Welcome to our dedicated page for Cannara Biotech news (Ticker: LOVFF), a resource for investors and traders seeking the latest updates and insights on Cannara Biotech stock.
Cannara Biotech Inc. (LOVFF) provides investors and industry observers with essential updates through this centralized news hub. Track the vertically integrated cannabis producer's latest press releases, financial results, and operational developments in Quebec's regulated market.
This resource aggregates official announcements including quarterly earnings, production expansions, and regulatory compliance milestones. Users gain timely access to strategic partnerships, product innovations, and market positioning updates from Canada's cannabis sector.
Maintain informed perspectives on LOVFF's premium cannabis cultivation and derivative product development through primary source materials. The curated collection enables efficient tracking of operational efficiency improvements and quality assurance initiatives central to the company's vertically integrated model.
Bookmark this page for streamlined monitoring of Cannara Biotech's progress in balancing premium-grade output with cost-effective production. Verify all information through original documents while staying current with material developments affecting this cannabis industry participant.
Cannara Biotech reported strong financial results for Q4 and FY2024, with record total revenues of $23.4M in Q4 (28% YoY increase) and $82.2M for FY2024 (43% YoY increase). The company achieved its 14th consecutive quarter of positive Adjusted EBITDA at $3.7M. Operating cash flow surged 81% YoY to $10.7M, while free cash flow reached $3.2M. The company captured 3.2% national market share and 11.9% in Québec, ranking 3rd in the province. Plans include activating two additional Valleyfield grow zones in FY2025, adding 50,000 square feet of canopy to reach an estimated annual cannabis production of 40,000 kg.
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) has achieved its highest national market share of 3.2% in July 2024, positioning it as the 9th largest licensed cannabis producer in Canada. The company reported an approximate 11.8% market share in Quebec, marking its highest monthly national retail sales to date. Cannara operates two mega facilities in Quebec, spanning over 1,650,000 sq. ft., and focuses on producing premium-grade cannabis and derivative products at affordable prices.
The company will host a live investor webcast on August 20, 2024, at 2:00 PM ET, where CFO Nicholas Sosiak will present Q3 2024 financial results and discuss future growth strategies. Investors can pre-register for the webcast and participate in a Q&A session.
Cannara Biotech (TSXV: LOVE, OTCQB: LOVFF) reported financial results for Q3 2024, showcasing impressive growth in revenues but a decline in profitability. Gross cannabis revenues rose 27.6% to $26.2 million, up from $20.6 million in Q3 2023. Total revenues, net of excise taxes, reached $19.5 million, marking a 22.6% increase. However, gross profit before fair value adjustments fell 6.1% to $5.7 million, with profitability impacted by cultivation changes. Despite industry price compression, Cannara reported its thirteenth consecutive quarter of positive Adjusted EBITDA at $2.8 million and net income of $2.0 million. Operating income stood at $3.6 million, buoyed by a $2 million gain from the sale of unused land.
Operational highlights include entering the Manitoba market, launching new genetics, and expanding in Quebec. Financial highlights show increased free cash flow to $1.2 million and earnings per share at $0.02. The company continues to invest in sales and marketing to capture more market share.
Cannara Biotech Inc. reported a significant increase in net revenue and gross profit in Q2 2024, showcasing positive financial growth. The company achieved a twelfth consecutive quarter of positive Adjusted EBITDA, indicating strong operational performance. Despite facing some challenges, including a net loss primarily due to non-cash fair value changes, Cannara remains focused on expanding its market presence and improving financial stability.
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