MONTREAL, Jan. 24, 2022 /CNW/ - The Good Shroom Co. Inc. (the "Company" or "TGSC") (TSXV: MUSH) is pleased to provide some recent highlights and reminds shareholders that the annual general meeting of shareholders will be held January 25, 2022, at 10:30 am (EST) and will be accessible via Webcast. Shareholders wishing to attend can register, prior to the meeting, at https://us06web.zoom.us/meeting/register/tJwkd-2tpz0iHdf2NsSfnl84IztaKAPdGUHi. Given the current government guidelines in place, participation will be solely by Webcast.
"During this past year, and following the reverse take over transaction in April 2021, we have been refining our product offering, expanding our sales channels and strengthening our sales force for the Teonan Beverage line. We anticipate seeing positive results this current year. As well, our cannabis division is showing early signs of success as sales of the Company's new hash brands to the SQDC (Quebec's authorized retailer), which began December 24, 2021, have already generated $297,000 in sales over a 4-week period. Online reviews have shown our hash product, Nordique Royale's Afghan Gold, is very well received and we believe that the quality of our products will help us gain a significant market share in the coming year." Stated Eric Ronsse, the Chief Executive Officer of the Company.
Some key milestones for the Velada and Nordique Royale hash products:
In June 2021, the Company obtained the required licenses and authorization to commence the sales of its cannabis products.
In October 2021, the Company entered into an agreement with the Ontario Cannabis Store ("OCS") for the purchase of Velada cannabis teas, with delivery to start in early 2022. Based on present sales of similar products, the OCS has placed a replenishment order to ensure it receives an adequate supply of Velada products.
In November 2021 the Company entered into an agreement with the Quebec Government to sell its Nordique Royale and Velada cannabis products. Sales of its hash brand began on December 24. Quebec and have already reached $297,000. Weedcrawler.ca which tracks real time cannabis product sales has ranked Nordique Royale's Afghan Gold hash #9 in all hash sales within only two weeks of launching, and it is now at #6. Reddit online reviews of the product also confirm that customers enjoy Nordique Royale products and are becoming loyal to the brand.
Some key milestones for the Teonan products:
The mushroom based functional beverage line under the Teonan brand, is now available in seven flavours. It can still be purchased directly through the Company's online stores, but in addition, it is now available in the United States (US) following an agreement with an established major distributor, Kehe Distributors LLC ("Kehe"), (www.kehe.com). Kehe operates 16 distribution centers across the United States and fulfils orders from a variety of food-related retailers of all sizes. This will provide the Company with access to a large number of key retail accounts in the United States.
In addition, in September 2021 the Company entered into an agreement with FDM Management, LLC (www.fdmsales.com), giving it direct access to FDM Management's entire sales force, to leverage and activate its existing retail client relationships throughout the United States.
During the year, the Company strengthened its sales force with the hiring of a US sales manager, Rob Leichman, who brings over 20 years of direct industry experience and a variety of key retail account relationships and, an Eastern Canada sales manager, Shalom Thompson, who brings over 10 years of Canadian food sales experience and a variety of existing relationships with key retailers in Eastern Canada.
About the Company
The Good Shroom Co. operates a portfolio of brands that include traditional cannabis and beverage products. Its aim is to promote the use of functional ingredients such as probiotics and functional mushrooms in consumer products. Its Teonan line consists of beverages that, first and foremost, are high quality and tasty, but also contain a dose of functional mushrooms and probiotics. We all have a daily routine, be it coffee, tea or something else. Why not make that routine functional, for body and mind, by adding probiotics and mushrooms? Up to now, no company has been able to maintain a familiar taste at a fair price while making these drinks truly functional. The Good Shroom Co. has filled that gap and intends to make its brands household names as part of its customers' daily routine.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Corporation with respect to future business activities and sales, including the anticipated orders to be placed for its products. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect the Corporation's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Corporation believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected are the following: market acceptance of the Company's hash and other cannabis products, changes in the vendor's business or strategy, changes in our supplier's operations and pricing, expectations regarding competition and their pricing strategy; maintaining in good standing all necessary regulatory licenses and authorizations for its products; the benefits, safety, and social acceptance of cannabis related products and no material changes in the legal environment; changes in applicable laws and regulations compliance with extensive government regulation; operational risks related to and COVID-19 or other pandemic and supply chain disruptions and shortages. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.
SOURCE The Good Shroom Co Inc.
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