MTL Cannabis Corp brought in $1.3 million in net income from $26.4 million in total revenue for the three months ended September 30, 2024 (Q2 2024).
This represented an increase in total revenue from the previous quarter ($25.8 million in Q1 2024) and the same quarter in 2023 ($24.2 million in Q2 2023). However, the company saw net income drop from $2.2 million in Q1 2024 and $3.4 million in Q2 2023, the latter representing a 63% year-over-year decline.
The company incurred nearly $5.6 million in excise tax in the most recent quarter.
As of September 30, 2024, MTL had an expected yield of 562 grams of dried flower per plant, up from 548 grams as of March 31, 2024. The estimated selling price was $1.79 per gram of dried flower as of September 30, up from $1.76 in the previous quarter. The cost to complete and sell a gram of cannabis was $0.80 per gram dried flower in the most recent quarter, down from $0.87 in the previous quarter.
“We are immensely proud of our record-breaking results this quarter, demonstrating momentum in our strategic growth and ability to deliver sustainable value for shareholders,” said Michael Perron, CEO of MTL, in a press release. “These results reflect the high quality of our team and their efforts to deliver the best products and services to our customers and medical patients.”
MTL is the parent company of: Montréal Medical Cannabis Inc., a licensed producer operating from a 57,000 sq ft licensed indoor grow facility in Pointe Claire, Québec; Abba Medix Corp., a licensed producer in Pickering, Ontario that operates a leading medical cannabis marketplace; IsoCanMed Inc., a licensed producer in Louiseville, Québec, growing best-in-class indoor cannabis in its 64,000 sq. ft. production facility; and Canada House Clinics Inc., operating clinics across Canada that work directly with primary care teams to provide specialized cannabinoid therapy services to patients suffering from simple and complex medical conditions.
As of September 30, 2024, MTL now has an estimated total production capacity of 19,500 kg per annum after recently completed retrofits and expansions of both Abba and ICM, representing an additional estimated 2,500 kg and 8,000 kg, respectively.
In addition to selling cannabis products in the Canadian medical and non-medical “adult use” market, MTL has established export channels into Germany, Australia, Poland, Portugal, and the UK. The company says it has completed several shipments focused on the German market.
Dried flower, pre-rolls, and hash products represent more than 70% of MTL’s sales in both the Canadian and international markets.
