MTL Cannabis saw increasing revenues and profits in its most recent quarterly report, with $2.2 million in net and comprehensive income in the three months ended June 30 2024 (Q1 2025) from $25.8 million in revenue, a 53% improvement from the same quarter in 2023.
Revenue for the Quebec-based cannabis company was up 62% from Q1 2024 while gross profits were up 300%. MTL attributes this increase primarily to increased revenue related to the acquisition of Canada House Cannabis Group in July 2023. The company accrued more than $5.1 million in excise tax obligations in the most recent quarter.
This is the second quarter in a row MTL has reported profits. As at June 30, 2024, the Company had cash of $2,256,380, representing an increase of $904,245 from March 31, 2024.
“We are incredibly proud of our team and the progress we have made as a company,” said Michael Perron, CEO of MTL. “We look forward to continuing to deliver best-in-class products and services to our incredible customers and patients.”
MTL Cannabis Corp. is the parent company of: Montréal Medical Cannabis Inc. (MTL Cannabis), a 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 operating a 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.
MTL focuses on “flower-first” products and concentrates, specifically dried flower, pre-rolls, and hash products, available in several provinces as well as the national medical market, and has a presence in international markets like Germany, Australia, Poland, Portugal, and the UK.
Montréal Medical Cannabis Inc. serves as the company’s key hub for cultivation, processing, and distribution for Canadian recreational markets and international markets. Abba Medix serves as the primary fulfillment and distribution asset for MTL’s Canadian medical cannabis market.
