Cannara Biotech Inc. (OTCQB: LOVFF) (TSXV:LOVE) (FRA: 8CB) released its fiscal first quarter 2023 financial results for the three-month period ended November 30, 2022, revealing revenue of CA$10.3 million ($7.7 million), an 57% increase compared to Q1 2022.
Q1 2023 Financial Highlights
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Gross profit before fair value adjustments of CA$4 million, an increase of 34% compared to Q1 2022.
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Delivered the company's seventh straight quarter of positive adjusted EBITDA of CA$1.7 million, a 72% increase compared to Q1 2022.
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Net income of CA$2,951, compared to net loss of CA$530,499 in Q1 2022.
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The company has CA$27.1 million in working capital as of November 30, 2022, which includes CA$6.8 million of cash on hand.
Other Highlights
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Increased employee's headcount from approximately 190 employees in Q1 2022 to 280 employees in Q1 2023; a 47% increase, to support the growth of the operations.
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Cannara entered the British Columbia market with 7 of its dried flower, pre-roll, and hash products.
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The company was deemed eligible …