Delta 9 Cannabis Cuts Net Loss In 2021, Net Revenue Totals $15.2M In Q3

Delta 9 Cannabis Inc. DN DLTNF reported its financial and operating results on Monday for the three-month and nine-month period ending September 30, 2021.

John Arbuthnot, the company's CEO, said the company has been recognized by "the Globe and Mail's annual survey as the 7th fastest growing company in Canada with a three-year revenue growth rate of 5,413%.

"In the third quarter of 2021, we have seen a degree of seasonality and timing issues relating to provincial government's purchasing patterns affecting our wholesale business and impacting sequential revenue growth," Arbuthnot continued. "We remain bullish that the remainder of 2021 looks to outperform last year's results."

Q3 2021 Financial Highlights

• Net revenue totaled $15.2 million, representing an increase of 16%, from $13.1 million for the same quarter of last year.
• Gross profit amounted to $4.8 million, up by 55%, from $3.1 million for the same quarter last year.
• Net loss from operations was $55,031 versus a loss from operations of $4,578,729 for the same quarter of 2020.
• Adjusted EBITDA came in positive at $191,056 compared to an adjusted EBITDA of $210,756 million for the same quarter of last year.

Nine-Month Period Ending Sept.30

• Net revenue amounted to $45.2 million, up by 19%, from $37.9 million for the same period of the last year.
• Gross profit totaled $13.4 million, representing an increase of 16% from $11.6 million for the same period of 2021.
• Net loss from operations was $4.1 million versus a net income loss from operations of $2.7 million for the same period last year.
• Adjusted EBITDA came in positive at $1.4 million compared to an adjusted EBITDA of $1.4 million for the same period of 2021.

Q3 And Subsequent Operational Highlights

• Renewed its normal course issuer bid, which allows it to purchase up to an aggregate of 6.83 million common shares of the public float and up to an aggregate of $1.18 million principal amount of 8.5% unsecured convertible debentures of the company.
• Opened four cannabis retail stores, including two in Edmonton, Alberta and two in Manitoba, bringing the retail footprint to 16 operating cannabis retail stores nationwide.
• Entered into a partnership with Cultivated to complement its business-to-business sales team by helping to target Grow Pod sales opportunities in Canada and the United States.

More recent news from Delta 9 Cannabis:

Delta 9 Cannabis Teams Up With VIVO's Subsidiaries Reaching 20K Medical Patients

Cannabis Dispensary Roundup: Ayr Wellness And Verano Expand In Florida, Nug Avenue, Delta 9 And Jushi Each Open Stores

DLTNF Price Action

Delta 9's shares traded 0.97% lower at $0.3125 per share at the time of writing on Monday.