Christina Lake Cannabis Corp. CLC CLCFF CLB disclosed Monday its financial and operational results for fiscal Q3 2021, reporting its highest sales quarter since inception. The cannabis company, based in Vancouver, British Columbia, reported gross revenue of CA$1.29 million ($1.04 million), up by 495% from CA$216,738 in the prior quarter.
Fiscal Q3 Financial Highlights
- Net income for the period amounted to CA$3.78 million, or CA$0.03 per share compared to net income of CA$877,763, or CA$0.01 per share in the same period of 2020;
- General and administrative expenses 10.4% to CA$1.67 million, compared to $1.86 million in Q2 2021;
- The gross margin percentage was 59% before fair value adjustment, while in the comparative period, the company was not in a revenue-generating position;
- At the end of the reporting period Christina Lake Cannabis held CA$24.81 million in assets and a net working capital balance of CA$9.56 million.
“This was a productive quarter for the Company as we continued our revenue growth with the support of steady demand for our cannabis extracts,” said Joel Dumaresq, CEO and director of Christina Lake Cannabis in a statement. “The needs of Licensed Producers have become increasingly sophisticated as product offerings under ‘Cannabis 2.0’ are creating greater demand for both medicinal and recreational use cases. Under CLC’s commercial sales leadership, we’ve been able to align a healthy supply of distillate oils and kief with the needs of a diverse base of Licensed Producer accounts across Canada.”
- The company previously announced that its distillate oils had attained an average THC concentration of 90.4%, a threshold considered to be desirable in the cannabis industry. With high-concentration distillate oils, licensed producers can manufacture a wide variety of goods in categories that include food and beverage, personal care, vaping and medicinal products.
- In addition to the company’s seven proven cannabis strains comprising the majority of its 2021 crop, more than 90 “experimental” strains have also progressed to the outdoor testing phase and performed exceptionally when grown under natural sunlight. The company intends to incorporate certain experimental strains grown outdoors this year into its strain selection for the 2022 growing season.
Christina Lake Cannabis’ shares were trading 7.22% higher at 31 cents per share at the time of writing late Monday morning.
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