ManifestSeven Holdings Corporation has signed definitive agreements with Eaze Technologies to sell its Santa Ana, California retail dispensary and delivery hub for US$6,785,000. This transaction marks M7's strategic pivot towards focusing on commercial cannabis distribution. CEO Sturges Karban emphasized the move aims to strengthen M7's balance sheet and support sustainable growth. The sale will provide working capital and involves the assumption of certain liabilities. The transaction is pending regulatory approvals and is expected to close later this year.
ManifestSeven Holdings Corporation (MNFSF) reported a 11% increase in consolidated revenues to $4.2 million for Q3 2021. The company achieved a 33% reduction in operating expenses, down to $2.3 million. Regulated product sales rose by 25% quarter-over-quarter, contributing to a gross profit of $1.17 million, despite a 6% decline from the previous quarter due to reduced ancillary product sales. Operational synergies are expected from a new distribution agreement in the beverage sector.
ManifestSeven Holdings Corporation (CSE: MSVN; OTCMKTS: MNFSF) announced its fiscal second quarter financial results for the period ending May 31, 2021. The Company generated consolidated revenue of $3.8 million, consistent with the previous quarter, while gross profit rose by 10% to $1.2 million. The gross profit margin improved to 33%.
M7 is optimizing its operations, achieving a 23% reduction in operating expenses, now at $2.7 million. The Company initiated a strategic review to enhance shareholder value, exploring operational synergies and growth opportunities.
ManifestSeven Holdings Corporation (CSE: MSVN; OTCMKTS: MNFSF), California's leading integrated omnichannel cannabis platform, has initiated a strategic review to explore options aimed at maximizing shareholder value. CEO Sturges Karban stated this review aligns the company's strategy with changes in the global cannabis market. The evaluation will focus on strategic direction, operations, geographic footprint, and supply chain factors to position M7 competitively within the industry.
ManifestSeven Holdings Corporation (CSE: MSVN; OTCMKTS: MNFSF) announced the results of its Annual General Meeting held on June 3, 2021. Shareholders have elected all director nominees and approved key items from the management information circular dated March 12, 2021. Scott Wessler is appointed as Chairman of the Board, succeeding Urban Smedeby, who remains on the board. Dilshad Kasmani is promoted to President while retaining his role as Chief Legal Officer. M7 aims to enhance its leadership in California's cannabis sector by expanding its brand portfolio and driving shareholder value.
ManifestSeven Holdings Corporation (CSE: MSVN; OTCMKTS: MNFSF) reported financial results for Q1 2021, generating consolidated revenue of $3.8 million, down from $4.1 million year-over-year. The decrease primarily resulted from disrupted ancillary product sales. Gross profit fell to $1.1 million from $1.3 million, attributed to the same sales decline. Operating expenses decreased by 28% to $3.5 million. However, demand for regulated products is expected to support long-term growth as M7 expands its distribution partnerships and logistics capabilities.
ManifestSeven Holdings Corporation (CSE: MSVN; OTCMKTS: MNFSF), California's first integrated omnichannel cannabis platform, announced that CEO Sturges Karban will present at VirtualInvestor Conferences on April 20, 2021, at 2:00 PM ET. This live event allows real-time investor interaction, with an archived webcast available later. Recent highlights include new partnerships and an expansion of distribution infrastructure, reinforcing M7's commitment to compliant cannabis commerce in California. For more information, visit Manifest7's website.
ManifestSeven Holdings Corporation reported a remarkable 64% increase in revenue for fiscal year 2020, totaling $17.7 million, up from $10.8 million in 2019. The company achieved a gross profit of $5.5 million, indicating a 97% year-over-year growth. The firm's gross margin also improved, rising from 26% in 2019 to 31% in 2020. Operationally, M7 expanded its retail base by 118% and reduced operating expenses by 27%. M7 remains focused on strategic growth through acquisitions and partnerships in the thriving California cannabis market.
ManifestSeven Holdings Corporation (CSE: MSVN; OTCMKTS: MNFSF) will release its fourth quarter and fiscal year 2020 financial results on March 31, 2021, at 7:30 a.m. EST. A related conference call will take place the same day at 11:00 a.m. EST, led by CEO Sturges Karban and CFO Jordan Gerber, discussing the results and business outlook. The call will be accessible via telephone and webcast, with a replay available afterwards on M7's investor page.
ManifestSeven Holdings Corporation has signed a distribution agreement between its B2B division, Highlanders Distribution, and Better Than Good Holdings, Inc. This partnership will distribute cannabis brands Cream of the Crop and West Coast Trading Co. in California. BTG, which generated $16.1 million in revenue in 2020 and shipped 800,000 units, aims to expand its market reach through Highlanders' infrastructure, particularly in Northern California. This collaboration strengthens Highlanders' product offering in key categories, fulfilling over 50% of regulated cannabis sales in the state.