Heritage Cannabis Holding Corp has announced a third consecutive record gross revenue quarter as it continues to expand its portfolio of stock-keeping units (SKUs).
The Toronto-based company said it expects its fourth-quarter revenue to increase between 20%-25% above its record 3Q as a result of continued strong sales growth throughout the quarter.
Along with growth in sales and revenue, it said it has been focused on cost reduction across the company and based on the current trajectory expects to be cash-flow positive in early calendar 2022.
READ: Heritage Cannabis sees significant sales growth of 28.8% between May and August 2021
Heritage said recent data published by leading cannabis data and market intelligence company Headset revealed a compound annual sales growth rate (CAGR) from February 2021 to August 2021 of over 16% compared to the average CAGR of the top eight Canadian licensed producers of 3%.
Also, over July and August, Heritage saw an increase in sales of over 19% compared to a decline of 3% for the same group, it added.
“Heritage has continued to outpace our larger peers in sales growth, and we don’t plan on slowing down,” CEO David Schwede said in a statement.
“Our portfolio expansion of 34 SKUs in the flower and preroll categories, the largest segments of the market, will see results start to take shape in the coming quarters.
“Building a strong, self-sufficient and sustainable business does not occur without strong business practices, and I am excited to see that we are within striking distance of accomplishing this in the cannabis sector.”
Heritage Cannabis is positioning itself to be a leader in the North American cannabis sector, offering innovative products to both the medical and recreational legal cannabis markets in Canada and the US. The company currently has an extensive portfolio of high-quality cannabis products under the brands Purefarma, Pura Vida, RAD, Premium 5, feelgood., CB4 and ArthroCBD.
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