Canada NewsWire
MONTREAL, July 27, 2022
Company recorded a record high of $10.1 million in quarterly revenue and $24.1 million in year-to-date revenue, delivering its fifth consecutive quarter of positive Q3 2022 Adjusted EBITDA of $1.8M with net income of $1.4 million
Valleyfield Facility continues to scale, and the Company now has 6 of its 24 growing zones in full production representing 150,000 square feet of canopy holding over 55,000 plants that can be harvested four times per year
All financial results are reported in Canadian dollars, unless otherwise stated.
MONTREAL, July 27, 2022 /CNW Telbec/ - Cannara Biotech Inc. ("Cannara" or the "Company") (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB) a vertically integrated producer of premium-grade cannabis and derivative products with two mega facilities based in Quebec spanning over 1,650,000 sq. ft., today announced its fiscal third quarter 2022 financial and operating results for the three and nine-month periods ended May 31, 2022.
"I am very proud of the entire team at Cannara for their continued focus and hard work. The positive financial performance is a direct result of the collective efforts of all our great employees," stated Zohar Krivorot, President & Chief Executive Officer of Cannara. "We continue to be ahead of schedule on all of our stated objectives for this year while at the same time delivering record revenue, our fifth positive quarter of Adjusted EBITDA, and positive net income. We are also pleased to report to shareholders that our new state of the art Valleyfield Facility, as of today, is producing out of six of its twenty-four growing zones, each containing 9,600 plants each. We have multiple succesful harvests delivered from our new facility, which provides us confidence in our ability to continue our expansion and to grow consistent premium-grade cannabis at scale.
Nicholas Sosiak, Chief Financial Officer of Cannara added, "Being able to deliver our fifth consecutive quarter of Adjusted EBITDA and our third quarter of positive net income are Company milestones that we are all proud of. Cannara continues to surpass its financial targets which allows us to lay the foundation for our long-term goals, as evidenced by the $50 million credit facility Cannara secured with BMO Commercial Banking. The credit facility provides the Company with necessary liquidity to continue to execute on our expansion plans. These additional resources will assist Cannara to increase its cannabis supply through capital investment at the Valleyfield Facility with continued focus on providing consumers with premium products at sustainable, market disrupting high value propositions. This strategy has allowed us to increase market share while simultaneously entering into new provinces. Given that Cannara only operates today in 2 major Canadian markets, I am really excited for the Company's long-term picture as we have plenty of room for growth."
As at the date of this report, the Company had 876,981,321 common shares and 41,110,790 stock options issued and outstanding. For further information, the complete Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis for the three and nine-month periods ended May 31, 2022 and 2021, along with additional information about the Company and all of its public filings are available at sedar.com and the Company's investor website, investors.cannara.ca.
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB) is a vertically integrated producer of premium-grade cannabis and cannabis-derivative products for the Québec and Canadian markets. Cannara owns two mega facilities based in Québec spanning over 1,650,000 sq. ft., providing the Company with 125,000kg of potential annualized cultivation output. Leveraging Québec's low electricity costs, Cannara's facilities produce premium-grade cannabis products at an affordable price. For more information, please visit cannara.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Cannara Biotech Inc.
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