Herbal Dispatch brought in $3.3 million in gross revenue and $2.7 in net revenue for the three months ended September 30, 2024 (Q3 2024), for a net loss of $388,156.

Gross sales for the cannabis e-commerce platform and non-medical cannabis provider were up 120% from the same quarter in the previous year ($1.5 million). Net revenue grew to $2.7 million in the third quarter of 2024 from $1.2 million in Q3 2023 (up 132%), and to $7.6 million year-to-date in 2024 from $2.6 million last year (up 191%).

However, gross sales and net revenue were both down from the previous quarter (Q2 2024), as was net income, which was $59,000 in the previous three-month period, the company’s only net gain in the past eight quarters. 

The company says its year-over-year growth in recreational cannabis sales was driven by several factors, including the expansion of its listings in new retail locations across British Columbia, the expansion of sales to include the Liquor Distribution Branch of the Government of British Columbia commencing in Q3 last year; and the introduction of new products and brands, including the “Happy Hour” brand launched earlier this year.

The company says it has products in 1,740 stores in Ontario, 486 in BC, 187 in Manitoba and more than 3,800 across Canada. Herbal Dispatch sells under the brands HD Craft, Happy Hour, Golden Spruce, Nature’s nu and Hero Dispatch. 

The BC-based cannabis company also saw growth in export sales, propelled by strong demand and growing customer relationships with customers in Australia and Portugal. 

“We are encouraged by our strong revenue growth and achieving positive adjusted EBITDA,” said Philip Campbell, Herbal Dispatch’s President and CEO. “As we look toward 2025, we are focused on developing new profitable sales channels and efficiently scaling our operations. Our goals include expanding domestic sales across Canada and growing our export sales in both established markets, such as Australia and Portugal, and new international markets.”