Simply Better Brands Doubles Sales from Trubar and CBD

The company has forecasted $80 million in revenue for 2023.

Simply Better Brands Corp. (TSXV: SBBC) (OTCQB: PKANF) reported a substantial increase in revenue for the first quarter of 2023 ending March 31, marking a 103% increase over the prior year’s Q1 revenue. The rise was due to the rising popularity of its plant-based protein snack, Trubar, in addition to its CBD subsidiary.

The wellness-focused firm posted first-quarter revenue worth $24.6 million, compared to $12.1 million for the same period in 2022. The company recorded a net loss of $2.7 million compared to a net loss of $3.2 million for the quarter or an improvement of $0.5 million.

The company’s gross profit for the quarter was $13.9 million, representing a 57% margin. This is a significant increase from the Q1 2022 gross profit of $8 million, despite a slightly higher margin of 66%.

SBBC’s financial growth was driven by its four main subsidiaries:

  • PureKana
  • Tru
  • BRN
  • No BS.

Of these, Tru and PureKana stood out with significant revenue increases. Tru’s first quarter revenue saw a substantial 308% rise, while PureKana’s revenue grew by 34%.

The company’s financial performance reflected the successful expansion of its product line, according to SBBC CEO Kathy Casey. She cited the company’s strategic priorities as leading consumer-centric innovation and acquiring customers for its emerging brands through category and channel expansion.

“As our strong Q1 2023 financial and commercial results illustrate, we are positioned for continued revenue growth, profit improvement, and debt reduction,” Casey said in a statement Tuesday. The company expects to hit a 2023 revenue target of $80 million and an adjusted EBITDA of $3-$4 million, with a gross margin target range of 58%-60%.

Among SBBC’s key achievements in the first quarter was the expansion of TRUBAR Protein Bar into roughly 50% of U.S. and Canadian Costco Clubs throughout 2022. This resulted in national distribution at Costco, driven by initiatives including manufacturing capacity expansion and entry into the $21.5 billion protein powder category.

PureKana, a plant-based wellness brand, remained focused on customer acquisition, adding over 18,600 customers per month and transitioning the sales funnel into a subscription model, the company said. In addition, PureKana announced its entry into the $196 million hemp-based pet category with products such as calming chews and hair & coat drops.

The No B.S. Skincare brand, initially sold exclusively online, entered 3,200 CVS Health stores in 2022 and continues to maintain an on-shelf presence in CVS’s healthy skin section. The brand is also set to enter a yet-to-be-announced large national chain in summer 2023, and TJ Maxx in Q2 2023.

The Vibez Wellness line, launched in November 2022, generated nearly $1 million in revenue in Q1 2023, the firm said, with a forecast to exceed $7 million in 2023.

The company also managed to improve its working capital position through various initiatives, including a private placement of $7 million in equity, paying down $1.7 million in convertible debentures, and securing several lines of credit facilities for its subsidiaries.

Adam Jackson

Adam Jackson writes about the cannabis industry for the Green Market Report. He previously covered the Missouri Statehouse for the Columbia Missourian and has written for the Missouri Independent. He most recently covered retail, restaurants and other consumer companies for Bloomberg Business News. You can find him on Twitter at @adam_sjackson and email him at

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