The Good Shroom (TSX-V:MUSH) Co Inc has disclosed its financial & operational information for the quarter ended April 30, 2022 (Q3 2022) which saw its sales revenue jump to $419,397 compared to $65,470 for the same quarter in the prior year, equating to growth of 6.4 times.
The company said the majority of this revenue was derived from its hash and cannabis teas in Quebec and the rest from its functional mushroom beverages.
Gross profit margins were $93,877 compared to $7,067 in the same quarter of 2021, the firm added, while its operating loss was $229,994 compared to $2,521,727 in the same quarter last year.
READ: The Good Shroom Co says expanded contract doubles its product listings in Quebec
Through its licensed subsidiary Teonan Biomedical Inc, the company operates two 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 said it is presently working towards listing some of its products in British Columbia, Nova Scotia and Alberta and will be launching a variety of new products in Quebec this September.
The Good Shroom Co 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 (NASDAQ:UNFI) and Kehe, in Q3 2022.
The company said it will be submitting its products to a variety of key retailers during the course of 2022, including Wholefoods, Albertsons Safeway (NYSE:SWY), Wegmans along with a large number of regional players across the USA.
It added that 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.
The Good Shroom Co 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. The company's 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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