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July 1, 2022 - CANNABIS SUISSE CORP. [CSUI](NASDAQ: CSUI), a leading company in the cannabis industry, has reported a net loss of $351.5 million for the fiscal year ended May 31, 2023. The company also announced annual revenue of $10 million. These figures reflect the challenges faced by the company in a highly competitive market.
Despite recording a gross profit of $834,000, Cannabis Suisse Corp struggled with operating expenses, which totaled $343.5 million. These expenses were mainly driven by professional fees, amounting to $278.6 million, as well as depreciation and general administrative expenses. The significant operating loss of $342.7 million contributed to the overall net loss for the year.
Comparing to the previous fiscal year, Cannabis Suisse Corp experienced a revenue growth of approximately 29%. This growth can be attributed to the increase in sales revenue, which rose from $7.8 million to $10 million. The company successfully capitalized on the growing demand for cannabis products in the market.
As of May 31, 2023, Cannabis Suisse Corp's total assets amounted to $346.3 million, while its total liabilities reached $675.8 million. The company's stockholders' deficit stood at $329.4 million, indicating a need for improved financial stability. It is crucial for Cannabis Suisse Corp to address its liabilities and strengthen its balance sheet for the long-term sustainability of the business.
Cannabis Suisse Corp reported a net loss per share of $0.01 for the fiscal year 2023. This compares to the net loss per share of $0.01 in the previous year. The weighted average number of shares outstanding increased from 33,069,046 to 42,035,760, primarily due to equity issuances throughout the year.
Looking ahead, Cannabis Suisse Corp aims to improve its financial performance by implementing cost-saving measures and enhancing operational efficiency. The company will continue to explore opportunities to expand its product portfolio and capture additional market share. It plans to leverage strategic partnerships and innovative marketing strategies to drive revenue growth in the coming year.
Despite facing challenges in the past fiscal year, Cannabis Suisse Corp remains optimistic about its future prospects. The company's commitment to maintaining a strong presence in the cannabis industry, coupled with its focus on sustainable growth, positions it well for success. Investors will closely monitor the company's financial performance and the implementation of its strategic initiatives.