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CanadaBis Capital Inc, the parent company of cannabis brands like Stigma Grow and Dab Bods, reported a positive net income of $600,285 for the year ended July 31, 2024, from consolidated gross revenue of $30.4 million.
This represents a steep decline from a record fiscal year, and net income for the 2023 fiscal year was $4.4 million. Gross revenue for the previous fiscal year ended July 31, 2023, was $34.6 million, with an excise duty of $12.4 million.
The bulk of the company’s annual gross revenue in its most recent fiscal year came from the sale of cannabis extracts, for a total of $24.3 million. The company also reported nearly $6 million in gross revenue from its cultivation and wholesale businesses, and $152,530 from its retail operation, the INDICative Collection, located in Red Deer Alberta.
INDICative is now listed as closed and was removed from the list of authorized cannabis retailers in Alberta in December 2023. The same location is now a Rocky Mountain Cannabis.
Gross profits from its cultivation and wholesale business were $721,053. At the same time, the company reported a $4,961 loss from retail and $8.1 million in gross profits from its cannabis extracts sales, for a total of $8.8 million in total gross profits for the year.
Extracts sales were attributed to the company’s introduction of new high-potency THC products under the Dab Bods brand.
CanadaBis sold 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 in the previous year.
“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,” said Travis McIntyre, CEO of CanadaBis Capital. “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.”
CanadaBis Capital’s integrated subsidiaries are Stigma Pharmaceuticals Inc. (100% held), 1998643 Alberta Ltd. (100% held), Full Spectrum Labs Ltd. (100% held), 2103157 Alberta Ltd. (100% held), and Goldstream Cannabis Inc. (95% held). Brands under the Stigma Grow label include Dab Bods, Black NGL, White NGL, and High Priestess.
In late March 2024, the company’s stock, which trades under TSX-V:CANB, dropped from $0.22 a share to $0.11 in a matter of a few days.
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