MONTREAL – The Good Shroom Co. Inc., an emerging cannabis company, reported its first fully profitable fiscal year.
Highlights of Fiscal Year 2024 (ended July 31)
Good Shroom demonstrated year-over-year growth across key financial metrics, underscoring its ability to adapt and thrive in a challenging industry landscape. Key highlights include:
- Net Revenue (excluding excise taxes): Increased by 23% to $3.89 million, up from $3.16 million in FY2023.
- Net Profit: Achieved a net profit of $40,603, a turnaround from a net loss of $(452,140) in FY2023.
- Gross Margin: Expanded to 26.4%, compared to 16.4% the previous year, driven by higher-margin product diversification and cost efficiencies.
- EBITDA: Reached $116,826, reflecting disciplined cost management and operational improvements.
- Long-Term Debt: The Company continues to operate without any long-term debt ($0).
“Achieving profitability in an industry as challenging as ours is an accomplishment we take pride in,” said Eric Ronsse, CEO of The Good Shroom Co Inc. “While this milestone reflects the strength of our asset-light business model and financial discipline, our focus remains firmly on the future—continuing to innovate, expand, and deliver lasting value.”
Expansion Strategy and Plans for 2025
Good Shroom is advancing a dual-focused strategy that includes maximizing local opportunities in Quebec while driving national growth through innovation.
Quebec Market: The Company remains focused on expanding its position in Quebec, where two annual product calls by the provincial cannabis regulator determine opportunities for portfolio expansion. Good Shroom has consistently performed well in aligning its offerings with demand, though growth is influenced by the regulator’s selective focus on certain categories. New product launches are anticipated in early Q3 2025, pending approval, further bolstering its presence in the province.
National Growth: Outside Quebec, Good Shroom is pursuing a strategy rooted in innovative products designed for broad consumer appeal. The THC-infused DYP pouches, which sold out within 24 hours of launching in Alberta, represent a key pillar of this approach. Re-orders are already occurring, and true sales velocity will be evaluated by Q2 2025. The Company plans to launch a similar product in Ontario, Canada’s largest cannabis market, in late Q2 2025, and is participating in product calls in select provinces to make its innovative offerings available in more provinces.
About The Good Shroom Co. Inc.
The Good Shroom Co. Inc. is one of the rare emerging cannabis companies that is profitable. The Company primarily operates in Quebec’s cannabis market while pursuing a national expansion strategy rooted in innovation. In addition to its cannabis offerings, Good Shroom also produces a line of non-cannabis wellness beverages designed to meet evolving consumer demands.
