Cannara Biotech Cannabis Co. Slightly Beats Estimates, Posts $7.2M In Q3 2021 Revenue

Vertically integrated cannabis company Cannara Biotech Inc. LOVE LOVFF 8CB reported Wednesday that it had generated $7.2 million in the third quarter of 2021, slightly beating previous estimates.

The sum, which represents a year-over-year increase of 837%, includes $5.9 million in cannabis sales, net of excise tax, reported the Montreal-based company.

Moreover, in the nine months ending May 31, the company's revenue amounted to roughly $10.8 million.

Zohar Krivorot, president and CEO at Cannara, said that results are "a testament to our strategy's efficacy and management's focus. 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." 

In June, Cannara bought The Green Organic Dutchman Holdings Ltd.'s TGOD TGODF facility, based in Valleyfield, Quebec for $27 million.

Here's a breakdown of what the third-quarter earnings report revealed:

  • Gross profit totaled $3.5 million or 49% and $4.4 million or 62% after fair value adjustments.
  • Operating expenses declined by 27% year-over-year to $2.2 million.
  • Adjusted EBITDA came in positive at $1.67 million, versus a $2.21 million loss in the same quarter of 2020.
  • For the nine months ending May 31, the company posted a negative adjusted EBITDA of $966,307.
  • Net income totaled $1.7 million or 24%. 
  • As of May 31, the company had $57.9 million in total assets.

In April, Cannara Biotech uplisted to the TSX Venture from the Canadian Stock Exchange.

Price Action

Cannara Biotech’s shares were trading 0.73% higher at 14 cents per share at the time of writing.

Photo: Courtesy of Cannara Biotech Inc.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: CannabisEarningsNewsPenny StocksMarketsthird quarter earningsZohar Krivorot
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.


Loading...