09:30 AM EST, 01/03/2023 (MT Newswires) -- CanadaBis Capital Inc. (TSXV: CANB) on Tuesday reported Q1 net income of $0.70 million, or $0.01 per basic and diluted share, compared with a net loss of $0.27 million, or $0.00 per share, a year earlier.

Net revenue for the quarter ended Oct. 31 jumped to $5.15 million from $1.85 million a year earlier, the vertically integrated cannabis company said. Revenue growth was helped by the launch of over 100 stock-keeping units across seven provinces, it said.

CanadaBis said the momentum it realized during the first quarter of fiscal 2023 has set the stage for "an incredible year". It said it is forecasting "consistent growth" in sales through the next several quarters based on sustained high demand and "significantly increased" purchase orders on its new products.