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royalty-based deal. It is an asset-light deal, which we have always talked about, and the first of many that we will execute over the course of the next couple of years.
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2022 Q2
15 Aug 22
one is our outsourcing to Nabis; the second one, we've optimized some of our underperforming delivery depots.
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2022 Q2
15 Aug 22
7% reduction in staffing
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2022 Q2
15 Aug 22
we'd like to end the year with $100 million in cash
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2022 Q2
15 Aug 22
Q2 '22 net sales totaled $27.4 million compared with $54.2 million in Q2 '21 as we pivot our business to focus on our more profitable omnichannel retail revenue. This focus has been successful with the omnichannel retail revenue growing 60% to $19 million in Q2 '22 compared with $11.9 million in Q2 '21. The higher-margin revenue accounted for 69% of sales in Q2 '22 compared with only 22% of sales in Q2 '21. Wholesale revenue was $8.4 million or 31% of sales in Q2 '22 compared with $42.3 million or 78% of sales in Q2 '21. The decrease in the wholesale revenue is consistent with both our efforts to shift our revenue mix to our more profitable operations as well as continued wholesale market pricing challenges.
As a result of this pivot, our gross profit was improved 37% to $6.6 million or 24% of sales in Q2 '22 compared to only $4.8 million or 9% of sales in Q2 '2
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2022 Q2
15 Aug 22
to transition wholesale distribution activities to Nabis.
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2022 Q2
15 Aug 22
purchase a variety of company brands, including MONOGRAM, Caliva, Mirayo by Santana as well as other owned brands with a variety of selection or form factors such as jarred fresh flower, pre-rolls, premium vapes and infused gummies. This exciting launch will also feature signature strains cultivated by Curio in collaboration with us.
Our brands will initially be available at Curio's Far & Dotter dispensaries, with broad distribution to dispensaries across the state to follow.
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2022 Q2
15 Aug 22
announce our expansion into the East Coast with our first out-of-state partner agreement for Curio Wellness in Maryland
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2022 Q2
15 Aug 22
This includes a new customer experience that allows customers to smell before they buy.
We have new tables that create a more immersive experience for our flower assortment.
We also created a new glaze bar where customers can learn how to roll a joint, dab, understand terpenes or take a workshop. We're also curating our menus using real-time customer demand data to deliver optimal product mixes to each of our store locations.
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2022 Q2
15 Aug 22
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