Cannara Biotech Inc. brought in $22.1 million in net revenue from its cannabis operations in the three months ended August 31, 2024 (Q4 2024), and a net income of $5 million.
This represented a year-over-year increase in net revenue for the company compared to $17.4 million in net revenue in the same quarter in the previous year but a decrease in net income from $5.5 million.
Cannara owns and operates two Quebec‐based cultivation facilities. The first, in Farnham, is 635,000 sq ft, of which 170,000 sq ft is licensed for cultivation and 414,000 sq ft of leased warehouse space.
The second, a greenhouse facility in Valleyfield, is home to 600,000 sq ft of growing space and a 200,000 sq ft rooftop greenhouse.
The company also has two real estate operations related to the Farnham Facility.
Gross revenue from Cannara’s real estate operations for Q4 2024 was $943,948, while net income was $876,810. This represents a slight increase from the same period in 2023, with net revenue of $928,449 and net income of $861,315.
Total net income for Cannara, including both its cannabis operations and retail holdings, minus a $2.1 million net loss categorized as “other”, was $3.8 million for the three months ended August 31, 2024.
On August 16, 2024, Cannara announced that it had achieved its highest national market share of 3.2% in July 2024, based on estimated sales data provided by HiFyre Retail Analytics, Licensed Producer Sales Nationally, for the period of July 2024, placing Cannara as the 9th largest licensed producer in Canada by market share.
As of August 31, 2024, Cannara’s distribution network services seven provinces: Québec, Ontario, Saskatchewan, Alberta, British Columbia, Manitoba, and Nova Scotia. Québec and Ontario are currently the most significant markets. The company sells under the brands Tribal, Nugz, and Orchid CBD. Cannara has also completed sales of cannabis to Israel.
As of August 31, 2024, the Company and its subsidiaries had 363 employees.
“Fiscal 2024 was a transformative year for Cannara, showcasing the resilience of our business model and the strength of our execution strategy,” said Zohar Krivorot, President & CEO. “With a 3.2% national market share and a leading position in Québec, we have proven our ability to deliver sustained growth in a challenging cannabis market. By investing in our state-of-the-art production facilities, powered by the lowest-cost electricity in the country, we continue to produce premium cannabis products at an unmatched value. Our three flagship brands—Tribal, Nugz, and Orchid CBD—launched in 2021, have not only endured the challenges of this competitive industry but continue to thrive, achieving quarter-over-quarter growth.”
