MONTREAL, Dec. 28,
2022 /CNW/ - The Good Shroom Co Inc. (the
"Company") (TSXV: MUSH), discloses financial
results for the first quarter ended October 31, 2022.
- The Company recorded $822,569 in
sales revenue. Over 16X growth quarter over quarter.
- Gross profit margins were of $181,942.
- No debt obligations other than $40,000 due December
2023 to the government of Canada.
At present the Company's cannabis sales are primarily in
Quebec however it is expected to
gain more Canadian market share. Product submissions have been made
to the governments of Alberta,
Nova Scotia and Newfoundland. It's mushroom beverage brand,
Teonan, continues growing and is now sold in over 250 grocery
stores in the US and Canada plus
its online store.
The Company's CEO Mr. Eric
Ronsse stated "I recommend investors keep an eye on
the upcoming quarterly results as I expect to continue growing
revenues and reduce expenses. We continue growing our cannabis
division in Quebec, but also
expect to begin selling in other provinces in the coming months.
Our mushroom beverage brand will be available in more US and
Canadian grocery stores in the next 2 quarters as well."
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.
