Christina Lake Cannabis Corp. CLC CLCFF CLB released its financial results for the second quarter ended May 31, 2023, revealing revenue of CA$3.5 million ($2.6 million), an increase of 49.8% compared to CA$2.3 million in Q2 2022.
Q2 2023 Financial Highlights
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Gross profit of CA$500,180, an unfavorable decrease of 41.3% compared to CA$851,721 in Q2 2022.
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Gross margin of 14.4% compared to 36.7% in Q2 2022.
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Loss and comprehensive loss for the period was CA$774,751 compared to income of CA$21,671 in Q2 2022.
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As at May 31, 2023, the company had working capital of CA$1.7 million, which consisted of cash of CA$1.5 million, receivables of CA$2.2 million, prepaid expenses of CA$19,432, inventory of CA$4.1 million. Current liabilities, being accounts payable and accrued liabilities, current portion of loan and current portion of convertible debentures was CA$6.2 million.
“In Q2, our dedication to executing strategic initiatives has been validated through an impressive surge in sales growth of 36%,” stated Mark Aiken, CEO of Christina Lake Cannabis. “As we advance into the second half of fiscal 2023, we maintain our unwavering commitment to meeting the escalating sales demand for our premium distillate products while driving operating efficiencies throughout our processes, and to expand our product lines available to our valued customers.”
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