Q2 2026 FINANCIAL HIGHLIGHTS:
- Gross cannabis revenues before excise taxes increased 3% to $37.8 million, driven by a $2.5 million, or 7%, increase in retail revenues, which more than offset a $1.4 million decrease in wholesale revenues. Notably, Cannara achieved this growth despite overall national cannabis retail sales remaining essentially flat year-over-year;
- Total net revenues increased 2% to $27.2 million from $26.6 million;
- Gross profit before fair value adjustments increased 7% to $11.6 million from $10.8 million, while gross margin before fair value adjustments improved to 43% from 41%, driven by increased production capacity and continued cultivation and post-processing optimization;
- Operating income was $3.3 million, compared to $5.9 million in Q2 2025, primarily reflecting planned investments in sales and marketing, R&D, public company initiatives, talent added to support future growth, and a higher non-cash share-based compensation expense as a result of stock options granted in Q4 2025;
- Adjusted EBITDA was $6.0 million, compared to $7.1 million in Q2 2025;
- Operating cash flow improved to $2.9 million, compared to negative $2.6 million in Q2 2025;
- Free cash flow improved to negative $0.3 million, compared to negative $4.0 million in Q2 2025, driven by stronger operating cash flow generation despite $3.2 million of capital expenditures in Q2 2026 versus $1.5 million in the same period of the prior year, mainly related to the Valleyfield Facility construction project;
- Net income totaled $1.7 million, or $0.02 per share, compared to $3.3 million, or $0.04 per share, in Q2 2025
- Extended retail market share gains nationally: Estimated national retail market share increased to 4.4% in Q2 2026, up from 4.1% in Q1 2026, driven primarily by continued strength in Québec, supported in part by the successful launch of vape products in the province, as well as growth in other key provinces.
- Reached the #1 retail sales market share position in Québec: Cannara captured an estimated 14.3% retail market share in Québec in Q2 2026, up from 13.5% in Q1 2026 and 12.8% in Q2 2025. Cannara now ranks as Quebec’s #1 cannabis company by retail sales market share