Simply Solventless Concentrates reported net and comprehensive income of $1.2 million from net revenue of $2.9 million in the three months ended June 30 in the company’s Q2 2024 financial report.
The company’s net revenue was up 26% from its previous quarterly report and 60% from the same period in 2023. Net income increases by 143% and 5% compared to the same periods.
The Alberta-based cannabis company says its gross revenue increased due to increased branded product sales for its Astrolab, Frootyhooty, and Lamplighter brands, available in Alberta, Ontario, and Saskatchewan with infused pre-rolls and vapes.
Excise taxes on Simply Solventless’ (SSC) $4.2 million in gross revenue in Q2 2024 were $1.3 million. SSC has achieved net revenue and positive EBITDA in seven of the past eight quarters and positive adjusted EBITDA for eight straight quarters.
On June 25, 2024, the company entered into a services agreement and share purchase agreement with CannMart Inc., a cannabis company located in Etobicoke, Ontario for $2.5 million. SCC recently acquired Lamplighter, as well, in January 2024.
In a recent interview, Jeff Swainson, President and CEO of SSC, said the company plans to move the production of many of CannMart’s products to SCC’s underutilized facility in Alberta. In the past, these products have been exclusively produced by third parties for CannMart.
As of June 30, 2024, the Company had a working capital surplus of $5,909,655, compared to $4,263,711 as of March 31, 2024.
Swainson stated in a press release: “SSC has established a track record of revenue growth and profitability which has resulted in strong strategic positioning within the Canadian cannabis industry. We will seek to continue to leverage this positioning to capitalize on opportunities resulting from industry headwinds, and to finish the second half of 2024 stronger than the first half.
