ManifestSeven Doubles Revenue, Targets Profitability
Ryan Allway
November 4th, 2020
App, Exclusive, News, Top News
ManifestSeven Holdings Corporation (CSE: MSVN) recently reported third-quarter financial results that showed a 96% increase in year-over-year revenue and continued advancement towards net profitability. In particular, quarterly revenue rose 64% to $4.7 million and an adjusted EBITDA loss that decreased 69% to $1.3 million.
“In the face of circumstantial challenges as wide-ranging as the continued COVID-19 pandemic and as unexpected as wildfires of unprecedented scale breaking out across the western United States, M7 has determinedly persevered, without wavering or faltering, to deliver on its core operational mandate,” said COO Pierre Rouleau.
The company’s cannabis operations generated significant growth both year-over-year and sequentially, with the company’s core operating segment representing 68% of total revenue for the nine months ended August 31, 2020, up from 44% for the same period in 2019, and a record 75% of total revenue for the three months ended August 31, 2020.
On an operational level, the company increased the number of licenses served by its distribution division by 315% to 270 while expanding its retail customer base by 133% year-over-year. Management’s strategic cost reduction program also reduced expenses by 42% year-over-year, improving the bottom-line profitability.
Sturges Karban, CEO of ManifestSeven
“We are laser-focused on maintaining M7’s established trend of driving stead, healthy, and organic growth on the top line [while] progressing the company along a well-defined pathway to profitability until we have achieved the ultimate objective of sustained, consolidated operational self-funding,” added CEO Sturges Karban.
Pierre Rouleau, COO of ManifestSeven
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Building a Cannabis Superhighway
ManifestSeven’s innovative business model is designed to connect enterprises operating across the legal cannabis supply chain by building a superhighway stretching from Sacramento to San Diego. With a network of distribution centers and dispensaries across the state, the company has invested in the “railroad” and is now pivoting into higher-margin, value-added services.
In particular, the company has been aggressively expanding its 1-800-CANNABIS brand and technology assets to increase high-margin revenue. These opportunities will leverage the same distribution networks that it has built already to support other cannabis businesses, creating an immediate market for its unique products and services.
The company’s business model has also proven resilient to external shocks. Despite the COVID-19 pandemic, the company managed to increase revenue, reduce its net burn, and even complete a capital raise during a period of capital starvation—a testament to both its robust business model and its experienced leadership team.
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Looking Ahead
ManifestSeven continues to achieve strong top-line growth while continuing on its journey to profitability. In September 2020, management closed on an aggregate of $10.2 million in gross proceeds raised via three private placements of equity and convertible debt. This capital infusion allows ManifestSeven to continue expanding its seamless, compliant omnichannel across California and eventually evaluating other North American markets as opportunities arise.
For more information, visit the company’s website or download its investor presentation.
Disclaimer
The above article is sponsored content. CannabisFN.com and CFN Media, have been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: https://cannabisfn.com/legal-disclaimer/
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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