Cannara Biotech brought in $36.8 million in gross revenue in the three months ended February 28, 2025 (Q2 2025), $26.6 million in net revenue, and $3.3 million in net income.

Gross revenue was up 40% year-over-year compared to the same quarter in 2024, while net revenue was up 25%, and gross profit before fair value adjustments grew 52% to $10.8 million. Net income was up from a $3.4 million loss in Q2 2024, and includes a $1.4 million deferred tax expense.

“Q2 2025 marks another record quarter for Cannara, driven by the continued national expansion of our premium brands, strong consumer loyalty, and disciplined execution,” said Zohar Krivorot, president and CEO of Cannara. “Net revenues grew by 35% year-over-year to $26.6 million, supported by increased demand across all markets. Our estimated national retail market share reached 3.9%, with notable gains in Québec, Ontario, and Alberta—reinforcing our competitive strength across Canada.”

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. 

As part of its 2025 expansion plan, Cannara also announced the activation of two additional grow rooms at its rooftop greenhouse in Valleyfield, Quebec. These rooms are scheduled to come online in April and May 2025, which the company says will add 6,000 kilograms of annual production capacity and bring Cannara’s total output to nearly 40,000 kilograms per year.

Cannara operates its Valleyfield facility and one in Farnham, Quebec. In Q2 2025, Cannara captured an estimated 12.8% retail market share in Quebec, ranking as the third-largest licensed producer in the province. 

As of February 28, 2025, Cannara has distributed cannabis to seven provinces: Québec, Ontario, Alberta, British Columbia, Saskatchewan, Manitoba and Nova Scotia. Québec, Ontario, and Alberta currently represent the Company’s main markets, representing 87% of the Company’s cannabis revenues generated for Q2 2025.

The company’s market share increased from December 2024 and February 2025 in Quebec, Ontario, Nova Scotia, and Alberta, and decreased in Saskatchewan and Manitoba. It stayed level in BC.

Excise tax currently represents over 30% of the company’s gross cannabis revenues, constituting a significant portion of costs and cash outflows. For Q2 2025, excise taxes represented $11.3 million, and $22.2 million for Q2 2025 year to date.