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Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) on Monday unveiled its financial and operating results for the third quarter of fiscal 2021, reporting on its highest quarter of sales since inception. The cannabis company, based in Vancouver, British Columbia, reported gross sales of CA $ 1.29 million ($ 1.04 million), up 495% from CA $ 216,738 in the prior quarter.
Third Quarter Financial Highlights
- Net income for the period was C $ 3.78 million, or C $ 0.03 per share compared to net income of C $ 877,763 or C $ 0.01 per share for the same period of 2020;
- General and administrative expenses of 10.4% to CA $ 1.67 million, vs. $ 1.86 million in the second quarter of 2021;
- The gross margin percentage was 59% before fair value adjustment, while in the comparative period, the company was not in a position to generate income;
- At the end of the reporting period, Christina Lake Cannabis had assets of C $ 24.81 million and a net working capital balance of C $ 9.56 million.
“This quarter has been productive for the company as we continued to grow our revenues supported by continued demand for our cannabis extracts,†said Joël Dumaresq, CEO and Director of Christina Lake Cannabis in a statement. “The needs of licensed producers have become increasingly sophisticated as product offerings under ‘Cannabis 2.0’ create increased demand for both medicinal and recreational use cases. Under CLC’s commercial sales direction, we have been able to align a healthy supply of distilled oils and kief with the needs of a diverse base of licensed producer accounts across Canada.
Additional updates
- The company previously announced that its distilled oils reached an average THC concentration of 90.4%, a threshold considered desirable in the cannabis industry. With high concentration distilled oils, licensed producers can manufacture a wide variety of products in categories that include food and beverage, personal care, vaping, and medicinal products.
- In addition to the company’s seven proven cannabis strains making up the majority of its 2021 crop, more than 90 ‘experimental’ strains have also moved on to the outdoor testing phase and have given exceptional results when grown in natural sunlight.. The company intends to incorporate some experimental strains grown outdoors this year into its strain selection for the 2022 growing season.
Price action
Shares of Christina Lake Cannabis were trading up 7.22% at 31 cents per share as of this writing on Monday morning.
Photo: Courtesy of CRYSTALWEED cannabis on Unsplash
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