Heritage Cannabis Reveals 338% YoY Spike In Q2 Revenue, Ahead Of Acquiring California-Based Bloom Brands

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, …

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