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.
