Company shines with growing loyalty program, strong revenues and gross margin, and expanded retail strategy
TORONTO, Jan. 3, 2023 /CNW/ - Shiny Health & Wellness Corp. ("Shiny Health" or the "Company") (TSXV: SNYB) is pleased to review the Company's corporate highlights for the 2022 calendar year following three full quarters of operations as a consolidated public company.
2022 Corporate Highlights
- Commenced trading on the TSX Venture Exchange
- Achieved a combined revenue of C$22.8 million for the first three fiscal quarters and an average gross profit margin of 37.1%
- Established a cannabis store portfolio of 27 corporate stores and 14 licensee stores in Ontario, including the only cannabis drive-thru experience in eastern Ontario
- Built a workforce of approximately 160 engaged employees
- Launched the ShinyBuddy Club customer loyalty program which has grown to over 20,800 members
- Grew the ShinyBuddy Data Program to 14 Data Partners for greater strategic partnerships and data sharing to augment business analytics and marketing
- Expanded retail strategy into health and wellness with the Company's first pharmacy acquisition – Cotton Mill Pharmacy located in Cornwall, Ontario
- Partnered with key suppliers to create Wellness Corners in ShinyBud Cannabis Co. stores located in Windsor, Stoney Creek, and Ottawa, Ontario offering customers a safe space to learn about cannabis wellness
- Hosted two notable Pot in the Lot community-based consumption events, promoting cannabis education and safe consumption
- Launched Shiny Health's largest charity initiative with Share the Warmth coat donation campaign in 32 locations across the province to collect warm clothing donations for Canadians in need. To learn more, visit www.shinybud.com/sharethewarmth.
"Shiny Health & Wellness is passionate about helping our customers never settle, live fully, and having our stores recognized as core members of each community," said Michael Nadeau, Chief Operating Officer. "This has been an exciting first year as a consolidated public entity that compelled us to find innovative ways to do business and to expand our growth strategy to better serve customers according to our health and wellness mandate. We are excited for what is to come in 2023 for our customers, shareholders, employees, and communities, and wish everyone a healthy, safe and shiny new year!''
For information on the Company's financial results and position as at and for its most recent interim period ended October 31, 2022, please refer to Shiny Health's interim condensed consolidated financial statements and related management's discussion & analysis for the three and nine months ended October 31, 2022 and 2021, which are available on the Company's corporate website at www.shinyhealthandwellness.com and on SEDAR under the Company's issuer profile at www.sedar.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.
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 across 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. The Company's board and management team hold extensive retail operating experience, a key competitive differentiator in leading its growth strategy. Shiny Health trades on the TSX Venture Exchange (TSXV) under the ticker symbol SNYB. For more information, please visit www.shinyhealthandwellness.com.
SOURCE Shiny Health & Wellness Corp.
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SHINY HEALTH & WELLNESS CORP. 
