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 2024 FINANCIAL HIGHLIGHTS:
- Gross cannabis revenues before excise taxes increased to $26.3 million in Q2 2024 from $15.9 million in Q2 2023, a $10.4 million or 65.4%, increase. The increase is attributable to increase in market share across Canada, as a result of continued growing demand for its products and launch of new SKUs.
- Total revenues, net of excise taxes, increased to $19.7 million in Q2 2024 from $13.0 million in Q2 2023, a $6.7 million or 51.0% increase.
- Gross profit, before fair value adjustments, increased to $7.1 million in Q2 2024 from $4.0 million in Q2
- 2023, a 77.2% increase.
- Gross profit percentage before fair value adjustments in Q2 2024 was 36.3% compared to 30.9% in Q2 2023.
- Operating loss of $2.0 million in Q2 2024 compared to an operating income of $631,335 in Q2 2023, mainly due to a $3.0 million non-cash net impact of the change in fair value of inventory sold and an unrealized gain on change in fair value of biological assets.
- Net loss was $3.4 million in Q2 2024 compared to a net loss of $618,055 in Q2 2023.
- Adjusted EBITDA increased by 8.7%, from $3.2 million in Q2 2023 to $3.5 million in Q2 2024.
- As at February 29, 2024, the Company breached a minimum adjusted EBITDA covenant on its term loan,
- which was subsequently waived in addition to amending its credit facility to remove the minimum EBITDA requirement on a going forward basis.
- The Company generated positive operating cash flow amounting to $2.3 million in Q2 2024 compared to $376,962 in Q2 2023.
- Free cash flow for Q2 2024 increased to $1.2 million from $(1.3) million in Q2 2023.