Nextleaf Solutions Ltd. OILS OILFF (FSE: L0MA) a biotech firm and cannabis processor reported its first quarter financial results Friday for the three months ended Dec. 31, 2023.
The British Columbia-based company reported a 170% year-over-year increase in net revenue to CA$3.2 million ($2.4 million) in the first quarter, marking its highest gross sales period, the company reported in a press release.
Emma Andrews, who became Nextleaf's interim CEO in September praised the company's performance.
"This was my first full quarter as interim CEO, so I spent time visiting retailers in Alberta to support our Company’s launch," Andrews said. "It was gratifying to see first-hand how the products are gaining immediate traction and how the value proposition is resonating early on with retailers, particularly with our softgel SKUs.”
The Nextleaf’s house brands, including acclaimed legacy-to-legal brand Glacial Gold and High Plains Cannabis, launched in Alberta two months before the start of the first quarter in August 2023.
Q1 2024 Financial Highlights
- Gross profit totaled CA$962,465, compared to CA$25,215 in the prior year's period.
- Expenses nearly doubled year-over-year to CA$ 828,703 from CA$479,228 in the first quarter of fiscal 2023.
- Income and comprehensive income totaled CA$132,821, compared to CA$559,013 in the corresponding quarter of last year.
- Cash at the end of the period totaled CA$367,836, compared to CA$364,763 in the same quarter of fiscal 2023.
- As of Dec. 31, 2023, the company had CA$9.1 million in total assets, compared to CA$8.5 million as of Sept. 30, 2023.
- The company maintained a debt-free position.
Q2 2024 Outlook
Nextleaf said it plans to launch nine new products nationwide, including:
- Glacial Gold CBD 50 Softgels 10-Pack
- Glacial Gold Balanced 10:10 Softgels 10-Pack
- Glacial Gold CBD 50 Softgels 100-Pack
- Glacial Gold Balanced 10:10 Softgels 100-Pack
- Glacial Gold MAX THC Blueberry Dream Hybrid Vape 1.2g
- Glacial Gold HIGH THC Fuzzy Mango Vape 1g
- Glacial Gold MAX THC Grape Escape Double D Infused Prerolls 3×0.7g
- Glacial Gold MAX THC Cherry K.O. Double D Infused Prerolls 3×0.7g
- High Plains 1000mg THC Indica Oil Drops 35ml
OILFF Price Action
Nextleaf's shares traded 1.6904% higher at $0.1143 per share at the time of writing on Monday morning.
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- Nextleaf Q1 FY23 Net Revenue Grows 3% YoY, What About Profit?
- Nextleaf Stock Skyrockets On 30% Net Revenue Growth In FY 2022
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The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!