Canada based Citizen Stash Cannabis Corp (OTCMKTS: EXPFF) announced its third-quarter financial results, which ended on August 31, 2021. Citizen Stash is known for producing premium products and craft cannabis.
Highlights Of the Financial Report
In Q3 2020, the Company’s gross revenue was $2.1 million, and now in Q3 2021, the revenue has increased around 59% to $3.4 million. Unlike last year’s first nine-month sales, this year the sales have increased over 131%.
The Company launched Cookie Puss and Jungle Breath strains and the new listings of 3.5-gram flower jars specifically for Alberta and British Columbia. The retail distribution of the dried flower is also increased to 66% as they sold 398,702 in Q3 2021, which is higher than the 240,017 sales in Q3 2020.
The average price per gram stands at $7.98 in Q3 2021, and Citizen Stash is producing solid products, and their prices are also premium in the Canadian Market.
The Company joined hands with a Cannabis retailer named Burb to license the trademark. The partnership helped them sell over 15,000 BC Zaza flower jars, each carrying 3.5 grams. The products were sold through the Ontario Cannabis Store, and it became the fastest-selling cannabis for August, over $40.
The Ontario Cannabis store gave approval for a new strain of 3.5-gram flower jars known as Rockstar and under the Citizen Stash-Burb Partnership or the Burb Brand. At the beginning of Q4 2021, the Company opened Maritime provinces in Nova Scotia as Citizen Stash was accepted with Cannabis New Brunswick. For a better consumer brand identity, the Citizen Stasha and its Corporate head decided to change the name from Experion Holdings to Citizen Stash Cannabis Corp.
The Company also agreed to sign an arrangement with The Valens Company Inc in which Valens is going to buy the outstanding shares of Citizen Stash. On November 1, 2021, in a special security holders meeting, Citizen Stash security holders voted in the transaction.
Citizen Stash CEO Mr.Jarrett Malnarich said despite industry challenges, the Company has an advantage with its aggregation and distribution model for protection to meet the demands.