Nevis Brands releases financial numbers seeing a 44% increase in quarterly revenue
Vancouver, Canada
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March 27, 2024 10:21 AM Eastern Daylight Time
Nevis Brands CEO John Kueber joined Steve Darling from Proactive to announce the company's financial results for fiscal year 2023 and the fourth quarter ending November 30, 2023. Nevis Brands reported revenues of $671,000 for the year, with Cost of Goods Sold amounting to $278,604. For the fourth quarter alone, Nevis generated revenues of $395,876, primarily derived from royalties received from Licensees in five states, while Cost of Goods Sold stood at $134,223.
Kueber expressed satisfaction with the conclusion of the fiscal year, highlighting the significant expenses and charges incurred during the transition from Pascal Biosciences Inc., the company's previous business entity. Notably, Nevis Brands achieved growth in revenues and managed to reduce costs of goods sold in the fourth quarter, signalling positive momentum in its operations.
Furthermore, Kueber emphasized the company's ongoing efforts to expand its revenue streams, particularly in states where Nevis is currently operating. He expressed excitement about the additional revenues expected from licensees that have been secured but have yet to contribute to revenues. Notably, revenues for the fourth quarter did not include contributions from Nevada and California, both of which are now revenue-generating states.
Additionally, Michigan and Missouri are anticipated to contribute to revenues in 2024, further bolstering Nevis Brands' financial performance. Looking ahead, Nevis Brands sees significant growth opportunities for its major brand, not only through expansion into new markets but also through the introduction of new products. Kueber emphasized the potential for diversification beyond beverages into other edible products, underscoring the company's commitment to innovation and market expansion.
In summary, Nevis Brands' financial results for fiscal year 2023 and the fourth quarter reflect steady progress and positive momentum in its operations. With a strategic focus on revenue growth and product diversification, the company is well-positioned to capitalize on emerging opportunities in the cannabis market and deliver value to its shareholders.
Contact Details
Proactive North America
Proactive North America
+1 604-688-8158
