Cannara Biotech Inc. announced on Monday its fiscal second quarter 2024 financial and operating results for the three and six-month periods ended Feb. 29, 2024. The company reported a 68% year-over-year increase in revenues for the first half of fiscal 2024, a metrics CFO Nicholas Sosiak called "a testament to our growing influence in the Quebec, Ontario, Alberta, and BC markets." "Our proactive steps towards streamlining assets align with our ambition to fortify our financial foundation as we relentlessly stay focused on gaining market share and becoming the leader in Canada, the second-largest cannabis market in the world," Sosiak said. "As for our long-term vision, we do see our future extend beyond our borders where Cannara is a globally recognized brand synonymous with excellence and value in cannabis."
Net revenue, increased to $19.7 million in Q2 2024 from $13.0 million in Q2 2023, a 51.0% increase.
Gross profit, before fair value adjustments, increased to $7.1 million in Q2 2024 from $4.0.
Record Q1 net revenues of $19.5 million, representing an 89% increase compared to the $10.3 million of net revenues generated in Q1 2023
Q1 operating income of $3.4 million, representing an 201%.
Record Q1 net revenues of $19.5 million, representing an 89% increase compared to the $10.3 million of net revenues generated in Q1 2023 Q1 operating income of.
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