Heritage Cannabis Holding Corp shared an update on its recent sales and market share data in Canada, highlighting a significant sales growth rate of 28.8% between May and August 2021.
The Toronto-based company said in a release that Heritage stood at the fourth position in concentrates sales in Canada, while sixth and ninth for sales of oils and vapes, respectively.
READ: Heritage Cannabis announces joint venture supply and processing agreement with Noble Growth
“Our recent growth rates are a strong indication that the growth reported in our 2Q and 3Q financials are not a one-off occurrence. We outpaced the market by 3x and are continuing to see strong growth over the recent months,” said David Schwede, CEO of Heritage in a statement.
The cannabis company said that despite restricted operations at its Voyage facility due to local forest fires in the area, unaudited sales for the month of August were approximately $2.5 million.
In Ontario, Heritage gained seven new listings across multiple categories, giving a total of 16 stock keeping units (SKUs) in Canada’s largest market. Sales to the Ontario cannabis store (OCS) in calendar 3Q were more than double over calendar 2Q. The firm is hoping to add additional SKUs in November.
With high re-order rates and acceptance for new listings, Western Canada is the largest market for Heritage, contributing to its additional growth.
Alberta recently executed a significant launch of Heritage products, with the company shipping 28 new SKUs to the province in September and October.
In British Columbia, meanwhile, Heritage claimed 3% of total cannabis sales, while also increasing orders by 33% from calendar 2Q to calendar 3Q. Orders in Saskatchewan rose by 190% sequentially in calendar 3Q, with the first flower products expected to be in the market in November, fueling further sales growth heading into fiscal 2022.
Heritage is also establishing a licensed manufacturing facility in Missouri. The company is currently evaluating equipment and the first revenue is expected in the first quarter of 2022.
The company is currently functioning under two licensed manufacturing facilities in Canada, and holds an extensive portfolio of cannabis products including Purefarma, Pura Vida, feelgood, and ArthroCBD.
Contact Ritika at ritika@proactiveinvestors.com