Canada House Cannabis Q3 FY23 Revenue Grows 70% YoY, What About Profit?

Canada House Cannabis Group Inc. (formerly Canada House Wellness Group Inc.) CHV released its financial results for the three and nine months ending April 30, 2023, revealing net revenue of CA$9.3 million ($7 million) , an increase of 70%, compared to CA$5.5 million in the same period in the prior year.

Q3 2023 Financial Highlights

• Gross profit of CA$6.2 million, compared to CA$1.4 million in Q3 2022.

• Net profit and comprehensive profit of CA$756,000, an improvement of CA$2.9 million, compared to loss and comprehensive loss of CA$2.1 million in the same quarter of last year.

• Adjusted EBITDA of CA$3 million, an improvement of 1,127%, compared with CA$247,000 for the three months ended April 30, 2022.

• Cash at the end of the period was CA$511,000.

"I am excited to report that Canada House has delivered a second consecutive quarterly net profit while achieving record revenue, positive cash flow and operating profit for a third successive quarter. We continue to sell to MTL Cannabis 100% of the high quality low cost flower produced from our retrofitted IsoCanMed cultivation facility. Our veteran oriented medical business across our clinics and Abba Medix continues to grow with Abba Medix currently exceeding CA$1.5 million in monthly medical sales." stated Alex Kroon, interim CEO and president medical of Canada House. "This is our seventh consecutive quarter of financial performance improvement, which reflects our focus on quality, client service, financial discipline, and the ongoing benefits of our partnership with MTL Cannabis. We continue to push forward the second phase of our previously announced RTO with MTL Cannabis and will provide future updates."

Photo by Jeff W on Unsplash

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