Harvest One Cannabis Inc has reported a jump in its fiscal 3Q revenue, with higher sales of its cannabis health and wellness products in the United States offsetting lower sales in Canada.
For the three months ending March 31, 2022, the company posted revenue of $2.3 million, a 15.4% increase from the $2 million reported for the same quarter last year.
During the quarter, the company said it made operational improvements and cost reductions across salaries, fees for professional services, and insurance to improve profitability.
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Harvest One CEO Gord Davey said the results continue to demonstrate its steady progress in its financial objective of growing sales and margins, while simultaneously reducing operating and overhead expenses.
“We increased revenue by more than 15% and improved our gross profit margin to 39% from 37% in the comparable quarter last year,” Davey said.
“We also reduced selling, general, and administrative expenses by 11%.”
Davey noted that the company had strengthened the distribution of its Dream Water and LivRelief brands globally and had secured agreements that would strengthen its infused topical business in the coming quarters.
The company also improved on its adjusted earnings before interest, taxes, depreciation, and amortization during the quarter, reporting a loss of $0.6 million for 3Q 2022 compared to $1 million for the same quarter in 2021.
Harvest One Cannabis is a global cannabis-infused CPG leader developing and distributing premium health, wellness, and self-care products with a market focus on sleep and pain.
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