VIBE Reports Horrible 2022 Q4 and YE Financial ResultsThe reported financial results are far worse than anyone would have expected. Dispensary revenue is dropping at an unprecidented rate.
- 2022 Q4 revenue dropped 27% from the same period a year ago and this is with the addition of two new dispensaries during that period generating sales. It is obvious that the large illicit black market in California is having enormous impact on sales.
- 2022 12-month sales dropped 30% from the same period in 2021. VIBE CEO states "...our 2022 operational results are disappointing." No kidding !!!
- VIBE CEO states "At Vibe, we are focused on increasing profitability and preserving capital.". They seem to be doing the exact opposite. But an ill advised NCIB buyback of shares was announced in December 2022 when you are trying to "preserve capital" and while sale revenue is dropping significantly. Shake my head !!
- It is obvious that this company is destined to fail as the stock hits another 52-week low of C$0.055 on the open today. It is understandable why CURA, one of the largest US MSOs, recently decided to close all its dispensaries and move out of the state of California.
- With no federal legalization or safe banking legislation on the horizon and prohibitive tax structure in California, the writing is on the wall. This company will be disappearing like many other small failing failing cannabis companies have done in 2022 and 2023.
- Hadron Capital (Cayman) Limited one of VIBE's largest insider shareholders sold 6,975,491 shares on April 28th, 2023 just before financials were released. That is never a good sign.
- So its no surprise that Duster340, who has a huge bag of shares he wants to sell you, states in his post this morning "it is probly a good time to load up at this price point." LMFAO
VCAN 2.0