CANNARA BIOTECH INC by Cannara Biotech Inc. Financials - Benzinga

CANNARA BIOTECH INC by Cannara Biotech Inc.

LOVFFOTCQX

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$1.51

0.0140.93%

At close: Sep 22, 5:00 PM EST

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CANNARA BIOTECH INC by Cannara Biotech Inc. Financials

CANNARA BIOTECH INC by Cannara Biotech Inc. (LOVFF) financial statements — income, revenue, gross margin and key metrics.

Earnings & Guidance News

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Cannara Biotech Reports 6% YoY Drop In Q3 Gross Profit, 22% Revenue Increase As It Enhances Sales Force And Infrastructure

Vertically integrated cannabis company Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB0) announced on Tuesday its fiscal third quarter 2024 financial and operating results for the three and nine-month periods ended May 31, 2024. Zohar Krivorot, president and CEO of Cannara, praised the company's "strong performance," during the period, with net revenues reaching CA$19.5 million ($14.2 million) during the quarter, representing a 22.6% year-over-year increase. "Historically, our sales growth has been driven by great customer loyalty and strong demand for our products, amplified by organic word-of-mouth promotion," Krivorot explained. "However, as indicated by our flat quarter-to-quarter results, this can only take us so far. To continue our expansion across the country, we have begun enhancing our sales force and infrastructure."

Jelena Martinovic

Cannara Biotech Reports 51% YoY Revenue Increase In Q2, Wider Net Loss

Cannara Biotech Inc. announced on Monday its fiscal second quarter 2024 financial and operating results for the three and six-month periods ended Feb. 29, 2024. The company reported a 68% year-over-year increase in revenues for the first half of fiscal 2024, a metrics CFO Nicholas Sosiak called "a testament to our growing influence in the Quebec, Ontario, Alberta, and BC markets." "Our proactive steps towards streamlining assets align with our ambition to fortify our financial foundation as we relentlessly stay focused on gaining market share and becoming the leader in Canada, the second-largest cannabis market in the world," Sosiak said. "As for our long-term vision, we do see our future extend beyond our borders where Cannara is a globally recognized brand synonymous with excellence and value in cannabis."

Jelena Martinovic