Delta 9 Cannabis (TSX: DN) this morning reported its third quarter financial results, posting revenues of $15.2 million for the quarter. The firm also posted a net loss for the period of $0.8 million.
Revenues were down on a quarter over quarter basis, falling from $16.8 million to $15.2 million. The decline was said to be based on a “degree of seasonality” as well as timing issues related to wholesale sales.
Gross profit before fair value adjustments however was rather unaffected, falling from $4.9 million to $4.8 million. Operating expenses meanwhile increased from $5.7 million to $6.5 million, with the largest expense being general and administrative at $4.7 million. Sales and marketing meanwhile came in at $2.6 million.
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Following fair value adjustments, the company reported a loss from operations of $0.1 million, which then fell to a net loss of $0.8 million after other expenses. Adjusted EBITDA meanwhile came in at $0.2 million, as compared to $1.2 million in the second quarter.
Delta 9 Cannabis last traded at $0.39 on the TSX.
Information for this briefing was found via Sedar and Delta 9 Cannabis. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
