CALGARY,
AB, Nov. 28, 2024 /CNW/ - CanadaBis
Capital (CANB.V) a leader in the Canadian cannabis industry, is
proud to announce its financial results for the year ending
July 31, 2024. The company is pleased
to report a positive net income of $600,285, marking a significant achievement
as CanadaBis continues to grow and solidify its position in the
market.
Key Financial Highlights for the Fiscal Year Ended
July 31, 2024:
- Net Income: CanadaBis Capital achieved a positive net
income of $600,285, reflecting
the company's strong performance despite higher costs associated
with new product launches and operational expansions.
- Record Sales: The Company sold a of over
1,800,000 units of combined concentrate and dry flower for
the year ended July 31, 2024, a 6%
increase compared to the 1,700,000 units sold over the comparative
period.
- Revenue Growth: The company experienced solid revenue
growth, driven by the successful introduction of new high-potency
THC products under the Dab Bods brand and the continued popularity
of its core product offerings.
- Cost of Goods Sold (COGS): While COGS increased due to
higher production volumes and expanded product lines, CanadaBis was
able to manage these costs effectively through strategic purchasing
initiatives and operational efficiencies.
Strategic Growth and Operational Efficiencies
CanadaBis Capital has continued to focus on both product
innovation and operational excellence. The successful expansion of
the Dab Bods brand, with the launch of high-potency THC
products from April 2023 to
July 2024, has contributed
significantly to the company's revenue growth. These new products,
which include premium concentrates and extracts, have received a
strong response from the market and are expected to drive continued
growth in the coming fiscal year.
In addition, the company's existing product portfolio, which
includes Super Slim Cigarette Style Pre-Rolls, Milled
Flower, Distillate Infused Pre-Rolls, RSO Gel
Capsules, Moon Rocks, and
the award-winning Phoenix Tears, continues to perform well
and support overall growth.
One of the key factors driving CanadaBis's profitability in
fiscal 2024 was the implementation of operational efficiencies. The
company's ability to strategically purchase input materials in high
volumes allowed it to reduce production costs, improving margins
despite the challenges posed by inflationary pressures and rising
input costs.
A Strong Outlook for 2025 and Beyond
CanadaBis Capital's positive net income and strong financial
results reflect the company's ongoing focus on product innovation,
market expansion, and cost management. With the success of its
existing product lines and the introduction of new, high-demand
products under the Dab Bods brand, CanadaBis is well-positioned for
continued growth in the coming years.
"As we close out fiscal 2024 with a positive net income, we are
encouraged by the momentum we have built and the opportunities that
lie ahead in the coming fiscal Quarters. The financial
performance for fiscal 2024 reflects both the growth we've
experienced and our ongoing efforts to control costs through
strategic purchasing and operational efficiencies. We are pleased
that product diversification has proven effective, and we are
confident that these strategies will continue to drive long-term
success for our company." said Travis
McIntyre, CEO of CanadaBis Capital.
Annual Meeting
At the Annual & Special Meeting (the "Meeting") held on
November 21, 2024, all
resolutions proposed to shareholders were duly passed.
Shareholders approved the election of all individuals to the
Board of Directors of the Company, being Travis McIntyre, Nicole
Bacsalmasi, Alex Michaud,
Barbara O'Neill and Shane Chana. In addition, shareholders also
approved fixing the number of directors at five, the appointment of
BDO Canada LLP as Auditors, the ratification of the stock option
plan and a resolution giving management the discretion to change
the Company's name at some point in the future should such a change
offer strategic benefit for CanadaBis.
"I am very pleased to be joined by such a skilled and dedicated
group of individuals on our Board of Directors as we move into the
next stages of our corporate evolution, which may include a name
change in the future should management determine a rebrand offers
incremental strategic benefit," said Travis
McIntyre, President and Director of CanadaBis. "We are
grateful to have our Board's wealth of experience, which will
continue to be invaluable as we navigate our growth
trajectory."
ABOUT CANADABIS CAPITAL INC.
CanadaBis Capital Inc. (TSXV:CANB) is a vertically integrated
Canadian cannabis company focused on achieving large-scale growth,
from cultivation to retail, in the fast-emerging global cannabis
market. By targeting organic growth opportunities alongside the
right-fit partners, we remain focused on finding and capitalizing
on chances to grow, diversify and continue to lead our
industry.
