have a daily routine; be it coffee, tea or another. Why not make that routine functional for body and mind by adding probiotics and mushrooms to it? Up to now no company has been able to maintain a familiar taste at a fair price while making them truly functional. The Good Shroom Co has bridged that gap and intends on making its brands household names for making it a part of its customers daily routine.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Corporation with respect to future business activities and sales, including the anticipated orders to be placed by the SQDC. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect the Corporation's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Corporation believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected are the following: market acceptance of the Company's hash and other cannabis products, changes in the vendor's business or strategy, changes in our supplier's operations and pricing, expectations regarding competition and their pricing strategy; maintaining in good standing all necessary regulatory licenses and authorizations for its products; the benefits, safety, efficacy, dosing and social acceptance of cannabis related products and no material changes in the legal environment; changes in applicable laws and regulations compliance with extensive government regulation; operational risks related to and COVID-19 or other pandemic and supply chain disruptions and shortages. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law. Trading in the securities of the Company should be considered highly speculative.
SOURCE The Good Shroom Co Inc.
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