MONTREAL, Feb. 28, 2023 /CNW/ - The Good Shroom Co Inc. (the "Company" or "MUSH") provides an update on sales of various products.
Teonan (non-cannabis mushroom wellness beverage line)
The Company has been making steady progress with Teonan in terms of the number of retailers selling its products. It is now sold in a variety of key wellness retailers in the US and Canada represented with blue and purple markers in the heat map below. Those retailers include key US accounts for wellness products such as Fresh Thyme Market with over 70 locations in the mid-west, Better Health, PCC, Olivers Market and Leonardi's.
Cannabis Edible (THC infused beef jerky)
On February 9th 2023 the Company launched a THC infused beef jerky in Quebec which quickly climbed to the #1 selling edible product within days of being launched, peaking at nearly double the #2 position in terms of sales revenue according to www.weedcrawler.ca. The Company did not anticipate such rapid & tremendous traction and has run into some short-term supply issues however it estimates it will catch up to current demand within 2 weeks and keep up with it indefinitely thereafter.
Hash, Joints, Tea's & Cannabis Flower
1. Afghan Gold hash by Nordique Royale maintains its popularity in Quebec and remains within the top 10 selling hash products in terms of weekly units sold.
2. The Company has 17 products currently selling in Quebec and will be launching 2 more around April 2023. The 2 new products are pre-rolled joints with Sky Cuddler Kush Bio flower and Habibi Kush, a high terpene hash. Around that time Sky Cuddler Kush Bio, in a 3.5-gram cannabis flower format, which is presently sold in Quebec will be transitioning from approximately 25% of stores to all stores.
3. "Joints Infusés d'Afghan Gold", which is 3 pre-rolled joints infused with the popular hash Afghan Gold, maintains its popularity and, depending on the week, is usually in the top 3 selling products of its category in terms of weekly units sold.
4. In the first week of March 2023 a hash infused joint by Nordique Royale is launching in Ontario. The first purchase order for this product was of $63,475.20. The Company expects to receive replenishment purchase orders every 2 to 3 months.
5. Upcoming product submissions include the following;
a. Alberta: The Company has almost completed the Alberta Gaming and Liquor Commission's security clearance and approval process to submit products to the cannabis buyers of the government of Alberta therefore it is expected that it will be taking part in the submission process for various categories over the next 5 months.
b. Quebec: The Company will also be taking part in the product submission in May 2023 with a variety of products. Any products accepted during that submission are expected to launch in August/September 2023.
The company's CEO Mr. Eric Ronsse stated, "When operating a young consumer packaged goods brand such as Teonan and a Canadian cannabis company simultaneously, financial discipline is of the utmost importance. Our foundation is now set and the potential to scale profitably is attainable in the medium term. I believe today's bear market will make it difficult for company's incapable of properly managing cash flow to effectively grow and maintain shareholder value. Its also worth noting that we have not raised any capital since taking the company public in April 2021, maintained a tight capital structure (<50M outstanding shares) with significant insider ownership and there is no long-term debt except $40k owed to the Government of Canada due December 2023. Fiscal year 2023 Q2 & Q3 results should begin reflecting the type of company we have the potential to become. Q2 results will be disseminated before the end of March 2023."
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.
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.
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