Cannara Biotech Q1 Results: Revenue, Net Income And Market Share Up, Quarter Also Marks Company’s First Export Sale
With the demand for high-quality, affordably priced cannabis growing in Canada, Cannara Biotech Inc.’s (OTCMKTS: LOVFF) investments seem to be paying off. The vertically integrated producer of premium-grade cannabis and derivative product offerings has used investment dollars to produce quality cannabis products and increase the number of growing zones. That has resulted in Montreal-based Cannara Biotech reporting record-setting revenue for its first quarter and forecast even more growth to come in 2024.
For the first quarter ending November 30, 2023, Cannara posted net revenue of $19.5 million, an 89% year-over-year increase and net income of $2.1 million, up significantly from $2,954 in the year-ago first quarter. Meanwhile, gross profit before fair value adjustments of $7.9 million was up 98% from the year-ago first quarter and earnings before interest, taxes, depreciation and amortization (EBITDA) of $5.2 million marked a 206% increase. “Our first quarter results are continued solid proof of Cannara’s strong financial health and strategic approach to business operations,” Nicholas Sosiak, CFO of Cannara said when reporting quarterly results. ”We have seen impressive sales increases and a steady rise in adjusted EBITDA, net income and cash flow from operations, which sets a strong base for the rest of the year.”
Quality Cannabis At An Affordable Price
Since launching in 2017, Cannara Biotech has been focused on growing quality cannabis products and bringing them to the masses at an affordable price. The company operates two huge facilities spanning over 1,650,000 square feet in Quebec, where it churns out quality cannabis products …