Progress Towards Building A Strong Canadian
Brand
TORONTO, Dec. 28,
2023 /CNW/ - Shiny Health & Wellness Corp. (the
"Company") (TSXV: SNYB) is pleased to release its third
quarter fiscal year 2024 financial results for the three months
ended October 31, 2023 (the "third
quarter") The full results are available on
https://www.sedarplus.ca/landingpage/
Shiny Outlook
"The Company is systematically building a strong brand
presence in Ontario. We are
excited to complete the Stash & Co. acquisition and add 10 more
stores and another well-recognized brand. We added Jonathan Hemi, a successful GTA business
executive with global consumer brand experience to our board, and I
was recently chosen as CEO to lead the team forward. I could not be
prouder to accelerate this Company to the next stage of
development. We are focused on becoming a dark horse in the
consolidation of the Canadian cannabis sector. Don't Settle, Live
Fully. Be Safe for the New Year and Stay Shiny! " Said
Meris Kott, CEO.
Overall Performance Q3
- Consistent with trends observed in the Ontario cannabis retail market, the Company's
revenues decreased during the three and nine months ended
October 31, 2023. Revenues were
also reduced as a result of deliberate moves by management to close
certain non-performing adult-use cannabis dispensaries and sell
some of the larger footprint stores.
- Going forward, key areas of focus for the Company's cannabis
line of business include trying to enhance EBITDA to achieve
profitable operations, by tailoring competitive positioning within
each community where it operates, and optimizing network capital
and real estate utilization.
- The overall results for the three months period ended
October 31, 2023 show a net
comprehensive loss of $5.96 million
based on sales of $4.28 million,
gross profit of $1.46 million,
operating expenses of $2.24 million,
other expenses of $5.21 million, and
other comprehensive gains of $0.03
million.
- Salaries and benefits expense decreased by 46.1% for the
nine-month period ending in Q3. The large decrease in
salaries this quarter was due mainly to the significant reduction
of the Company corporate and management head count and the
reduction of the share-based compensation. These positive cost
cutting initiatives will enable the Company to refocus cash from
asset sales and equity financings directly to dispensary
operations' level and assist the Company in building a stronger
cannabis brand.
- The Company executed 3 additional trademark license agreements,
with 19 currently operating and 2 more expected to be operating
within the next 3 months.
About Shiny Health &
Wellness:
Shiny Health & Wellness Corp. is on a mission to help people
never settle, live fully by being a trusted source for health and
wellness solutions and services. 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,
with its first pharmacy in Cornwall,
Ontario. Striving to provide a more diverse and accessible
cannabis experience for adult consumers, the Company also operates
ShinyBud Cannabis Co., a well-established brand in Ontario strategically located in markets less
saturated with cannabis retailers. Shiny Health trades on the TSX
Venture Exchange (TSXV) under the ticker symbol SNYB. For more
information, please visit www.shinyhealthandwellness.com.
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.
Forward-Looking
Information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "intends", or "believes", or variations
(including negative and grammatical variations) of such words and
phrases or state that certain acts, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved".
These statements are based upon assumptions that are subject to
significant risks and uncertainties, including risks regarding the
cannabis industry, commodity prices, market conditions, general
economic factors, management's ability to manage and to operate the
business, and explore and develop the projects, and the equity
markets generally. Because of these risks and uncertainties and as
a result of a variety of factors, the actual results, expectations,
achievements or performance may differ materially from those
anticipated and indicated by these forward-looking statements. Any
number of factors could cause actual results to differ materially
from these forward-looking statements as well as future results.
Although the Company believes that the expectations reflected in
forward looking statements are reasonable, they can give no
assurances that the expectations of any forward-looking statements
will prove to be correct. Except as required by law, the Company
disclaims any intention and assume no obligation to update or
revise any forward-looking statements to reflect actual results,
whether as a result of new information, future events, changes in
assumptions, changes in factors affecting such forward-looking
statements or otherwise.
SOURCE Shiny Health & Wellness Corp.