Delta 9 Cannabis Inc (TSX:DN) has said it expects to report higher fourth-quarter and fiscal 2022 revenues.
The company said it anticipates net revenues for the three months to December 31, 2022, to be between $17.2 million and $17.7 million, up from $15.2 million in 3Q and the $17.1 million it reported for the same quarter in 2021.
For the year to end-December, it said revenue was likely to be between $62.9 million and $63.4 million, compared to $62.3 million in 2021.
“We are anticipating reporting year-over-year and sequential revenue increases for the fourth quarter of 2022", Delta 9 CEO John Arbuthnot said in a statement. "Delta 9's focus in 2023 will be to continue to grow revenues through our diversified revenue model as well as cutting costs across our operations to drive profitability."
READ: Delta 9 announces cost-cutting measures as it targets positive cash flow from operations
The company said it will provide investors with a full breakdown of its progress in these areas when it releases its 4Q results after the market close on March 31. A conference call is scheduled for April 3, it added.
Delta 9 Cannabis is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. The company sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses.
Its wholly-owned subsidiary, Delta 9 Bio-Tech Inc, is a licensed producer of medical and recreational cannabis and operates an 80,000-square-foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand.
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