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Citizen Stash Cannabis Corp (OTCMKTS: EXPFF), leading Canadian craft cannabis and premium products company, recently released its financial and operational results for its second quarter ended May 31, 2021. In addition, the company revealed that its year-to-date sales for the first six months of 2021 represent an increase of more than 250% over the first six months of the previous year.
COVID 19 effects
According to Citizen Stash CEO Jarrett Malnarich, this accomplishment further validates the production and distribution model the company has established over the year. This, coupled with the brand’s success in retail, positions it for continued expansion as the markets continue to open up in the next half of the year. However, he added that the market continues to be affected by the COVID 19 pandemic with slower orders and more delays in production and delivery. Citizen Stash was not immune to these constraints and experienced impacts that decreased its sales opportunity towards the end of 1Q2021.
The Canadian cannabis industry still faces price, compression, and inventory rationalization challenges at both dispensary and provincial levels. The company, however, remains convinced that the investments it has made in building one of the leading premium brands in Canada positions for robust growth going forward.
Jarrett added that its unique business model gave it the flexibility to ramp up quickly despite the numerous challenges currently affecting the industry. Additionally, its business strategy and model continually demonstrate its effectiveness as it gained significant market penetration across Canada.
Financial summary of the quarter
The company reported gross revenue of $3.3 million in the quarter, a 92% increase from the $1.7 million in a similar period last year. In addition, citizen Stash’s SKU listings in British Colombia, Alberta, and Ontario increased by 35% in the second quarter of 2021, to 38, up from 28 in the first quarter.
Citizen Stash processed and sold 409,335 grams of premium dried flower through retail distribution in the second quarter of 2021, a 115% increase from 190,272 in the second quarter of 2020. In the same period, the company authorized a name change from Experion Holdings Ltd. To Citizen Stash Cannabis Corp, to better enlighten the consumer brand Citizen Stash.