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Multi-Banner Cannabis Retailer’s Q3 Revenue Slumps Over 42% YoY But CEO Remains Optimistic

By Jelena Martinovic
January 3, 10:22 AM
Shiny Health & Wellness Corp. has reported a decrease in sales to CA$ 4.3 million ($3.2m million) for the three months ending October 31, 2023, down from CA$ 7.46m the previous financial year. The decline was attributed to market trends in the Ontario cannabis retail sector throughout the period, the pharmaceutical company said. Shiny Health also closed underperforming adult-use cannabis dispensaries and sold a number of larger stores. The Toronto-based firm recently inked an agreement with Karan S. Holla for his chain of 10 adult-use cannabis retail outlets, Stash & Co. CEO Meris Kott said Shiny Health was gradually building its brand presence in Ontario. The pharma company revealed that it made a CA$ 6m net loss for the quarter, an uptick from the CA$ 1.75m loss in the corresponding period the year before.

TSXV:SNYB

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Ontario’s Cannabis Market Heats Up: Shiny Health Buys 10 Stash & Co. Weed Stores, Adding $7.5M To Top Line

By Jelena Martinovic
December 18, 10:24 AM
Shiny Health & Wellness Corp. has signed an asset purchase agreement with Karan S. Holla for his chain of 10 adult-use cannabis retail stores, Stash & Co. in Ontario. The agreement was signed on December 14, following a previously announced letter of intent in October. The Stash & Co. brand and dispensaries will retain their name and remain unchanged. Shiny Health plans to add the Stash & Co. brand to its existing cannabis consumer program to expand its reach to nearly 100,000 loyal customers. Meris Kott, CEO of Shiny Health & Wellness, expressed excitement about the acquisition and the potential for increased revenue and consumer reach. Shiny Health will continue to conduct final due diligence and finalize lease assignments as part of the transaction, which has a total consideration of CAD 1 million ($750,000), including cash and common shares. The completion of the transaction is subject to approval by the TSXV.

TSXV:SNYB