MONTREAL, March 16, 2022 /CNW/ - The Good Shroom Co Inc. (the "Company" or "MUSH") (TSXV: MUSH), provides an update on sales and distribution.
MUSH, through its licensed subsidiary Teonan Biomedical Inc. (the "Subsidiary"), operates 2 cannabis brands; Nordique Royale™ and Velada™representing functional cannabis beverages and popular hash extracts. December 24, 2021marked the launch of Nordique Royale's Afghan Gold hashish in Quebec. According to https://quebec.weedcrawler.ca/best_sellers, three weeks later the product was ranked #4 in sales in its category out of approximately 35 hash products. During that same period hash sales for the Company were just over $250K and are expected to continue for the immediate term.
The first week of February 2022 marked the launch of the first two Velada™ cannabis beverages in Ontario. According to the Ontario Cannabis Store, for its first week of sales Velada™ products ranked #1 and #2 in its category, representing $27,480 in sales.
For both Nordique Royale™ and Velada™ sales quickly surpassed expectations and inventory was depleted much quicker than anticipated which led to a temporary drop in sales. At present, all cannabis products have been restocked or are in process of being completed in line with revised projections to ensure MUSH minimizes any disruptions in inventory going forward.
MUSH also expects to launch 2 Velada cannabis beverages in every single Quebec cannabis store the week of February 21, 2022. At present in Quebec Velada cannabis beverages are only sold online. According to the government of Quebeconline sales account for approximately 10% of total sales in the province. Despite only being sold online, according to quebec.weedcrawler.ca, 3 Velada beverages are in the top selling products in its category even when ranked against products sold in stores.
MUSH, through the Subsidiary, also operates Teonan™ functional mushroom beverages.
These beverages have been accepted by two of the largest consumer packaged goods distributors in the United States, KEHE Food Distributors Inc. ("Kehe") and United Natural Foods Inc. ("UNFI"). As a result, Teonan™ is now distributed out of several locations and available to all retailers in the US. Though just initiated recently, the Subsidiary has already received 4 purchase orders which include two large accounts and a variety of small accounts MUSH sales force led by FDM Sales management has now begun fulfilling orders and submitting products for review with its large retail accounts.
MUSH will be releasing its second fiscal quarter ended January 31, 2022 in early April 2022.
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.
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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.
For further information: The Good Shroom Co Inc., Eric Ronsse, President, tel: (514) 924-2574, eric@teonan.com, websites: thegoodshroom.co, www.teonan.com, www.nordiqueroyale.ca, www.velada.ca