Cannabis Company Shares Rally On Strong Revenue Growth & Continued Profitability

By: Tomas Ronolski - AllPennyStocks.com News

Monday, May 27, 2024

As cannabis use becomes much more engrained in society, whether one likes it or not, it’s clear to see that the winners in this societal shift are the companies that can deliver products to those consumers.

Simply Solventless Concentrates Ltd. (TSX-Venture: HASH) (" SSC ") appears to be one such company that continues to grow quarter after quarter. This morning, the company announced Q2 2024 gross revenue, adjusted EBITDA and net income guidance including record projected quarterly gross revenue and the continuation of SSC's quarterly positive adjusted EBITDA.

In the press release, the Company projects record quarterly gross revenue during Q2 2024 to be approximately $4,000,000, representing a growth rate of 28% quarter over quarter. Further takeaway from the quarter included Q2 2024 adjusted EBITDA of approximately $850,000, representing a growth rate of 39% quarter over quarter, and net income of approximately $750,000, representing a growth rate of 49% quarter over quarter. SSC's streak of positive adjusted EBITDA and normalized net income is expected to extend to nine and seven quarters respectively.

This was just the news investors wanted to see, sending shares of HASH up over 28% to $0.27 in mid-morning trading. If the current share price holds, this would also mark the company’s highest trading price in the last 52-week period.

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