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System-wide cannabis sales increased to $12.7 million
(All amounts are in Canadian dollars unless otherwise stated; Three months ended July 30, 2022 compared to the three months ended April 30, 2022)
TORONTO, Aug. 5, 2022 /CNW/ - ShinyBud Corp. ("ShinyBud" or the "Company") (TSXV: SNYB) announces increased retail cannabis sales for the three months ended July 30, 2022 resulting in the Company's second consecutive quarter of record sales in its 2023 fiscal year. Sales increased by 4% to $7.3 million for the period and system-wide sales1, inclusive of the Company's licensed locations, increased by 7% to $12.7 million. This three-month period represents ShinyBud's second quarter as a fully consolidated public company. Stronger sales were primarily driven by same store growth as corporate store count increased by a single location during the period.
"Another consecutive quarter of steady sales growth in a challenging retail cannabis market demonstrates the strength of ShinyBud's cannabis store portfolio and the value our experienced operating team brings to the business," said Kevin Reed, Chairman and Chief Executive Officer. "With only two quarters as a fully consolidated company under our belt, we plan to continue leveraging our retail know-how to profitably operate our existing network of cannabis stores, which are strategically located in markets across Ontario less saturated with cannabis retailers."
These sales figures exclude other revenue streams, such as the ShinyBuddy Data Program and store licensing fees. The Company's interim consolidated financial results for the three and six-month periods ending July 30, 2022, are scheduled to be released late-September.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Systemwide sales includes 31 corporate-owned stores and 12 licensed stores for the period. ShinyBud realizes 1% of revenue from its licensed stores in addition to ShinyBuddy Data Program fees for their data sales contribution to the program.
ShinyBud Corp. is on a mission to help people Never Settle, Live Fully. The Company recently broadened its retail growth strategy beyond adult-use cannabis by establishing mīhī Health & Wellness, a new line of business focused on building a network of community pharmacies across Ontario. Striving to provide a more diverse and accessible cannabis experience for adult consumers, ShinyBud Cannabis Co. is one of Ontario's largest cannabis retailers by store count strategically located in markets less saturated with cannabis retailers. The Company's board and management team hold extensive retail operating experience, a key competitive differentiator in leading its growth strategy. ShinyBud trades on the TSX Venture Exchange (TSXV) under the ticker symbol SNYB. For more information, please visit investors.shinybud.com.
SOURCE ShinyBud Corp.
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