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400% Revenue Increase for Heritage Cannabis in Q1 2022

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF), today announced its financial results as at and for the three months ended January 31, 2022 (“Q1 2022”). All figures are in Canadian dollars unless otherwise noted. The company has posted a 400% revenue increase for Q1.

“Our team has done a phenomenal job over the past year in transitioning Heritage to a Company with exceptional brands offering innovative, in-demand products – a great accomplishment and testament to how far we have come in just one year. With revenue growth over 400% from the first quarter of last year, and 34% over the fourth quarter of 2021, we are hitting our stride as a branded cannabis company, and we’re just getting started,” commented David Schwede, CEO of Heritage.

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“As we move to cash flow positive territory, the Company has never been healthier, and our stable balance sheet, continued revenue growth, and proven commitment to a lean cost structure are leading indicators of where we are headed. We have an incredible business with staff that are the soul of our company. During a very turbulent time in the cannabis market, we are so appreciative of our platform partners that trust and believe in our products, and exceedingly thankful to our shareholders for their patience during this transitionary period.”

Selected Financial Highlights

Selected financial highlights for the three months periods ended January 31, 2022, January 31, 2021, and October 31, 2021 include the following:

Three-month periods ended

(in $CDN)

Jan 31, 2022

Jan 31, 2021

Oct 31, 2021

Gross revenue




Net revenue (net of excise tax)




Cost of sales




Gross margin




General and administrative expenses




Other income (expenses)




Comprehensive income (loss)




Q1 2022 Financial Highlights

  • For the quarter ended January 31, 2022, the Company reported gross revenue of $9,596,141, an increase of $7,419,888 as compared to gross revenue of $1,827,273 for the quarter ended January 31, 2021, representing an increase of over 400%. The increase in gross revenue was a result of the Company having fully transitioned to branded provincial sales, increased national distribution, and increased SKU penetration.
  • Cost of sales for the three months ended January 31, 2022 was $4,656,450, an increase of $3,646,089, compared to $1,010,361 for the three months ended January 31, 2021. The increase in cost of sales was a result of increased sales activity.
  • For the quarter ended January 31, 2022, the Company recorded a comprehensive income of $6,257,213 or $0.01 income per share compared to a comprehensive loss of $3,211,082 or $0.01 loss per share for the three months ended January 31, 2021. The decrease in losses during this period was attributable to one primary factor which was non-cash related. In accordance with the accounting policies, the Company recorded a gain of $8,498,429 as a result the change in fair market value between share price used for the Premium 5 milestone payment and the current share price at the time of award. This gain was offset by a loss on derivative liabilities primarily by the convertible warrant revaluation and interest expense.

Q1 2022 Growth, Operational, and Corporate Highlights1

  • Strong sales growth throughout the first quarter reflects Heritage’s growing market share, which is related to the Company’s introduction of new and expanded product lines and additional distribution channels. Heritage now ranks #17 in recreational sales for Canadian cannabis companies, and Q1 2022 was the fourth sequential quarter with sales growth in excess of 25% on a quarter over quarter basis. As sales momentum builds, the Company remains focused on increasing margins and cost containment. Spending and capital expenditures by Heritage are measured by their expected return on investment and ability to generate near-term revenues.
  • Heritage continues to command a large market share of concentrate products, now ranking #1 in recreational sales, up from #2 in Q1 2022. The Company’s RAD brand now ranks #24 out of over 500 brands across the country after only being in market just over a year and continues to show exceptional traction in all markets where it is currently offered. Recent concentrate launches in Ontario have been extremely successful and have prompted a significant increase in the size of purchase orders by the Ontario Cannabis Store. Excluding hash, Heritage currently has the #1 and #2 best performing products in the concentrates category in Ontario.
  • Heritage is continuing the rollout of new dried flower and pre-roll products across the country. In 2021, Heritage launched ten pre rolls and six flower SKUs in multiple provinces with encouraging provincial orders, and in this short time frame Heritage already ranks #25 in sales of pre-rolls, and #45 in sales of flower. Heritage continues to add new products including infused pre-rolls and blunts to the flower category, and with growing popularity is expected to take an increasing share of the largest cannabis product segment in the Canadian market.
  • In January 2022, Heritage announced that Spectrum Therapeutics (“Spectrum”), one of Canada’s largest online medical cannabis platforms, is now offering Heritage products including products from popular Heritage brands RAD, Premium 5, and CB4, which are the first third-party cannabis extract and concentrate offerings on the platform. Additionally, Heritage announced the upcoming launch of nine new products that will be available in the Ontario cannabis market through the Ontario Cannabis Store (“OCS”) and retailers in the province. New products include two infused pre-rolls, three concentrates, one pre-roll, two vape cartridges, and one flower product. Under a recent call for new products, Heritage submitted unique and innovative products for consideration by the OCS, seventeen of which were accepted and will be available this Summer.
  • In November 2021, Heritage signed a definitive white label agreement (the “Agreement”) with BRNT Ltd. (“BRNT”), an Alberta based brand house and cannabis ancillary company that launched one of the top performing dried flower and pre-roll brands in Alberta, Violet Tourist. Under the Agreement, the Company along with BRNT, is launching a Violet Tourist branded cannabis infused pre-roll and concentrate into Ontario. Over the course of the agreement, Heritage will aim to expand distribution of the brand across Canada and further add to its associated SKU listings in cannabis 2.0 segments. Terms of the agreement provide Heritage with control of procurement & supply chain and effectively grants Heritage rights to fully operate the proven Alberta brand.
  • Heritage has made significant progress on the licensed manufacturing facility build-out in support of the relationship with 3Fifteen Primo Cannabis in the state of Missouri. The Heritage team has progressed with establishing the biomass supply chain and is in the process of training staff for the facility. Production is expected to begin in Q3, with revenue from the sale of branded products to medical cannabis consumers in Missouri following shortly after. Recreational legalization has also been added to the ballot and could be legalized as early as October.

Financial Statements
The consolidated financial statements of the Company as at and for the three months ended January 31, 2022 and accompanying management’s discussion and analysis have been filed with the securities regulators and are available on SEDAR at under the Company’s issuer profile.

About Heritage Cannabis Holdings Corp.
Heritage Cannabis is a leading cannabis company offering innovative products to both the medical and recreational legal cannabis markets in Canada and the U.S., operating under two licensed manufacturing facilities in Canada. The company has an extensive portfolio of high-quality cannabis products under the brands Purefarma, Pura Vida, RAD, Premium 5, feelgood., the CB4 suite of medical products in Canada and ArthroCBD in the U.S.

400% Revenue Increase for Heritage Cannabis in Q1 2022

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