Surge Amid Strategic Expansion in Canadian Cannabis Market

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Summary

It secured a notable presence in its home province of Quebec as well as in Ontario, Canada’s largest cannabis market. Cannara Biotech, a Montreal-based leading cannabis producer, continues to make waves in the industry with its strategic expansion and focus on providing premium quality products. Cannara Biotech maintained an 8.7% market share in Quebec during this quarter, making it the fourth-largest licensed producer there. Simultaneously, Cannara Biotech saw its free cash flow surge by 145% compared to the same period last year, totaling CA$4.9 million.Impressive Facilities and Capacity ExpansionKey to Cannara Biotech’s growth is its extensive cultivation capacity. Notably, the company has achieved a 206% year-over-year increase in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), reaching CA$5.2 million in Q1 2024.

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Cannara Biotech, a Montreal-based leading cannabis producer, continues to make waves in the industry with its strategic expansion and focus on providing premium quality products. In its latest financial report released Tuesday, the company posted an impressive 89% increase in revenue for the fiscal first quarter (September-November) of 2024 compared to the CA$10.3 million it earned during the same period last year. Furthermore, Cannara Biotech’s net income surged to CA$2.1 million from nearly CA$3,000 in Q1 2023.

Maintaining Its Position in Top Markets

The company’s steadfast growth can be attributed to its resilience amid...

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