Cannabis Earnings: Icanic Brands Touts Record Q3 Results, $3.2M In Revenue, Adjusted EBITDA Up By 488% QoQ

Cannabis company Icanic Brands Company, Inc. ICAN ICNAF reported Tuesday that it generated CA$3.236 million ($2.621 million) in the third quarter of 2021, representing a year-over-year and sequential increase of 88.4% and 11.7%, respectively.

In its latest earnings report, the company revealed record financial results for the quarter ended April 30 and an announcement from CEO Brandon Kou that Icanic is “committed to revamping our basics and focusing on ways to improve and set up our business for the future.“

Here’s a breakdown of what the earnings report showed:

• Gross profit amounted to CA$1.556 million, representing another record for the Vancouver-based company.
• That’s a quarter-over-quarter increase of 30.6% and a 100.2% year-over-year spike in gross profit.
• Record quarterly gross margin of 48.1% versus 16.3% in the same period of 2020.
• The net income came in positive at CA$0.198 million compared to a loss of CA$0.516 million in the previous period.
• Record quarterly adjusted EBITDA of CA$0.543 million, representing a 488% sequential growth.

“This past quarter was a great example of the hard work paying off as we saw record revenue figures while significantly improving our operational efficiency leading to record gross margins,” said Kou on the third-quarter financial results.

Over the quarter, Icanic closed the acquisition of California-based De Krown Enterprises, a manufacturing partner and brand owner, as well as a joint venture agreement with the edibles company, Heavenly Sweet, also based in the Golden State.

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