Montreal cannabis producer Cannara Biotech reported a profit of 2.9 million Canadian dollars ($2.2 million) in its third quarter that ended in May, according to its recently released financial statements.
The net income for the company’s third quarter is 107% higher than the figure for the same quarter in 2022, when Cannara reported a CA$1.4 million profit, according to a news release.
ADVERTISEMENT
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) – another measure of profitability – for the quarter amounted to a positive CA$3.9 million.
Adjusted EBITDA through Cannara’s first three quarters of its fiscal year reached CA$8.6 million.
Cannara’s net sales in 2023’s March-May quarter increased by 57% to CA$15.9 million compared to the same three-month period in 2022.
Net revenue for the first nine months of fiscal 2023 jumped to CA$39.3 million – 63% higher over the same nine-month period last year.
Read full article on Marijuana Business Daily
