Canada House Cannabis Group Inc. (formerly Canada House Wellness Group Inc.) CHV Q2 2023 net revenue was CA$7.82 million ($5.67 million), an increase of 27%, compared to CA$6.18 million in the same period in the prior year.
Q2 2023 Financial Highlights:
Gross profit was CA$5.53 million compared to CA$2.45 million in Q2 2022.
Net profit and comprehensive profit of CA$325,000 an improvement of CA$2.02 million compared to loss and comprehensive loss of CA$1.7 million in the same quarter of last year.
Adjusted EBITDA of CA$2.37 million, an improvement of 214%, compared with CA$755,000 for the three months ended January 31, 2022.
Cash at the end of the period was CA$460,000
"I am proud to report that Canada House has delivered a quarterly net profit while achieving record revenue, positive cash flow and operating profit for a second successive quarter. Our success is largely the result of providing top-end clinical services and an industry-leading product portfolio for our valuable military veteran patient base at Abba and CHC. In addition, the company started selling its high-quality, low-cost flower from the newly retrofitted IsoCanMed cultivation facility and continued to focus on responsible fiscal management." stated Chris Churchill-Smith, CEO of Canada House.
"This is our sixth consecutive quarter of financial performance improvement, a trend that we expect to continue as we work on the completion of our transaction with MTL Cannabis. Thank you to all of Canada House's dedicated staff and for the continued support from our partners at MTL Cannabis. We look forward to building upon these results in our next quarter."
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