California Cannabis Co. StateHouse Reports Flat Revenue YoY In Q1, CEO Touts Expanded Market Presence In FY 2023
StateHouse Holdings Inc. (CSE:STHZ) (OTCQB:STHZF) announced its first and fourth-quarter financial results on Thursday for the three-month periods ended March 31, 2024, and December 31, 2023, respectively as well as full-year fiscal 2023 results.
“Our efforts are not only improving our financial results but also helping to advance our market presence. We’ve climbed from the 8th largest California cannabis brand operator in 2023 to the 4th in 2024, driven by our commitment to bringing the products and brands customers want to market,”CEO Ed Schmults said. “Over the past 12 months, we introduced 23 new products as well as 40 in-house developed strain formulations, driving new product sales to approximately 15% of total sales in 2024.”
Q1 2024 Financial Highlights
Net revenues were $25.4 million, compared with $24.7 million in the first quarter of fiscal 2023.
Retail revenues totaled $12 million representing 47.1% of total sales for the period, compared to $14.4 million or 47.2 of total sales in in the same quarter of last year.
Branded wholesale manufacturing revenues were $11.5 million, representing 45.2% of total sales for the quarter, compared to $9.4 million or 38.3% of total sales in the prior year’s period.
Cultivation revenues amounted to …