CanadaBis Capital Q1 2023 Net Revenue Grows 179% YoY To $3.77M

CanadaBis Capital Inc. with its wholly owned sub Stigma Grow CANB a vertically integrated Canadian cannabis company, released its first quarter fiscal 2023 results, revealing net revenue of CA$5.15 million, ($3.77 million) a 179% increase compared to CA$1.85 million in the Q1 2022.

Q1 2023 Financial Highlights

• Gross profit was CA$2.36 million, a 154% increase compared to CA$932,329 in Q1 2022.

• For a fourth consecutive quarter, CanadaBis generated positive net income, which increased 45% over the previous quarter to CA$700,313 and drove earnings per share of CA$0.01.

• Gross revenue in the quarter totaled CA$7.8 million, 22% higher than Q4/22 and 220% higher than the same period in 2022 due to steadily increasing sales and the launch of over 100 new SKUs across seven provinces.

• Adjusted EBITDA was CA$967,178, 43% higher than CA$675,619 recorded in the Q4 2022 and a substantial increase over CA$14,142 generated in the Q1 2022.

"I am very proud of what we accomplished during Q1 2023 with another consecutive period of record sales, gross profit, net income and the first quarter posting positive earnings per share," stated Travis McIntyre, CEO of CanadaBis. "With a 'consumer-first' approach to driving our growth, coupled with a firm commitment to controlling costs across the supply chain, we are aiming to continue executing our strategy through the balance of fiscal 2023 and beyond. Our steadfast execution and commitment to stakeholders offers investors a compelling opportunity to participate in the success and value creation initiatives being advanced by CanadaBis."

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