Benzinga | Jan 31, 2022 09:15AM EST

Sproutly Reports Q3 Revenue Growth Of 167% YoY, Higher Net Loss

Sproutly Canada, Inc. (CSE:SPR) (FRA:38G) (OTCQB:SRUTF) released the company's financial results for the third quarter ended November 30, 2021 with net revenue of CA$94,638 ($74,248), up by 167% from the same period year ago.

The cannabis company also disclosed net loss for the period of CA$1.13 million, which compares to a net loss of CA$782,331 in the same quarter of 2020.

Sproutly settled the company's outstanding current debt and its subsidiary, Toronto Herbal Remedies Inc., in the aggregate amount of $145,448.44, pursuant to the terms of debt settlement agreements with two arm's length creditors. In settlement of the debt, the company issued an aggregate of 2,908,968 common shares in the capital of the company at a price of $0.05 per share.

In addition, the company signed a letter of intent for the formation of a commercial relationship with Kingston Cannabis Inc. to produce its cannabis-infused beverages through a co-packing arrangement with KCI, whose affiliate, Kingston Aluminum Technologies Inc. will provide custom designed aluminum packaging for Sproutly's products. In addition, KCI and Sproutly will collaborate on the consumer evaluation of Sproutly's formulations that are made using ingredients produced by the proprietary APP cannabis processing technology.

More recent news from Sproutly:

Sproutly Canada Reports Unaudited Q2 Results With Lower Revenue YoY, Improved Net Loss

Sproutly Canada Reports Fiscal Year Net Loss Of CA$61.6M, Calling It A 'Transitional Year'

Price Action

Sproutly Canada shares closed Friday market session 7.03% lower at $0.03 per share.

Photo: Courtesy of Esteban Lopez on Unsplash