(via TheNewswire)
DehydraTECH Licensing Revenues increases 5x vs. Year Ago and Hits Another Quarterly Record as New Licensees and New Launches Continue to Hit the Market
Year-to-Date Consolidated Gross Profit Continues to Show Strong Growth at +44% vs. Year Ago, Building on the +37% Gross Profit Growth for Full-Year FY 2022
Balance Sheet Transformation is Now Complete
DehydraTECH Licensing Revenues Increases 5x vs. Year Ago and Hits Another Quarterly Record as New Licensees and New Launches Continue to Hit the Market
The Company continued to add states to its geographic footprint for DehydraTECH licensing as well as introducing new form factors to its portfolio of DehydraTECH-powered consumer products during the three-month period ended
As a result, the Company is pleased to announce that it grew DehydraTECH licensing revenues by 442% in Q3 FY 2023 when compared to the same period last year and 28% versus the prior quarter.
The following chart shows the growth in DehydraTECH licensing revenues over the past 6 quarters:
Click Image To View Full Size
Year-to-Date Consolidated Gross Profit Continues to Show Strong Growth at +44% vs. Year Ago
While the results of the individual business units should be considered separately on a quarterly basis and over time, consolidated gross profit has increased +44% year to date vs. year ago, building on the full year FY 2022 growth of +37% compared to the prior period.
Balance Sheet Clean-Up is Complete
Significant advances have been made to improve the overall financial operating health of the Company. Hill is pleased to provide a snapshot of its simplified balance sheet below, with corresponding notes. For the Company’s full financial statements and a comprehensive Company update by way of its Management Discussion and Analysis, please visit the Company’s profile atwww.sedar.com.
Click Image To View Full Size
Note 1: Between
a)collected on all of its significant aged receivables;
b)completed an insider-supportedprivate placementat
c)settled all of the Company’s significant aged payables; and
d)completed the sale of assets held for sale following the strategic pivot in 2022 to discontinue its (V)ia Regal line of cannabis-infused beverage, for net proceeds of
Note 2:As of
Note 3:As part of the Company’s focused efforts on DehydraTECH expansion in
As a result of these efforts, management expects that the Company currently has sufficient cash on hand to fund current operations for at least the next twelve months.
The Company also confirms that effective
About
For more information on our business activities visitwww.hillincorporated.com, to learn more about our DehydraTECH cannabis biodelivery technology, go towww.dehydratech-thc.com, or to check out Hill Street Beverage’s award-winning alcohol-free wine line-up and order product to be delivered straight to your home, go towww.hillstreetbeverages.com.
If you wish to sign up for the
For more information:
matthew@hillstreetbevco.com
604-609-6154
FORWARD-LOOKING STATEMENTS
Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.
Neither
1 US Census Bureau,https://www.census.gov/quickfacts/fact/table/US/PST045221
2 MJBiz Factbook 2023
3 MJBiz Factbook 2023
Copyright (c) 2023 TheNewswire - All rights reserved.
Copyright (c) 2023 TheNewswire - All rights reserved., source