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.
Q2 2023 FISCAL HIGHLIGHTS:
• Q2 2023 net revenue of $13 million, and $23.4 million for the first half of 2023, a 76% and 67% increase respectively, compared to the three and six-month period in 2022, in addition to a 26% increase in net revenue from Q1 2023.
• Q2 2023 gross profit before fair value adjustments was $4 million, and $8.1 million for the first half of 2023, a 54% and 42% increase respectively compared to the three and six-month period in 2022. Included in Q2 2023 gross profit was an impairment charge on inventory of $1.4 million for inventory that is expected to be sold on the wholesale market in subsequent quarters. Q2 2023 gross profit excluding the impairment charge would have been $5.4 million, a 108% increase, and $9.5 million for the first half of 2023, a 67% increase.
• Operating income increased to $0.6 million for Q2 2023 and $1.8 million for the first half of 2023, which compares to an operating loss of $0.4 million incurred in Q2 2022 and the first half of 2022, resulting in an increase of 250% and 550% respectively.
• Delivered the Company’s 8th straight quarter of positive Adjusted EBITDA of $3.2 million, and Adjusted EBITDA of $4.9 million for the first half of 2023, a 1500% and 346% increase respectively, compared to the three and six-month period in 2022.
• Net loss of $600K, a 50% improvement compared to a $1.2M net loss for Q2 2022. Excluding the $1.4 million inventory write down, the Company would have achieved a net income figure of $0.8 million for the three and six-month period ended February 28, 2023.
• Free cash flow for Q2 2023 increased to $1.9 million from $0.2 million in Q2 2022, an 850% increase, and $3.8 million for the six-month period of 2023 from $1.4 million earned in the same period of prior year, a 171% increase.
• The Company has $25.6 million in working capital as of February 28, 2023, which includes $4.1 million of cash on hand.
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