The Good Shroom Co Inc. MUSH, released financial results for the first quarter ended October 31, 2022, revealing net revenue of CA$670,253, ($493,000) a 1280% increase compared to CA$48,572 in the same quarter of 2021.
Q1 2022 Financial Highlights
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Gross profit margins were CA$181,942, compared to CA$2,526 in Q1 2021.
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Net loss and comprehensive loss was CA$189,890 compared to a loss of CA$337,640 in Q1 2021.
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No debt obligations other than CA$40,000 due December 2023 to the government of Canada.
At present the company’s cannabis sales are primarily in Quebec however it is expected to gain more Canadian market share. Product submissions have been made to the governments of Alberta, Nova Scotia and Newfoundland. It’s mushroom beverage brand, Teonan, continues growing and is now sold in over 250 grocery stores in the US and Canada plus its online store.
The company’s CEO Eric Ronsse stated, “I recommend investors keep an eye on the upcoming quarterly results as I expect to continue growing revenues and reduce expenses. We continue growing our cannabis division in Quebec, but also expect to begin selling in other provinces in the coming months. Our mushroom beverage brand will be available in more US and Canadian grocery stores in the next 2 quarters as well.”
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