THE GOOD SHROOM PROVIDES AN UPDATE ON IT'S EXPANSION ACTIVITIES.
MONTREAL, Aug. 31, 2023 /CNW/ - The Good Shroom Co Inc. (the "Company" or "MUSH") provides an update on its expansion activities.
The Company is set to expand on a variety of its brands with new products launching in the near future in the provinces of Quebec and Alberta. At present, it sells over 20 cannabis products under its various brands, with 7 of those accounting for the majority of cannabis sales. As a result, the company has focused its efforts on expanding those categories and product types in an effort to increase sales specifically through innovations in the edible and hash infused joint categories as further explained below.
In early August 2023 the Company received notice of conditional acceptance of a variety of new product listings to be launched this fall. With several variables and product details yet to be confirmed on each of those listings it is expected that the Company will be launching 7 to 13 more products in the months of October and November of this year (Q1 & Q2 fiscal year 2024). Those products include CBD capsules, hash infused joints, dried cannabis flower and edibles. Hash infused joints and edibles may potentially result in significantly more sales whereas cannabis flower and CBD capsules may have lower volumes but, nonetheless, could contribute to its expansion. Furthermore, it believes that the CBD capsule market may become a category with more overall growth as consumers become more familiar with CBD.
The Company's "Joints Infusés d'Afghan Gold", which are joints infused with it's popular Afghan Gold hash maintains its popularity and, depending on the week, is usually in the top 3 selling products in the concentrates category in terms of weekly units sold. * One of the potential new listings is a different variation of this exact product. Three other potential new listings are innovations based on this product where the hash is not mixed with cannabis flower but instead a strip of hash is placed in the center of the pre-rolled cannabis joint to allow for a more aromatic smoke. The former may be the first of its type in Canada at the time of the expected launches.
OG Jerk, THC infused beef jerky, remains a top selling product in the edibles category. * The edibles portion of the conditional product approval includes at least 2 more similar savory snack products.
This fall the Company is expecting to launch THC infused beef jerky and mixed nuts. Based on the success of the beef jerky in Quebec, and its belief that the edibles category is saturated with sweets the Company is attempting to diversify the offering with a line of savory edibles for Albertans. Furthermore, it may also be launching 2 pre-rolled joints, one of which is hash infused and the other is a standard pre-rolled joint. The Company is approaching the Alberta market with caution and will be placing an important focus on these initial launches before submitting more products. It has hired a cannabis sales team to assist with initial load-in orders for a variety of key independent cannabis retail accounts across the province in its attempt to enter this market as effectively as possible.
The Company is presently working on fiscal year 2023 financial statements which are due by the end of November 2023 but may be disclosed prior to that date.
* https://quebec.weedcrawler.ca/best_sellers
MUSH operates a portfolio of brands which include cannabis and beverage products. It exists to promote the use of functional ingredients such as mushrooms and cannabis in consumer products.
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.
SOURCE The Good Shroom Co Inc.
The Good Shroom Co Inc., Eric Ronsse, President, [email protected]; websites: thegoodshroom.co, www.teonan.com
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