Cannara Biotech Inc. Reports Strong First Quarterly Profit Driven by Retail Debut

CANNANNEW REPORT

Third quarter revenue of $7.2 million, gross profit of $4.4 million, and net income of $1.7 millionshowcases success of market strategy and operating model   MONTREAL, July 28, 2021 /CNW Telbec/ – Cannara Biotech Inc. (“Cannara” or the “Company”) (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of premium-grade cannabis and derivative products with two Quebec-based mega cultivation facilities spanning over 1.65 million sq. ft., announced today its third quarter financial and operating results for the three and nine month periods ended May 31, 2021. All financial results are reported in Canadian dollars, unless otherwise noted.   Third Quarter 2021 Highlights Total revenue of $7.2 million, including $5.9 million in cannabis sales, net of excise tax. Gross profit of $3.5 million or 49% and $4.4 million or 62% after fair value adjustments. Operating expenses are down by 27% to $2.2 million in Q3 2021 from $3.0 million in Q3 2020. Adjusted EBITDA of $1.7 million or 23%. Net income of $1.7 million or 24%. Sold approximately 1,400 kg of cannabis it had in inventory from previous harvests for a total value of $1,265,000. Uplisted to the TSX Venture (TSXV) from the Canadian Stock Exchange (CSE) on April 8, 2021, reflecting Company’s maturity and the commercialization of its operational strategy.   “This quarter’s results are a testament to our strategy’s efficacy and management’s focus,” said Zohar Krivorot, President & Chief Executive Officer of Cannara. “With impressive revenue generation in our first full quarter of sales in retail market, the closing of our additional $5 million private placement and headline acquisition of our latest one million square foot facility in Valleyfield, we are now positioned among the country’s leading cannabis producers.”   “Our positive net income and strong gross margins confirm our operational excellence, uniquely lean company structure, and continued growth,” said Nicholas Sosiak, Chief Financial Officer of Cannara. “Cannara’s core competence is our differentiated model that underscores our ability to excel at maximizing the use of our resources. We are executing…

Excerpt only …
READ MORE BELOW
Source : Cannara Biotech Inc. Reports Strong First Quarterly Profit Driven by Retail Debut

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.