(via TheNewswire)
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Achieved gross sales of
$2.5 million in Q4 2023, reflecting a 67% increase from gross sales of$1.5 million in Q3 2023 and a 1082% increase from revenue of$0.2 million reported in the fourth quarter last year;In Q4 2023, completed first export sale to
Portugal and additional export sales toAustralia ; andAchieved positive adjusted EBITDA in Q4 2023.
In the fourth quarter of 2023, the Company achieved gross sales of
For the full fiscal year, the Company reported gross sales of
“2023 was a transformative year for
Export sales growth expected to accelerate in fiscal 2024
With medical cannabis continuing to gain approval throughout the world, Canada’s advanced regulatory system is best positioned to take advantage of this global market. In 2023, the Company successfully exported cannabis to
“In fiscal 2024, we plan to enter three new markets through exports, while continuing to expand sales volume in our two current markets,” added
Consolidated financial statements
The full version of the consolidated financial statements and associated management's discussion & analysis for the year ended
ABOUT HERBAL DISPATCH INC.
The Company owns and operates leading cannabis e-commerce platforms and is dedicated to providing top quality cannabis to informed consumers at affordable pricing. The Company’s flagship cannabis marketplace,herbaldispatch.com, is a trusted source for exclusive access to small-batch craft cannabis flower and a wide-array of other product formats. The Company’s common shares trade on the Canadian Securities Exchange under the symbol “HERB”
For further information:
Email:IR@herbaldispatch.com
Telephone: 1-833-432-2420
NON-IFRS MEASURES
Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation, amortization, share based compensation, loss (gain) on disposal of assets, loss (gain) on investments, loss (gain) on settlement of debt, impairment losses, loss (gain) on foreign exchange and accretion expense. The Company believes that, in addition to net income (loss), adjusted EBITDA is a useful measure as it provides an indication of the financial results generated by its principal business activities prior to consideration of how these activities are financed or how the results are taxed in various jurisdictions and before certain non-cash items such as depreciation, amortization, and other items. Adjusted EBITDA does not have any standardized meaning as prescribed by IFRS and therefore, is considered a non-IFRS measure and may not be comparable to similar measures presented by other issuers.
A reconciliation of net loss to adjusted EBITDA for each of the periods presented in this news release follows:
$ | Three Months Ended | Year Ended | ||
2023 | 2022 | 2023 | 2022 | |
Net loss | (450,837) | (1,905,890) | (2,071,310) | (4,615,001) |
Add/subtract: | ||||
Income tax expense | - | - | - | 36,977 |
Interest and other | 57,576 | 7,929 | 140,486 | (53,411) |
Loss (gain) on sale of assets | 74,574 | (3,483) | 74,574 | (3,483) |
Loss on investments | 199,014 | 566,426 | 199,014 | 573,192 |
Loss (gain) on settlement of debt | 24,855 | - | (78,688) | - |
Impairment loss | - | 503,664 | - | 1,588,224 |
Loss (gain) on foreign exchange | 13,928 | 30,049 | 13,633 | (116,314) |
Accretion expense | 10,454 | 6,406 | 37,360 | 13,521 |
Depreciation & amortization | 100,464 | 82,790 | 390,525 | 227,159 |
Share based compensation | - | - | - | (3,241) |
Adjusted EBITDA | 30,028 | (712,109) | (1,294,406) | (2,352,377) |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
Certain statements in this news release, including statements or information containing terminology such as “anticipate”, “believe”, “intend”, “expect”, “estimate”, “may”, “could”, “will”, and similar expressions constitute “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, that address activities, events, or developments that the Company or a third party expect or anticipate will or may occur in the future, including the Company’s future growth, results of operations, performance, and business prospects and opportunities are forward-looking statements. These forward-looking statements reflect the Company’s current beliefs and are based on information currently available to the Company. These statements require the Company to make assumptions it believes are reasonable and are subject to inherent risks and uncertainties.
Actual results and developments may differ materially from the anticipated results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond the Company’s control. These risk factors are interdependent and the impact of any one risk or uncertainty on a particular forward-looking statement is not determinable. Examples of forward-looking statements in this news release and the key assumptions and risk factors involved in such statements include, but are not limited to, executing the Company’s strategic growth initiatives for 2024 and beyond, including growing revenue from export sales. The successful execution of these initiatives is subject to a numberof risks and uncertainties, including industry competition, and future customer demand for the Company’s products, among others.
Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected effects on the Company. These forward-looking statements are made as of the date of this news release. Except as required by applicable securities legislation, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances.
THE CANADIAN SECURITIES EXCHANGE (THE "CSE") HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS NEWS RELEASE. NEITHER THE CSE OR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Copyright (c) 2024 TheNewswire - All rights reserved., source