- ShinyBud Corp. (SNYB) has announced a major increase in retail cannabis sales for its latest financial quarter
- ShinyBud claims to be one of Ontario’s largest cannabis retailers
- Sales increased by 4.00 per cent to $7.3 million and system-wide sales increased by 7.00 per cent to $12.7 million
- Consolidated financial results for the quarter are expected in mid-September
- ShinyBud Corp. (SNYB) is up 16.40 per cent and is trading at $1.45 per share as of 4:00 p.m. ET
ShinyBud Corp. (SNYB) has announced a major increase in retail cannabis sales for its latest financial quarter.
ShinyBud claims to be one of Ontario’s largest cannabis retailers by having stores strategically located in markets that have fewer cannabis retailers nearby.
The company stated this is now its second consecutive quarter of record sales during its 2023 fiscal year. Sales increased by 4.00 per cent to $7.3 million, and system-wide sales, including licensed locations, increased by 7.00 per cent to $12.7 million.
ShinyBud believes the stronger sales were primarily driven by same store growth as corporate store count increased by a single location during the period.
“Another consecutive quarter of steady sales growth in a challenging retail cannabis market demonstrates the strength of ShinyBud’s cannabis store portfolio… With only two quarters as a fully consolidated company under our belt, we plan to continue leveraging our retail know-how to profitably operate our existing network of cannabis stores, which are strategically located in markets across Ontario less saturated with cannabis retailers,” Kevin Reed, Chairman and CEO of ShinyBud, said.
According to the company, these new sales figures exclude other revenue streams, like the ShinyBuddy Data Program and store licensing fees. The consolidated financial results for the quarter are expected to be released sometime during mid-September.
ShinyBud Corp. (SNYB) is up 16.40 per cent and is trading at $1.45 per share as of 4:00 p.m. ET.
