MONTREAL, March 16,
2022 /CNW/ - The Good Shroom Co Inc. (the
"Company" or "MUSH") (TSXV: MUSH), provides an update
on sales and distribution.
MUSH, through its licensed subsidiary Teonan Biomedical Inc.
(the "Subsidiary"), operates 2 cannabis brands; Nordique
Royale™ and Velada™representing functional cannabis beverages
and popular hash extracts. December 24,
2021 marked the launch of Nordique Royale's Afghan Gold
hashish in Quebec. According to
https://quebec.weedcrawler.ca/best_sellers, three weeks later the
product was ranked #4 in sales in its category out of approximately
35 hash products. During that same period hash sales for the
Company were just over $250K and are
expected to continue for the immediate term.
The first week of February 2022
marked the launch of the first two Velada™ cannabis beverages in
Ontario. According to the Ontario
Cannabis Store, for its first week of sales Velada™ products ranked
#1 and #2 in its category, representing $27,480 in sales.
For both Nordique Royale™ and Velada™ sales quickly
surpassed expectations and inventory was depleted much quicker than
anticipated which led to a temporary drop in sales. At
present, all cannabis products have been restocked or are in
process of being completed in line with revised projections to
ensure MUSH minimizes any disruptions in inventory going
forward.
MUSH also expects to launch 2 Velada cannabis beverages in every
single Quebec cannabis store the
week of February 21, 2022. At present
in Quebec Velada cannabis beverages are only sold online. According
to the government of Quebec online
sales account for approximately 10% of total sales in the province.
Despite only being sold online, according to quebec.weedcrawler.ca,
3 Velada beverages are in the top selling products in its category
even when ranked against products sold in stores.
MUSH, through the Subsidiary, also operates Teonan™ functional
mushroom beverages. These beverages have been accepted by two
of the largest consumer packaged goods distributors in the United States, KEHE Food Distributors Inc.
("Kehe") and United Natural Foods Inc. ("UNFI"). As a result,
Teonan™ is now distributed out of several locations and available
to all retailers in the US. Though just initiated recently, the
Subsidiary has already received 4 purchase orders which include two
large accounts and a variety of small accounts. MUSH sales force
led by FDM Sales management has now begun fulfilling orders and
submitting products for review with its large retail accounts.
MUSH will be releasing its second fiscal quarter ended
January 31, 2022 in early
April 2022.
www.thegoodshroom.co
www.teonan.com
www.nordiqueroyale.ca
www.velada.ca
About the Company
MUSH operates a portfolio of brands
which include traditional cannabis and beverage products. It exists
to promote the use of functional ingredients such as probiotics and
functional mushrooms in consumer products. Its line of Teonan
beverages are first a quality and tasty beverage but also contain a
dose of functional mushrooms and probiotics.
We all have a daily routine; be it coffee, tea or another. Why
not make that routine functional for body and mind by adding
probiotics and mushrooms to it? Up to now no company has been able
to maintain a familiar taste at a fair price while making them
truly functional. The Good Shroom Co has bridged that gap and
intends on making its brands household names for making it a part
of its customers daily routine.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking
Information
This press release contains statements which constitute
"forward-looking statements" and "forward-looking information"
within the meaning of applicable securities laws, including
statements regarding the plans, intentions, beliefs and current
expectations of the Corporation with respect to future business
activities and sales, including the anticipated orders to be placed
by the SQDC. Forward-looking statements are often identified by the
words "may", "would", "could", "should", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect" or similar
expressions. Investors are cautioned that forward-looking
statements are not based on historical facts but instead reflect
the Corporation's expectations, estimates or projections concerning
future results or events based on the opinions, assumptions and
estimates of management considered reasonable at the date the
statements are made. Although the Corporation believes that the
expectations reflected in such forward-looking statements are
reasonable, such statements involve risks and uncertainties, and
undue reliance should not be placed thereon, as unknown or
unpredictable factors could have material adverse effects on future
results, performance or achievements. Among the key factors that
could cause actual results to differ materially from those
projected are the following: market acceptance of the
Company's hash and other cannabis products, changes in the vendor's
business or strategy, changes in our supplier's operations and
pricing, expectations regarding competition and their pricing
strategy; maintaining in good standing all necessary regulatory
licenses and authorizations for its products; the benefits, safety,
efficacy, dosing and social acceptance of cannabis related products
and no material changes in the legal environment; changes in
applicable laws and regulations compliance with extensive
government regulation; operational risks related to and COVID-19 or
other pandemic and supply chain disruptions and shortages.
Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected. Although the Company has attempted to identify important
risks, uncertainties and factors which could cause actual results
to differ materially, there may be others that cause results not to
be as anticipated, estimated or intended and such changes could be
material. The Company does not intend, and do not assume any
obligation, to update the forward-looking statements except as
otherwise required by applicable law. Trading in the
securities of the Company should be considered highly
speculative.
SOURCE The Good Shroom Co Inc.
