Cannara Biotech Reports Record Growth in Fiscal 2024

LOS ANGELES- Montreal-based Cannara Biotech Inc a vertically integrated cannabis producer, announced record-breaking financial results for its fiscal year ended August 31, 2024. The company reported total annual revenues of $82.2 million, a 43% increase year-over-year, driven by strong growth across its operations and expanding market share.

Key Financial Highlights

• Q4 and Fiscal Year Revenues: $23.4 million in Q4 (up 28% YoY) and $82.2 million for the fiscal year (up 43% YoY).
• Operating Income Growth: Increased by 42% in Q4 over Q3 2024.
• Adjusted EBITDA: Marked the 14th consecutive quarter of positive results, reaching $3.7 million in Q4 2024, a 33% increase from the prior quarter.
• Net Income and Free Cash Flow: Q4 net income rose by 184%, and free cash flow improved to $3.2 million, a turnaround from a $4 million deficit in the previous fiscal year.
• Operating Cash Flow: Reached $10.7 million, an 81% year-over-year increase.

Market Share and Strategic Investments

Cannara captured a 3.2% national market share in Q4 2024, up 39% from the prior year, and solidified its position as the third-largest cannabis supplier in Québec with an 11.9% provincial market share.

The company plans to expand its production capacity in fiscal 2025 by adding 50,000 square feet of canopy space across two Valleyfield grow zones. These additions are expected to bring Cannara’s total annual cannabis production capacity to nearly 40,000 kilograms.

President and CEO Zohar Krivorot emphasized the company’s resilience and strategic focus, stating, “Our ability to deliver sustained growth, coupled with investment in state-of-the-art production facilities, ensures we remain a leader in the competitive cannabis market.”CFO Nicholas Sosiak highlighted the firm’s financial discipline, noting, “Our consistent Adjusted EBITDA performance and turnaround in free cash flow reflect the operational efficiency and market demand for our products. We are positioned for further market share gains in fiscal 2025.”For detailed financial statements and the latest investor presentation, visit Cannara’s Investor Portal.