CanadaBis Capital Inc. reported $5.5 million in gross revenue for the three months ended April 30, 2025 (Q3 2025), gross profit of $1.6 million, and a net loss of $22,001.

Gross revenue for the company declined from $7.1 million for the same period in the previous year (Q3 2024). 

CanadaBis (formerly Stigma Grow) attributes this decline, in part, to the delisting of marginally profitable SKUs, namely milled flower, from the provincial boards, as well as weak seasonally adjusted cannabis sales as tracked by Health Canada. Gross revenue was also down from the previous quarter’s nearly $9 million. 

The total SKU count in the company’s three largest provinces has been reduced to 83 as of April 30, 2025, from 111 as of January 31, 2025.

Net revenue was also down year-over-year and from the previous quarter, while net income/loss declined from $109,824 in Q3 2024 and $96,917 in Q2 2024.

Gross margin, however, continued to increase in Fiscal 2025, rising from 23% in both Q1 2025 and Q2 2025 to 29% for the three months ended April 30, 2025.

Of CanadaBis’ $5.5 million in gross revenue, it incurred nearly $2.3 million in excise taxes, a rate of 41.3%.

Gross revenue from sales to external customers for cultivation and wholesale was $423,588 and $5.1 million for extracts. Extracts sales to external customers accounted for $2.1 million of its accrued excise duty.

CanadaBis’ net revenue from cannabis extracts sales in Q3 2025 was nearly $3 million, while cultivation and wholesale was $271,462.

CanadaBis owns several subsidiaries, including Stigma Pharmaceuticals Inc., 1998643 Alberta Ltd., Full Spectrum Labs Ltd., and 2103157 Alberta Ltd. Alberta.

As of April 30, 2025, the cash and cash equivalents balance includes GICs with an aggregate value of approximately $22,000 (July 31, 2024 – $700,000) that are redeemable without penalties.

The company’s selling price of dried flower—which is calculated based on weighted average selling prices of cannabis of comparable companies in the industry as well as prices paid for bulk cannabis that was acquired from arm’s-length licensed producers for use in the extraction and tolling operations—was $3 a gram in the most recent quarter. The company says it achieves about 42 grams of flower per plant.

CanadaBis says its international flower sales to Portugal and bulk extract sales of diamonds and shatter achieved gross margins ranging from 50–60%, which is not subject to federal Canadian excise taxes. The company’s first shipment to Portugal was completed in January 2025.

The company says it also plans to launch its own vape hardware later this year under the Stigma Grow brand.

“The successful launch of our diamond and Keef-coated pre-rolls not only showcases our commitment to quality but also our responsiveness to market trends,” says Travis McIntyre, CEO of CanadaBis Capital. “The improvement in gross profit as a percentage of revenue reflects our operational efficiency. As we prepare to introduce our revolutionary vape hardware later this year, we look forward to re-establishing Stigma Grow’s presence in the vape market with our innovative and high-quality offerings. As we continue to reduce our debt and optimize our operations, we are well-positioned for future growth.”

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