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Cannara Biotech Inc. Reports Fiscal Third Quarter 2022 Financial Results
Cannara Biotech Inc. Reports Fiscal Third Quarter 2022 Financial Results Canada...
About this update from Cannara Biotech, Inc.
[{"type":"text","content":"\n \n \n \n Cannara Biotech Inc. Reports Fiscal Third Quarter 2022 Financial Results\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Company recorded a record high of\n \n $10.1 million\n \n in quarterly revenue and\n \n $24.1 million\n \n in year-to-date revenue, delivering its fifth consecutive quarter of positive\n \n \n Q3 2022 Adjusted EBITDA of\n \n $1.8M\n \n with net income of\n \n $1.4 million\n \n \n \n \n \n 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\n \n \n \n All financial results are reported in Canadian dollars, unless otherwise stated.\n \n \n \n \n MONTREAL\n \n \n ,\n \n \n July 27, 2022\n \n \n /CNW Telbec/ -\n \n Cannara Biotech Inc.\n \n (\"\n \n Cannara\n \n \" or the \"\n \n Company\n \n \") (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB) a vertically integrated producer of premium-grade cannabis and derivative products with two mega facilities based in\n \n Quebec\n \n 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\n \n May 31, 2022\n \n .\n \n \n \n \n Fiscal Third Quarter 2022 Financial and Operational Highlights\n \n \n \n \n \n Quarterly revenue of\n \n $10.1 million\n \n , a 36% increase from the previous quarter and a 41% increase compared to Q3 2021.\n \n \n Recorded gross profit before fair value adjustments of\n \n $3.7 million\n \n , a 42% increase from the previous quarter and an increase of 7% compared to Q3 2021.\n \n \n Increased positive Adjusted EBITDA from\n \n $34,000\n \n in the previous quarter to\n \n $1.8 million\n \n in the current quarter and\n \n $2.8 million\n \n for the first nine months of 2022 compared to\n \n $139,000\n \n of Adjusted EBITDA for the first nine months of 2021, all while continuing to support over\n \n $700,000\n \n in one-time startup expenses for the Va...