Trees Corporation (NEO:TREE.AQN) has announced record third-quarter 2022 sales and system-wide sales of $2.5 million and $3.7 million, respectively, along with 40% year-over-year growth in same-store corporate sales.
The Canadian cannabis company said it has increased revenues in the quarter by 60% from the first quarter of 2022, while its total gross profit rose 78% over the same period due to a strengthening retail gross profit margin percentage, which averaged 32% in 3Q compared to 28% in the first quarter of 2022.
“With the imminent acquisition of our 5 Trees brand licensed store in BC (British Columbia), anticipated to close before year end, our quarterly revenue and gross profit margin will jump by nearly 50% beginning in the first full quarter after the closing,” Trees CEO Campbell Becher said in a statement.
READ: Trees Corporation closes its private placement; raises C$200K
Trees president Jeff Holmgren also commented, stating: “With a continued hyper-focus on the consumer experience, despite intense competition in Canadian retail cannabis markets, Trees is proving its operational excellence while forging a near-term path towards corporate profitability and long term sustainable growth, one customer at a time.”
Trees noted that it has 13 Trees Cannabis branded stores currently operating, with a 14th store in Toronto scheduled to open before year end.
Trees Corp is a cannabis company that targets the intersection of community, content and commerce. The company aims to provide a differentiated retail experience, combined with digital platforms cannabisMD.com and askCMD.com that educate and amplify, unlocking emerging consumer segments.
Contact Sean at sean@proactiveinvestors.com