Alberta-based vertically integrated cannabis operator CanadaBis (CVE:CANB) announced the results from their Q3 2024 for the company and its subsidiaries Stigma Pharmaceuticals Inc., Stigma Grow, Stigma Roots, Indicative Collection and Goldstream Cannabis Inc.
Despite showing a decrease of 26% YoY for Q3, the company highlighted the fact that it is its tenth consecutive quarter generating revenue. The positive results come amid a challenging economy for Cannabis in Canada, which pushed the company to seek increased operational efficiency.
"Canadabis Capital's performance in Q3 2024 was robust, driven by our strategic investments and continuous efforts to optimize our operational efficiencies," said CEO Travis Mcintyre.
Q3 2024 Financial Results Compared To Q3 2023
- Gross Revenue: For the three months ended April 30, 2024, gross revenue was $7.08 million compared to $9.59 million for the same period in 2023, marking a decrease of 26%.
- Net Revenue: Net revenue followed a similar trend, decreasing to $3.97 million from $6.05 million year over year, influenced by both the excise duty adjustments and market dynamics.
- Cost of Sales: Cost of sales saw a slight decline to $1.80 million from $3.35 million, reflecting improved cost management strategies.
- Gross Profit: Gross profit was $2.17 million for the recent quarter, down from $2.70 million in 2023, demonstrating tighter revenue conditions.
- Net Income: Net income for the three months saw a decrease to $109,824, compared to $1.20 million in 2023.
- EBITDA: Adjusted EBITDA decreased to $497,663 from $1.53 million, aligning with the observed reductions in gross profit and net income
See also: Canadian Vs. U.S. Cannabis Companies: Who Is Winning The Market Race To Weed Profits?
As for operational highlights, CanadaBis launched Canada's first 60% THC pre-roll. The company reported on significant investment in research and development to enhance its product lineup and manufacturing techniques; and formed a strategic partnership with a Portuguese distribution company to expand in the european market.
CanadaBis Stock Action
CanadaBis Stock is trading at $0.0650 at the moment of this writing, down 13.3% from Tuesday.