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BUSINESS HIGHLIGHTS FOR Q2 FY 2024
We Continued to Expand the DehydraTECH Licensee Eco-System,
As Leading Multi-State Operator MariMed Inc. Launched New DehydraTECH-Powered Products in Q2
DehydraTECH Licensee 1906 Launched an Exciting New Direct-To-Consumer Product Line, Produced Using DehydraTECH, Across A Majority of US States During Q2, Adding to Their Existing Product Lines Already Sold in Licensed Dispensaries
We Continued to Drive Marketplace Growth on Vin(Zero) Alcohol-Free Wine, Increasing Shipments to Retailers by 11% in Q2 vs. Year Ago and Adding the Largest Grocery Retailer in
Western Canada -Save-On-Foods - to Our Base of Vin(Zero) Customers
FINANCIAL HIGHLIGHTS FOR Q2 FY 2024 AND THE SIX MONTHS ENDED
We Delivered the Second-Highest Quarterly Gross Profit in Company History in Q2, Topping
$500K For the Second Time
We Narrowed the Net Loss for the Six-Month Period by 23% vs. Same Period Year Ago
Toronto, ON. -TheNewswire -
We Continued to Expand the DehydraTECH Licensee Eco-System,
Intensive R&D, product and commercial manufacturing development led to our
MariMed has now rolled out improved DehydraTECH-powered products in
We anticipate that this major new multi-state, multi-brand licensee will deliver strong incremental licensing revenues in 2024 as their launches reach full scale and expand across their state footprint.
The addition of MariMed to our DehydraTECH licensee ecosystem represents continued expansion by Hill on the key factors driving the growth agenda of our DehydraTECH licensing business:
1) new licensees– increasing our base of active licensees and brands;
2) new states– new state launches expanding the geographic coverage for active licensees or brands;
3) new product form factors– innovation to expand the number of DehydraTECH-powered consumer product forms and types in market to fill consumer needs and occasions; and
4) deeper penetration of products across operations– driving deeper penetration of the breadth of product forms and brands across current and new states.
The following chart shows the significant advances we have made in the DehydraTECH licensing business, beginning from the
DehydraTECH Licensee 1906 Launched an Exciting New Direct-To-Consumer Product Line, Produced Using DehydraTECH, Across A Majority of US States During Q2, Adding to Their Existing Product Lines Already Sold in Licensed Dispensaries
1906 also launched an exciting new direct-to-consumer (DTC) product line across a majority of US states, offering hemp-derived Delta-9 THC micro-dose versions of their popular ‘Drops’ products, which are also produced using DehydraTECH. This DTC launch expanded access of 1906 Drops varieties to a much broader footprint of consumers, adding DTC distribution across approximately 36 states. This new initiative adds to the dispensary availability in several legal adult-use states of the higher dose, marijuana-derived delta-9 THC 1906 Drops. 1906 has announced that they will be streamlining the dispensary availability of the higher dose, marijuana-derived delta-9 THC 1906 Drops to
We Continued to Drive Marketplace Growth on Vin(Zero) Alcohol-Free Wine, Increasing Shipments to Retailers by 11% in Q2 vs. Year Ago and Adding the Largest Grocery Retailer in
As communicated, the new streamlined commercial model on our alcohol-free business creates a new and different cadence to the business, where dramatic quarter-to-quarter swings on the recognized revenues are planned based on inventory efficiencies. Therefore, the business must be looked at across longer time frames and through different operational lenses. As we adapt to the new cadence of supply shipments and recognized revenues, a key measure of the underlying business in this new model is our case depletions, which represents the shipment figures from our distributor to retailers. Our shipments from warehouses to retail customers increased by a strong 11% during the quarter vs. year ago, showing strength of support for the 2023 holiday period.
In addition, we secured a major new account during the period that added to the strong shipments to retail, adding
We Delivered the Second-Highest Quarterly Gross Profit in Company History, Topping
Consolidated net revenue for Q2 was a very strong
We Narrowed the Net Loss for the Six-Month Period by 23% vs. Same Period Year Ago
As reported, gross profit of
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.sedarplus.com.
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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, contact:
Email:craig@hillincorporated.com
Phone: 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.
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