Canadian cannabis seller Trees Corporation (NEO:TREE.AQN) has unveiled record quarterly financial results for the period ending June 30, 2023.
It reported, in a statement on Friday, an all-time high revenue of C$4.05 million, marking a 106% increase from the same period in 2022 and a 47% surge from the preceding quarter.
"Trees achieved positive operating cashflows, record revenue and gross margin, and positive adjusted EBITDA as a result of our disciplined focus on key operating strategies and objective," said chief financial officer Jeff Holmgren.
"Trees has demonstrated from the results of this quarter that it is firmly on a path for long-term profitable growth.”
In terms of business milestones, Trees highlighted its merger agreement with 420 Investments which is expected to reach conclusion in October.
“With the added financial and operational scale from the previously announced business combination with FOUR20, we are excited for the future as we emerge as one of the largest cannabis retailers in Canada," Holmgren said.
Gross profit came in at C$1.4 million, up 101% from C$0.7 million in 2022. Net losses narrowed to C$0.6 million from C$0.7 million in 2022.
Earnings (adjusted EBITDA) amounted to C$110,000, more than double last year’s comparative.
Trees currently operates 14 branded storefronts in Canada, with a significant presence in both Ontario and British Columbia.