Delta 9 Cannabis Strengthens Manitoba Presence In Seventh Consecutive Quarter Of Positive EBITDA

Delta 9 Cannabis Inc. DN DLTNF announced financial results for the second quarter ending June 30, 2021.

The Manitoba-based company reported net revenue of CA$16.75 million ($13.3 million) for the second quarter: an increase of 29% from the same period last year and of 27% from the first quarter of 2021.

Gross profit was CA$4.9 million, net loss CA$(0.8) million and adjusted EBITDA was CA$1.2 million, leading to a loss per share of CA$0.01.

During this quarter, Delta 9 announced that its strategic partner Oceanic Releaf Inc. was granted five new cannabis retail store licenses in the provinces of Newfoundland and Labrador.

The company opened its twelfth Delta 9 Cannabis retail store, and ninth cannabis store in the Province of Manitoba, with the goal of opening 20 stores in 2021 across the Prairie provinces. 

John Arbuthnot, CEO of Delta 9 said he was proud of the quarterly results, which showed record top-line revenues and was the seventh consecutive quarter of positive Adjusted EBITDA.

 “We will continue to advance our bricks and mortar and online retail business strategy. We will add new micro cultivation partners with strategic cooperation agreements that provide for a variety of services and expand our turn key Grow Pod sales into the US market. These activities are clear indicators highlighting the strength of our operations and our management team’s ability to outperform in a challenging market,” Arbuthnot said.