Decibel Cannabis Co Inc (OTCQB:DBCCF) reported its financial results for the third quarter of 2023, revealing a net revenue of CA$30.2 million ($21.95 million), marking a 65% year-over-year growth.
This revenue boost is attributed to increased demand for vapes and cannabis-infused products, expanded manufacturing capacity, successful international sales, and the launch of new brands.
Q3 2023 Financial Highlights
- Net revenue of CA$30.2 million in Q3 2023, a 65% increase from Q3 2022.
- Net income of CA$413 thousand in Q3 2023, a sharp decline from CA$5.2 million in Q3 2022.
- Adjusted EBITDA reached CA$6.7 million, a 57% increase compared to the same period last year.
- Gross profit was not announced in Decibel's earnings report.