After some delays, BC’s Christina Lake Cannabis (CLC) recently released its financial statements for the year ending November 30, 2023.
The indoor and outdoor cannabis producer and processor posted a total revenue of $11.8 million in 2023, up from $10 million in 2022 and $3.6 million in 2021. The company posted a net loss of $4.1 million for 2023, compared to a net loss of $2 million in 2022 and $2.1 million in 2021. The company also reported more than $227,548 in regulatory fees for the year ending November 30, 2023.
Revenue was primarily from distillate sales, with CLC attributing a year-over-year decline in gross margin percentage to price compression in the wholesale distillate market.
CLC operates two outdoor production sites in BC, one on a 32-acre property and the other on a 100-acre property. It also processes its own biomass into distilled and winterized oils, kief, and other extracts for sale to other producers.
After the end of this most recent reporting period, the company also secured a third outdoor production site in BC, BZAM’s former Midway site, along with related harvesting and manufacturing equipment and approximately 19,000 kg. of biomass.
The Midway property is 342 acres, with just over 100 acres of licensed cultivation space. With this acquisition, CLC will expand its licensed outdoor cultivation footprint to over 120 acres. Further expansion of additional acreage is available and could be licensed by the company should the demand arise.
The company plans to grow the first 80-acre crop of their proprietary CLC cultivars in 2024 at the new site, with expansion to 100 acres planned for 2025.
In January, Christina Lake Cannabis also repaid its Canada Emergency Business Account loan in full. Because the loan was repaid before the January 18, 2024 deadline, $10,000 of the original $40,000 interest-free loan was forgiven.
