Cannara Biotech reported net revenue of $25.1 million in the three months ended November 30, 2024 (Q1 2025) and net income of $2.3 million. 

The majority of Cannara’s net revenue, $24 million, came from its cannabis operation, while $954,118 came from its real estate operations. Revenue from sales of cannabis goods was $34.9 million, minus $10.9 million in excise. 

This was up from $29.3 million in sales revenue and $18.5 million in net revenue from cannabis sales in the same quarter in the previous year (Q1 2024). Net income on Cannara’s cannabis sales before income taxes in Q1 2025 was $4 million, up from $3.3 million in Q1 2024. 

Cannara reported $34.1 million in revenue from sales into Canadian retailer stores, $739,692 from wholesale sales, and $57,301 from online merchandise. While Cannara reported $243,347 in revenue from wholesale sales into Israel in Q1 2024, the company reported none in Q1 2025. In the previous quarter, Cannara noted that it had completed sales of cannabis to Israel. 

Total revenues, net of excise taxes, also increased by 7% quarter-over-quarter, from $23.4 million in Q4 2024 ($22.1 million in net revenue from its cannabis operations) to $25.1 million in Q1 2025. 

The company expects to launch more than 20 products in new and existing cannabis segments in 2025, including the new all-in-one vape devices under its Tribal and Nugz brands and new flavours for Tribals’ infused Trifecta pre-rolls.

Cannabis sales in the most recent quarter increased Cannara’s Canadian market share to 4.1%, representing a 28% quarter-over-quarter increase and a 58% increase over the same period last year. Gains were made across all licensed provinces.

“Net revenues grew by 29% to $25.1 million compared to Q1 2024, marking the highest quarterly revenue in our history,” stated Zohar Krivorot, President & Chief Executive Officer of Cannara. “During the quarter, we achieved record market share, increasing our Canadian market share by 28% to 4.1%, with notable gains across all provinces where we are licensed to sell. These results highlight the growing adoption of our premium-grade cannabis products and the strong execution of our sales and marketing strategies.”

Kriviot says the company also plans to increase its facility’s capacity by 6,000 kg per year and introduce over 20 products in existing and previously unmet product segments. 

Cannara Biotech Inc. is headquartered in Quebec, Canada, and operates two cannabis facilities totalling 1.6 million square feet, including its Valleyfield facility, one of Canada’s largest indoor cultivation sites. The company also operates three flagship brands: Tribal, Nugz, and Orchid CBD. 

Featured image via Cannara

Related Articles

Cannara Biotech reports net income of $5 million in Q4 2024

November 25, 2024

Cannara Biotech reports strong Q3 2024 results

July 26, 2024

Cannara Biotech reports increased net loss in Q2 2024

April 29, 2024