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Cannara Biotech Inc. (OTCQB:LOVFF) (TSXV:LOVE) (FRA:8CB) fiscal Q3 2022 revenue was $10.1 million, a 36% increase from the previous quarter and a 41% increase compared to Q3 2021.
Fiscal Q3 2022 Financial and Operational Highlights
Recorded gross profit before fair value adjustments of $3.7 million, a 42% increase from the previous quarter and an increase of 7% compared to Q3 2021.
Increased positive Adjusted EBITDA from $34,000 in the previous quarter to $1.8 million in the current quarter.
Earned net income of $1.4 million for the three-month period ended May 31, 2022.
Closed on a non-dilutive $50 million credit facility led by BMO Commercial Banking. The credit facility includes a three-year term loan for $39.3 million with an accordion for up to an additional $10 million, a $5 million line of credit and $5.7 million for the issuance of a letter of credit. Funding was received subsequent to quarter-end.
Invested $4.9 million in capital expenditures during the quarter and over $12 million during the nine-month period ended May 31, 2022, the bulk of the capital expenditures related to the finalization of the construction of the Valleyfield facility.
The company has $13 million in working capital of May 31, 2022.
Granted an aggregate total of 600,000 stock options to employees and 613,333 stock options to consultants at an exercise price of $0.18, subject to certain vesting conditions.
Highlights Subsequent to Quarter End
In June, the company received $39.3 million from its term loan, which was used, in part, to repay the existing $21.8 million loan with CIBC and $5.7 million for the issuance of a letter of credit to cover certain deposit requirements.
Received approval to become a licensed vendor to the British Columbia Cannabis Store and received approval to list 7 SKUs in the upcoming months.
Granted an aggregate total of 1.2 million stock options to employees at an exercise price of $0.18, subject to certain vesting conditions.
"I am very proud of the entire team at Cannara for their continued focus and hard work. The positive financial performance is a direct result of the collective efforts of all our great employees," stated Zohar Krivorot, president & CEO of Cannara. "We continue to be ahead of schedule on all of our stated objectives for this year while at the same time delivering record revenue, our fifth positive quarter of adjusted EBITDA, and positive net income. We are also pleased to report to shareholders that our new state of the art Valleyfield Facility, as of today, is producing out of six of its twenty-four growing zones, each containing 9,600 plants each. We have multiple successful harvests delivered from our new facility, which provides us confidence in our ability to continue our expansion and to grow consistent premium-grade cannabis at scale.”
Photo by Richard T on Unsplash
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