Christina Lake Cannabis Corp. CLCFF CLC CLB FY 2022 revenue grew 177% to CA$10.1 million ($7.5 million) from CA$3.6 million in the prior year.
FY 2022 Financial Highlights
-
Gross profit was CA$3 million, an increase of 5152% compared to CA$56,717 in 2021.
-
Gross margin before fair value adjustments was 41% of revenue from sale of goods for the year ended November 30, 2022, compared with 61% in the comparative prior year.
-
Net and comprehensive loss in fiscal 2022 was CA$2.0 million which is a CA$5.1 million decrease from fiscal 2021 loss of CA$7.1 million.
Cash and Working Capital
As at November 30, 2022, the company had working capital of CA$3.7 million which consisted of cash of CA$1.8 million, receivables of CA$1.9 million, prepaid expenses of CA$3.9 million, inventory of CA$5.8 million. Current liabilities, being accounts payable and accrued liabilities, and current portion of loan, and current portion of convertible debentures CA$5.8 million.
“Our investment in refinement technologies and expanded production capacity is playing a pivotal role in driving increased sales,” stated Mark Aiken, CEO of Christina Lake Cannabis. “As a result of this increased capacity we have been able to diversify our product offering to better serve our customers’ needs. Through tightly managed customer engagements we have significantly increased our revenues.”
Benzinga's Cannabis Capital Conference Is Back
The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.
Photo: Benzinga edit with photo by Kindel Media on Pexels
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.