- Good Shroom (MUSH) announced its financial & operational highlights for the fiscal year ended July 31 2022
- The company recorded $1,522,134 in sales revenue, which is over 6X growth from the previous year
- Good Shroom operates a portfolio of brands which include traditional cannabis and beverage products
- The Good Shroom Co Inc. (MUSH) opened trading at C$0.025 per share
Good Shroom (MUSH) announced its financial & operational highlights for the fiscal year ended July 31, 2022.
Highlights:
- The company recorded $1,522,134 in sales revenue, which is over 6X growth from the previous year
- Gross profit margins were $228,638
- No debt obligations other than $40,000 due December 2023 to the government of Canada
- The company made the majority of its revenue in the last 6 months of the fiscal year from its cannabis operations. The rest was from its functional mushroom beverages.
- Operating cash loss was $777,776. A significant portion of this cash loss was due to the capital investment incurred during the year. This was to setup up its US distribution network for its mushroom beverages.
This was the company’s first fully operational year, with its cannabis division beginning sales only on December 25, 2021.
Eric Ronsse, CEO of Good Shroom, commented on the results.
“With the current sales revenue, we are a small company. However, we have set the foundation, and we have the potential to scale profitably in the medium term. I believe today’s bear market will make it difficult for companies incapable of properly managing cash flow to effectively grow and maintain shareholder value. The fiscal year 2023 quarterly results should begin reflecting the type of company we have the potential to become.”
Good Shroom operates a portfolio of brands which include traditional cannabis and beverage products. It promotes the use of functional ingredients such as probiotics and functional mushrooms in consumer products.
The Good Shroom Co Inc. (MUSH) opened trading at C$0.025 per share.