Our integrated subsidiaries:
- Stigma Pharmaceuticals Inc. – 100% held
- 1998643 Alberta Ltd. (operating as "Stigma Grow") - 100%
held; www.stigmagrow.ca
- Full Spectrum Labs Ltd. (operating as "Stigma Roots") -
100% held
- 2103157 Alberta Ltd. (operating as "INDICAtive
Collection") -100% held; www.indicativecollection.ca
- Goldstream Cannabis Inc. - 95% held
ABOUT STIGMA GROW
Stigma Grow is a cutting-edge cannabis cultivation and
extraction company positioned advantageously to meet the unmet
market demands and stigmas within the legal cannabis industry head
on, with products designed to disturb the status quo and
dramatically shift the conversation surrounding Canada's legal cannabis industry.
CAUTIONARY STATEMENTS Non-GAAP Measures
This news release contains the financial performance metric of
Adjusted EBITDA, a measure that is not recognized or defined under
IFRS (a "Non-GAAP Measure"). As a result, this data may not be
comparable to data presented by other cannabis companies. For an
explanation and reconciliation of Adjusted EBITDA to related
comparable financial information presented in the Financial
Statements prepared in accordance with IFRS, refer to the MD&A
for the three months ended October 31,
2023. The Company believes that Adjusted EBITDA is a useful
indicator of operational performance and is specifically used by
management to assess the financial and operational performance of
the Company.
Adjusted EBITDA is a measure of the Company's financial
performance. It is intended to provide a proxy for the Company's
operating cash flow and is widely used by industry analysts to
compare CanadaBis to its competitors and derive expectations of
future financial performance of the Company. Adjusted EBITDA
increases comparability between comparative companies by
eliminating variability resulting from differences in capital
structures, management decisions related to resource allocation,
and the impact of fair value adjustments on biological assets,
inventory, and financial instruments, which may be volatile on a
period-to-period basis. Adjusted EBTIDA is not a recognized,
defined, or standardized measure under IFRS. The Company calculates
Adjusted EBITDA as net income (loss) and comprehensive income
(loss) excluding changes in fair value of biological assets, change
in fair value of biological assets realized through inventory sold,
depreciation and amortization expense, share-based payments, and
finance costs.
Regarding Forward-Looking Information
This news release includes certain "forward-looking statements"
under applicable Canadian securities legislation. Forward-looking
statements include but are not limited to statements with respect
to our business and operations; timing of the Sundial products
coming to market; the demand and market for live-resin vape
cartridges, and our general business plans. Forward-looking
statements are necessarily based upon a number of assumptions
including: the ability of the Company's products to compete with
the pricing and product availability on the black-market; the
market demand for the Company's products; and assumptions
concerning the Company's competitive advantages. These assumptions,
while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause actual
results and future events to differ materially from those expressed
or implied by such forward- looking statements. Such factors
include, but are not limited to: compliance with extensive
government regulation, the general business, economic, competitive,
political and social uncertainties; ability to sustain or create a
demand for a product; requirement for further capital; delay or
failure to receive board, shareholder or regulatory approvals; the
results of operations and such other matters as set out in the
Company's continuous disclosure on SEDAR at www.sedar.com. There
can be no assurance that such statements will prove to be accurate,
as actual results and future events could differ materially from
those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. Investors are cautioned that
forward-looking information is not based on historical facts but
instead reflects management's expectations, estimates or
projections concerning future results or events based on the
opinions, assumptions and estimates of management considered
reasonable at the date the statements are made. Although we believe
that the expectations reflected in such forward-looking information
are reasonable, such information involves risks and uncertainties,
and undue reliance should not be placed on such information, as
unknown or unpredictable factors could have a material adverse
effect on our future results, performance or achievements.
Should one or more of these risks or uncertainties materialize,
or should assumptions underlying the forward-looking information
prove incorrect, actual results may vary materially from those
described herein as intended, planned, anticipated, believed,
estimated or expected. Although the Company has attempted to
identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended. The
Company does not intend, and does not assume any obligation, to
update this forward-looking information except as otherwise
required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE CanadaBis Capital Inc.