Hygrovest Ltd (ASX:HGV) has significantly outperformed a declining Canadian cannabis market, with the investment holding group’s net asset value (NAV) decreasing just 14% for the financial year to 31 March 2022, compared to a 60% decline in the benchmark over the same period.

The company also saw its NAV increase by 7% during March 2022.

Outlined in the table below is the current strategy for Hygrovest’s portfolio of investments:

Hygrovest's portfolio companies are continuing to achieve sales growth, with recent highlights outlined below:

• Weed Me

  • 2022 sales are expected to be powered by 35 new SKU’s launching in the next two quarters and expansion into Quebec, where they’re partnering with local producers to launch a new brand.
  • The new SKU’s will be a variety of different brands that are planned to go into Alberta and BC stores shortly and into Ontario stores later this year.

• Vintage Wine Estates

  • Recently announced the repurchase of up to US$30mln in aggregate value of the company’s common stock and/or warrants through September 8, 2022. This buyback program has partially been responsible for returning the stock back to IPO levels.

• Southern Cannabis Holdings

  • Prescription Vape sales grew almost 60% month-over-month and helped to power record-breaking monthly revenue in March.
  • Revenue mix is decidedly turning towards products vs services which are more scalable and worth more from a valuation multiple perspective.

• Harvest One

  • Signed a sales and distribution agreement with distributor Pharmtick, based in Nigeria to sell and distribute DreamWater and LivRelief products throughout Africa, for a term of three years.
  • Further expanded its presence in the United States with the signing of a sales and distribution agreement with Flat River Group, a leading North American e-commerce distributor.

• Entourage Health Corp.

  • Announced the appointment of Vaani Maharaj, a seasoned financial executive with broad experience in corporate finance, healthcare, and consumer-packaged goods to the role of new Chief Financial Officer.
  • Signed an extension to its senior secured credit facility (now maturing on May 31st, 2022) that modifies the terms under which Entourage secured up to $39 million of debt financing.