INVEST IN THE CANNABIS INDUSTRY WITH CANNARA

We’re changing the narrative in the industry;
We offer premium cannabis, grown from rare genetics, hand-trimmed then slow cured and sold at disruptively low pricing.
We’ve rapidly emerged as one of Quebec’s fast-growing producers and we’ve got a bright future ahead of us.

Q3 2023 FISCAL HIGHLIGHTS:

  • Q3 2023 gross cannabis revenue of $20.6 million and $47.6 million for the first nine months of 2023, a 96% and 97% increase respectively, compared to the same period of prior year. Compared to the Q2 2023, gross cannabis revenues saw a 30% growth quarter over quarter (“QoQ”). 
  • Q3 2023 net revenue of $15.9 million, and $39.3 million for the first nine months of 2023, a 57% and 63% increase respectively, compared to the three and nine-month period in 2022. Net revenues increased by 22% QoQ, from $13 million in Q2 2023 to $15.9 million in Q3 2023. 
  • Q3 2023 gross profit before fair value adjustments was $6.1 million, and $14.2 million for the first nine months of 2023, a 64% and 51% increase respectively compared to the three and nine-month period in 2022. Gross profit before fair value adjustments increased by 53% QoQ as a result of increased sales and lower inventory adjustments. 
  • Operating income increased to $4.3 million for Q3 2023 and $6.1 million for the first nine months of 2023, compared to $1.5 million of operating income in Q3 2022 and $1.2 million of operating income for the nine-month period of 2022, resulting in an increase of 187% and 408% respectively. Compared to Q2 2023, operating income increased by 617% QoQ. 
  • Delivered the Company’s ninth straight quarter of positive Adjusted EBITDA of $3.9 million, and Adjusted EBITDA of $8.8 million for the nine-month period of 2023, a 129% and 184% increase respectively, compared to the three and nine-month period in 2022. Adjusted EBITDA increased by 22% QoQ, from $3.2 million in Q2 2023 to $3.9 million in Q3 2023. 
  • Net income of $2.9 million, a 107% improvement compared to $1.4 million of net income for Q3 2022. Net income for the first nine months of 2023 is $2.3 million compared to a net loss of $248,000 in the first nine months of 2022. Compared to prior quarter, net income increased by $3.5 million from a net loss of $0.6 million. 
  • Free cash flow for Q3 2023 increased to $3.2 million from $1.5 million in Q3 2022, an 113% increase, and $7.1 million for the nine-month period of 2023 compared to the $2.9 million in the same period last year, a 145% increase. Free cash flow increased by 68% QoQ, from $1.9 million in Q2 2023 to $3.2 million in Q3 2023. 
  •  The Company has $27.1 million in working capital as of May 31, 2023, which includes $4 million of cash on hand and $10 million in accounts receivable 

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