The Good Shroom Co. Inc (TSX-V:MUSH) has disclosed its financial results for the first quarter ended October 31, 2022, in which the company recorded $822,569 in sales revenue, over 16 times growth quarter over quarter.
At present, the company's cannabis sales are primarily in Quebec; however, it said it is expected to gain more Canadian market share. Product submissions have been made to the governments of Alberta, Nova Scotia and Newfoundland. Its mushroom beverage brand, Teonan, continues growing and is now sold in over 250 grocery stores in the United States and Canada plus its on-line store, the company added.
In the results statement, the company's chief executive officer, Eric Ronsse, commented: "I recommend investors keep an eye on the upcoming quarterly results as I expect to continue growing revenues and reduce expenses. We continue growing our cannabis division in Quebec but also expect to begin selling in other provinces in the coming months. Our mushroom beverage brand will be available in more US and Canadian grocery stores in the next two quarters as well."
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The company reported first-quarter gross profit margins of $181,942 and said it has no debt obligations other than $40,000 due December 2023, to the government of Canada.
The Good Shroom operates a portfolio of brands that 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.
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