TGOD: The Green Organic Dutchman Q3 Revenue Grows 36% YoY, Here Are The Details

The Green Organic Dutchman Holdings Ltd. (OTC: TGODF) (CSE:TGOD) released its financial results for the quarter ended September 30, 2022, revealing net revenues of CA$9.92 million ($7.38 million), a 36% increase from Q3 2021. The increase is due to the launch of new premium flower strains, the launch of new pre-roll SKUs, and the company's Highly Dutch Organic flower continuing to gain traction in 2022. Q3 Financial Highlights Gross profit was CA$997,000 for Q3, 2022, representing a 10% gross profit margin reflecting the CA$1.7 million inventory provision and a fair value adjustment on that provision of CA$4.3 million. Normalized gross profit without this provision would be CA$7.0 million or 71%. General and administrative expenses were CA$4.19 million for the three months ended September 30, 2022, a 34% decrease in comparison to CA$6.37 million for Q3 2021. In comparison to Q2 2022, G&A expenses decreased by CA$0.71 million which is primarily a result of company's efforts to decrease costs including the reduction of overhead personnel. Comprehensive loss was CA$8.85 million compared to CA$14.06 million in Q3 2021. "In Q3 2022, TGOD continued its focus on quality and execution," stated Matt Milich, CEO of TGOD. "The consistent improvements in TGOD's operations and product offerings paved the way for the transformational merger with BZAM that was concluded after the quarter end. The merger is expected to more than double net revenue relative to TGOD on a ...Full story available on Benzinga.com