John SchroyerCanada-based Delivra Health Brands (TSXV: DHB) (OTCQB: DHBUF) managed to turn a small profit in the first two fiscal quarters of 2023, including making C$890,000 in the second quarter, which ended on Dec. 31.
Delivra lost a small chunk of change in the first quarter for the current fiscal year, bringing its total earnings for the year to date to C$506,000. But the company has managed what many other cannabis companies have not yet been able to accomplish: It’s out of the red.
“Delivra Health has now become a profitable business,” CEO Gord Davey said in a press release, adding that the profits “demonstrate that our business model is effective and scalable without burning significant cash going forward.”
The company’s net revenues for the second quarter hit C$2.4 million, up 37% from a year prior, and Delivra chalked the increase up to higher sales of several of its products in both Canada and the U.S.
That performance helped drive Delivra’s net profit in Q2 up to C$890,000, compared to the same quarter a year prior, when it lost C$1.6 million.
The company rebranded from Harvest One Cannabis last fall.
