MONTREAL, QUEBEC, April 1, 2022 /CNW Telbec/ - The Good Shroom Co Inc. (the "Company" or "MUSH") (TSXV : MUSH), discusses financial & operational highlights from Q2-2022 and engages Paradox Public Relations Inc.
The Company recorded $363,229 in sales revenue. 8.5 X growth from Q1.
The majority of this revenue was derived from the launch of its hash in Quebec and the rest from its functional mushroom beverages.
Gross profit margins were of $129,826 compared to $2,526 in Q1.
Operating loss was of $241,148 compared to $371,865 in Q1.
MUSH, through its licensed subsidiary Teonan Biomedical Inc. (the "Subsidiary"), operates 2 cannabis brands; Nordique Royale™ and Velada™.
Nordique Royale™ launched during Q2 while Velada launched in Q3 in both Quebec and Ontario.
In Quebec, according to https://quebec.weedcrawler.ca/best_sellers, 5/10 best selling infusions are Velada™ products.
MUSH also operates Teonan™ functional beverages sold across north America.
Teonan™ was accepted into the distribution networks of the two largest distributors in the USA, United Natural Foods and Kehe.
The Company will be submitting its products to a variety of key retailers during the course of 2022, including Wholefoods, Albertsons Safeway, Wegmans along with a large number of regional players across the USA.
Its products are now for sale in all Central Market locations in the USA.
The Company's CEO Eric Ronsse stated "We are pleased with the results of this quarter where we launched a new cannabis brand which continues to grow. We've analysed the sales data of our top performing products, identified key product attributes and have applied them to a variety of new hash based products which will be submitted for approval in Quebec and Ontario."
The Company has engaged Paradox Public Relations Inc. to provide investor relations services. Paradox, a Montreal-based investor relations consultancy firm that has been in business for over 20 years will increase the company's visibility in the investment community by direct introductions, marketing and organization of presentations focused on capital market professionals. Paradox has been engaged at $10,000 per month for 24 months commencing March 28th, 2022, subject to either party's 30-day written termination notice. In addition, the company has granted 800,000 incentive stock options exercisable at 10 cents per share for a period of two years and will vest over one year in four equal quarterly tranches.
The appointment of Paradox as an investor relations consultant remains subject to regulatory acceptance of applicable filings with the TSX Venture Exchange.
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.
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.
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