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.
Keen to identify with our female consumers, we're proud to announce our new feminine brand, High Priestess with products as strong and powerful as women.
First up LIBRA – A beautiful ratio of 1:1 THC:CBD This live resin vape cart offers flavours of sweet bubble gum and berry. pic.twitter.com/QnIuW3OFzV
— Stigma Grow (@StigmaGrow) November 16, 2021
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.
Tasty nuggets of whole flower, fueled with high-terpene, full spectrum live resin and blasted in a powdery coating of kief. Powered by Stigma Grow, so you know they're out of this world! pic.twitter.com/fz4fWSoeEY
— Stigma Grow (@StigmaGrow) January 26, 2022
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