Heritage Cannabis Reports Q2 2023 Financial Results, Achieving Continued Gross Margin Growth for the Quarter

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), today announced its financial results as at and for the three- and six-month periods ended April 30, 2023. All figures are in Canadian dollars unless otherwise noted.

“We are very pleased to have achieved gross margin growth once again this quarter, despite the lack of much needed regulatory changes within the industry in Canada. We have remained extremely focused on managing our costs and quarterly burn-rate while harnessing a continuous improvement approach to maximize our product output”, said David Schwede, CEO of Heritage. “Our entry into the U.S. market is performing well with both our Missouri and West Virginia facilities gaining a strong foothold in their respective markets, and with our RAD brand launching in New York this summer we are building out our capital efficient footprint in the U.S. Similar to our growing relationship with an Australian firm, we continue to evaluate new international markets to introduce our portfolio of in-demand products.”

Selected Financial Highlights

Selected financial highlights for the three- and six-month periods ended April 30, 2023, and April 30, 2022, include the following:

	Three months ended		Six months ended
(in $CDN)	Apr 30, 2023 $	Apr 30, 2022 $	Apr 30, 2023 $	Apr 30, 2022 $
Gross revenue	10,165,939	10,452,313	19,612,934	20,048,454
Net revenue (net of excise tax)	7,379,043	7,491,184	13,702,455	14,032,395
Cost of sales	4,074,385	4,306,378	8,346,636