Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) reported financial results Monday for the second quarter and six-month period ending April 30.
The Toronto-based company disclosed that revenue totaled CA$4.6 million ($3.73 million) in the second quarter, representing a sequential and year-over-year increase of 251% and 338%, respectively.
Gross profit hit a record CA$1.5 million with gross margins improving to 32% from 28% in the prior period.
Selling, general and administrative costs as a percentage of revenue declined to 66%, versus 142% in the previous quarter.
At the quarter-end, the company had CA$25.3 million in networking capital with cash increasing to CA$11 million.
“We are excited about the results generated this quarter and the prospects for the Company moving forward,” Clint Sharples, …