What Was In Cannara Biotech’s Q1 Earnings Report?


Cannara Biotech Inc. (TSXV:LOVE) (OTCQB:LOVFF), a vertically integrated cannabis producer in Québec, announced this week its financial and operating results for the fiscal first quarter of 2022, the three-month period ended November 30, 2021.

“Following our solid year-end results, we delivered strong financial performance for the First Fiscal Quarter of 2022 resulting from our focus and execution of delivering premium-grade cannabis products to the market at competitive retail prices,” commented Zohar Krivorot, President and Chief Executive Officer of Cannara. “We are at a pivotal point in Cannara’s brief but successful history as we are laser focused on delivering premium products at disruptive pricing while significantly increasing production by starting up our Valleyfield Facility. We have made significant improvements to the facility and the results have been extremely positive through our initial grow. We also continue to see increased demand for our products and, as we move forward in 2022, our mission is to increase our production capacity to help meet that unmet and growing demand while further driving shareholder value.”

The company:

  • Posted quarterly revenues of $6.6 million;
  • Recorded a gross profit before fair value adjustments of $3.0 million or 46%;
  • Achieved third consecutive quarter of positive Adjusted EBITDA ($1.2 million) while sustaining the start-up costs for the production ramp-up of the new Valleyfield Facility;
  • Decreased net loss to $500 thousand compared to a net loss of $3.5 million in the same quarter of 2021;
  • Increased bank facility from $5.4 million  to $22 million and ended quarter with cash position of $14 million after reimbursement of $12 million of higher cost debt;
  • Increased working capital to $18.7 million from a working capital of $12.4 million as at August 31, 2021;
  • Granted an aggregate total of 7,935,000 stock options to certain employees and board members at an exercise price of $0.18 per common share, subject to certain vesting conditions.

Nicholas Sosiak, Chief Financial Officer of Cannara commented, “As we continue to execute on our stated business strategy, we continue to hit the milestones that we have laid out for the Company. Our third consecutive quarter of positive Adjusted EBITDA was achieved while ramping up production at Quebec’s largest cannabis operation which is a testament to our dedicated team committed to producing the highest quality product while controlling costs. There remains a massive opportunity just in Quebec given the modest number of retail outlets and as the Quebec market continues to expand and as Cannara has production capacity to services other markets, we are very well positioned to capitalize on this demand and to continue to gain market share.”

Operational highlights include:

  • New Health Canada license to sell cannabis derivative products to retail market;
  • Received Health Canada processing and cultivation license for Valleyfield Facility;
  • Expanded into Ontario market with five skus listed at the Ontario Cannabis Store;
  • Propagated 9,600 plants in 1 of its 24 zones at the Valleyfield Facility, each measuring 25,000 square feet, which has been redesigned to replicate indoor growing conditions without utilizing sunlight;
  • Subsequent to November 30, 2021, Cannara completed the propagation of its second zone with 9,600 plants given positive results from first zone;
  • Launched two new hash products within the Nugz brand in Quebec retail stores: Old School Hash in a 3-gram bar and Ice Water Hash in a 1-gram temple ball.
Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

www xxcxx redwap.sex wwwwxxx نيك مرات الاب best-pornos.com سكس سريع manga hentai fox drhentai.net hentaifox.con 裏ピンサロ javsite.mobi fc2 ppv 1096824 pornsouls pornia.org www.indian uncovered.com اخ ينيك اختة porno-galleras.com صور شاطئ العراه سكس مطلقات مصر arabic-porn.com سكس احترافى مترجم indian bitch fuckvidstube.com busxnxx فضايح سكس مصري filmstreamingporno.com قصص جنسية واحد افلام سكس نيك بنات top4tube.com تردد قنوات السكس على نايل سات bengali hot blue film eromyporn.info telugu latest xvideos malu sex pakistaniporntv.com www grils bolly4u.trade eromoms.info hdmovieshub.net xnxx play sumoporn.mobi india ki chut xvideos.com movies directorio-porno.com mumbai teens