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Auxly Cannabis Group Inc. reported $33.3 million in net revenue in its third quarter of 2024, a new company record and an increase of 18% year-over-year and 14% quarter-over-quarter.
The cannabis company’s net income was $3.3 million, down from $32.6 million in the same quarter in the previous year. However, its Q3 2023 net gains were mostly driven by the gains on the extension of the maturity of its Imperial Brands Debenture. Excluding the gains on that extension, net income in the most recent quarter increased by $17.5 million year over year.
About three quarters (76%) of the company’s cannabis sales originated from sales to British Columbia, Alberta and Ontario. Auxly sells under the brands Parcel, Back Forty, Foray. Doescann, and Kolab Project, and provides wholesale bulk sales of dried cannabis to various licensed producers in Canada.
Dried flower retail sales increased by over 12% compared to the previous quarter. Pre-roll retail sales increased by nearly 19% quarter-over-quarter. Auxly branded products represented approximately 50% of the top ten vape SKU’s nationally.
Hugo Alves, CEO of Auxly, commented: “Our continued focus on efficient revenue growth and enhanced profitability has delivered another record-breaking quarter of financial results, highlighted by an 18% year-over-year increase in net revenue and record adjusted EBITDA of $8.3 million.
“Our commitment to providing consumers with exceptional products that help them live happier lives enabled us to grow national market share in our core product categories of dried flower, pre-rolls and vapes; and has elevated Back Forty to the #1 brand in Ontario by dollars sold. We remain focused on creating long-term shareholder value. I am excited for the future and proud of the tremendous efforts of our talented and dedicated team in delivering these results.”
Auxly operates Auxly Charlottetown in PEI, where the company does most of its cannabis 2.0 product development and Auxley Leamington where it grows and processes dried flower. In May 2024, the company sold its Auxly Ottawa facility for $1.7 million and applied the proceeds from the sale to support its ongoing operations. The Company does not currently have any active international operations.
Featured image of Auxly’s Leamington, Ontario facility
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