Montreal-based Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB) was slightly profitable for its first financial quarter of 2023, with $2,209 in net income against $7.7 million in revenue, the company reported.
The vertically integrated Canadian marijuana company also spent $2.7 million to expand its footprint, increase headcount, and bring 14 new product lines to market during the quarter, which ended Nov. 30 last year. The quarter was the second in a row in which Cannara turned a profit, according to a news release.
“We continued to execute on Cannara’s growth plan,” said CEO Zohar Krivorot in the release, lauding the “hard work” of company employees.
Revenues were up 57% year-over-year. Cannara also bucked the layoff trend, increasing its staffing levels from 190 workers a year prior to 280 employees in the latest quarter
In addition, Cannara expanded its cultivation footprint by opening a new Valleyfield facility, the seventh of 24 planned grow operations, which will have 25,000 square feet of canopy apiece. That brings Cannara’s cultivation capacity to 175,000 square feet, and two more facilities are already in the works.
The company also entered the British Columbia market, while maintaining its market share in other provinces, and is poised to enter the Alberta market as well.