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Christina Lake Cannabis Corp. (OTCQB:CLCFF) (CSE:CLC) (FRANKFURT:CLB) FY 2022 revenue grew 177% to CA$10.1 million ($7.5 million) from CA$3.6 million in the prior year.
FY 2022 Financial Highlights
Gross profit was CA$3 million, an increase of 5152% compared to CA$56,717 in 2021.
Gross margin before fair value adjustments was 41% of revenue from sale of goods for the year ended November 30, 2022, compared with 61% in the comparative prior year.
Net and comprehensive loss in fiscal 2022 was CA$2.0 million which is a CA$5.1 million decrease from fiscal 2021 loss of CA$7.1 million.
Cash and Working Capital
As at November 30, 2022, the company had working capital of CA$3.7 million which consisted of cash of CA$1.8 million, receivables of CA$1.9 million, prepaid expenses of CA$3.9 million, inventory of CA$5.8 million. Current liabilities, being accounts payable and accrued liabilities, and current portion of loan, and current portion of convertible debentures CA$5.8 million.
“Our investment in refinement technologies and expanded production capacity is playing a pivotal role in driving increased sales,” stated Mark Aiken, CEO of Christina Lake Cannabis. “As a result of this increased capacity we have been able to diversify our product offering to better serve our customers’ needs. Through tightly managed customer engagements we have significantly increased our revenues.”
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Photo: Benzinga edit with photo by Kindel Media on Pexels
