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Thursday, Jun 8, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


CanadaBis reports $274K profit after releasing new products

The firm says it’s reformulated its concentrate lines to meet client expectations related to terpenes

CanadaBis Capital reports record EBITDA after releasing new products into the market
High Priestess by Stigma Grow is designed for women, and has an astrology-related theme. Image via Stigma Grow

Canadian producer CanadaBis Capital (TSXV: CANB.V) says sales spiked after releasing its Stigma Grow resin-infused pre-rolls and moonrocks into the Canadian market.

On Tuesday, the Calgary-based company released its second-quarter financial results for the three months ended Jan. 31, with net sales up 47 per cent $2.8 million from $1.9 million last quarter.

The firm reported record net income of around $274,000, tripling from negative $271,000 seen last quarter.

In a statement Wednesday, the company said that its adjusted earnings before interest, taxes, depreciation and amortization were a record $572,000 due to the launch of its “female-focused” High Priestess brand, and Dab Bods’s increase in brand awareness.

Its new products under the Stigma Grow brand come in a pack of three half-gram joints infused with resin and 2 grams of moon rock.

During the second quarter, the company reported a gross profit of $1.5 million, rising 61 per cent from $932,000.

Cash on hand at the end of the quarter was up 16 per cent to around $23,000, from $20,000 last quarter. Cost of sales was $1.3 million

Company stock jumped 25 per cent Wednesday to $0.50 on the TSX Venture Exchange.

During the quarter, Canadabis says it re-formulated its concentrate lines to meet the demands of clients related to terpenes, and re-negotiated with cultivators to reduce costs.

The company currently owns Stigma Pharmaceuticals Inc., Stigma Grow, INDICAtive Collection and Goldstream Cannabis Inc.

“While we continue to focus on profitability, we are delighted to be able to post yet another record quarter of revenue. Our product launch momentum also continues to accelerate with 13 new products launched this quarter,” CEO Travis McIntyre says in the statement.

Read more: Canada House ups Q3 revenue by 21% to $6.2M

Read more: Aleafia extends obligations on $37.4M convertible debt


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