- Record Q1 net revenues of $19.5 million, representing an 89% increase compared to the $10.3 million of net revenues generated in Q1 2023
- Q1 operating income of $3.4 million, representing an 201% increase compared to the $1.1 million of operating income generated in Q1 2023
- Delivered an eleventh consecutive quarter of positive Adjusted EBITDA of $5.2 million
- Q1 net income of $2.1 million compared to the $2,951 of net income generated in Q1 2023
MONTREAL, QUÉBEC – January 30, 2024 – Cannara Biotech Inc. (“Cannara”, “the Company”, “us” or “we”) (TSXV: LOVE) (OTCQX: LOVFF) (FRA: 8CB0), a vertically integrated producer of premium-grade cannabis and derivative product offerings at affordable prices with two mega facilities based in Quebec spanning over 1,650,000 sq. ft., today announced its fiscal first quarter 2024 financial and operating results for the three month period ended November 30, 2023.
“The first quarter of 2024 has been another significant period for Cannara, with recordbreaking net revenues of $19.5 million, an 89% increase from the comparative quarter in 2023, and an incredible net income surge,” stated Zohar Krivorot, President & Chief Executive Officer. “As we build on this momentum in 2024, our roadmap is clear, continued execution with excellence, cost efficiencies and product innovation. This strategic expansion is not just about quantity, it is about deepening our market penetration by enriching our customer’s experience with high-quality products that stand out in the market. With a keen eye on evolving market trends and consumer preferences, we are committed to growing our market presence and product portfolio in a purposeful manner,” concluded Mr. Krivorot.
“Our first quarter results are continued solid proof of Cannara’s strong financial health and strategic approach to business operations,” stated Nicholas Sosiak, CFO of Cannara. We have seen impressive sales increases and a steady rise in adjusted EBITDA, net income, and cash flow from operations, which sets a strong base for the rest of the year. Moving into 2024, our plan is to keep growing our market share, introduce our brands to new regions in Canada, and launch products that meet our customers’ needs. We are focused on keeping our finances strong while we grow and make our operations even more costeffective. The first quarter financial results are aligned with our financial plan and positions Cannara for what we expect to be our most successful year in terms of performance and financial achievements,” concluded Mr. Sosiak.
FINANCIAL HIGLIGHTS & SELECTED FINANCIAL INFORMATION
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CONTACT
Nicholas Sosiak, CPA, CA
Chief Financial Officer
nick@cannara.ca
Zohar Krivorot
Founder & Chief Executive Officer
zohar@cannara.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ABOUT CANNARA
Cannara Biotech Inc. (TSXV: LOVE) (OTCQX: LOVFF) (FRA: 8CB0), is a vertically integrated producer of affordable premium-grade cannabis and cannabis-derivative products for the Canadian markets. Cannara owns two mega facilities based in Québec spanning over 1,600,000 sq. ft., providing the Company with 100,000 kg of potential annualized cultivation output. Leveraging Québec’s low electricity costs, Cannara’s facilities produce premium-grade cannabis products at an affordable price. For more information, please visit cannara.ca.
CAUTIONARY STATEMENT REGARDING “FORWARD-LOOKING” INFORMATION
This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company’s current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.