Delta 9 Cannabis Inc has reported second-quarter 2021 net revenue of C$16.8 million, a 29% year-over-year increase, as the company continued to boost its bricks-and-mortar retail and online sales efforts.
Delta 9 also recorded an improvement in its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the period to C$1.2 million from $0.05 million during the same quarter last year.
“I am very proud of our results this quarter, with record top-line revenues and our seventh consecutive quarter of positive Adjusted EBITDA. We will continue to advance our bricks and mortar and online retail business strategy,” Delta 9 Cannabis CEO John Arbuthnot said in a statement.
READ: Delta 9 Cannabis receives Health Canada approval for two expansions at its Winnipeg-based cultivation, processing, and distribution facilities
“We will add new micro cultivation partners with strategic cooperation agreements that provide for a variety of services and expand our turn-key Grow Pod sales into the US market,” Arbuthnot added.
The company noted it opened its 12th Delta 9 Cannabis retail store during the quarter, its ninth cannabis store in Manitoba.
Delta 9 added it continues to make progress on its goal of having 20 stores open in 2021 across Canada’s Prairie provinces, which it said will be accomplished through select strategic acquisition targets as well as a “laser focus” on retail store build-outs at convenient and high traffic shopping locations.
The company recorded a 2Q loss per share of $0.01.
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.
The company's 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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