Cannara Biotech Shares Surge On 983% QoQ Revenue Growth, Positive Adjusted EBITDA

Vertically integrated cannabis company Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB) released its fourth quarter and fiscal year 2021 financial and operating results on Wednesday with quarterly revenue of CA$6.5 million ($5.12 million), up by 983.33% from CA$600,000 in the same period a year ago.

Q4 Financial And Operating’s Summary

  • Gross profit was of CA$4.5 million or 70%, representing an increase of CA$4.9 million from the year prior;
  • Adjusted EBITDA amounted to CA$1.4 million, an increase of CA$2.8 million from a negative adjusted EBITDA of CA$1.4 million in the fourth quarter of 2020;
  • Net income amounted to CA$1.1 million, an increase of CA$5.0 million from a net loss of CA$3.9 million in the fourth quarter of 2020;
  • Completed a non-brokered private placement of CA$24.3 million and convertible debenture raise of CA$5.7 million to finance the acquisition of the Valleyfield Facility. In …

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