Cannara Biotech Reports 6% YoY Drop In Q3 Gross Profit, 22% Revenue Increase As It Enhances Sales Force And Infrastructure
Vertically integrated cannabis company Cannara Biotech Inc. (TSXV:LOVE) (OTCQB:LOVFF) (FRA: 8CB0) announced its fiscal third quarter 2024 financial and operating results on Tuesday for the three month period ended May 31, 2024.
Zohar Krivorot, Cannara’s president and CEO, praised the company’s “strong performance,” during the period, with net revenues reaching CA$19.5 million ($14.2 million) during the quarter, representing a 22.6% year-over-year increase.
“Historically, our sales growth has been driven by great customer loyalty and strong demand for our products, amplified by organic word-of-mouth promotion,” Krivorot explained. “However, as indicated by our flat quarter-to-quarter results, this can only take us so far. To continue our expansion across the country, we have begun enhancing our sales …