- Cannara Biotech (LOVE) is reporting its latest round of financial results
- The Montreal-based cannabis company recorded a record high of $12 million in quarterly revenue, an 84-percent year-over-year increase
- Net income amounted to $2.6 million
- The vertically integrated producer of premium-grade cannabis has two mega facilities based in Québec spanning over 1,650,000 square feet
- The company sold approximately 7,300 kilograms of cannabis, or 2 million units, across three flagship brands
- Cannara Biotech is up 5.26 percent, trading at $0.10 at 11:05 am ET
Cannara Biotech (LOVE) is reporting its latest round of financial results.
The Montreal-based cannabis company recorded a record high of $12 million in quarterly revenue, an 84-percent year-over-year increase.
Net income amounted to $2.6 million.
The vertically integrated producer of premium-grade cannabis has two mega facilities based in Québec, spanning over 1,650,000 square feet.
The company’s 2022 fiscal year revenue of $36 million is a 108 percent increase compared to last year.
The company sold approximately 7,300 kilograms of cannabis, or 2 million units, across three flagship brands during the fiscal year, an increase of approximately 1.5 million of units sold or 286 percent compared to the prior fiscal year.
The company had $29 million in working capital on August 31.
“Revenues, profits, and net income have all increased over the past 12 months while simultaneously adding new products for our customer base. None of this would be possible without the hard work of the entire Cannara family. Over the last twelve months, we have achieved a ramp-up in production, which was necessary to support the recent expansion plans to the other provinces. Given the recent expansion to the BC and the financial commitment required for such expansion, I am very proud to be able to report our sixth consecutive quarter of Adjusted EBITDA and a positive net income for our fiscal year end 2022. Our lenders continue to support us, our customers continue to purchase our products, and as we continue our rapid growth, we expect to attract new customers throughout Canada who are constantly looking for new product offerings; this is just the beginning,” said Chief Financial Officer Nicholas Sosiak.
Cannara Biotech is up 5.26 percent, trading at $0.10 at 11:05 am ET.