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Cannabis processor Nextleaf Solutions reported revenue of $4.6 million but a loss of just over $1 million in the first three months of 2024.
The figures, part of the company’s Q2 2024 results, show a notable increase in revenue, nearly doubling compared to the same period in 2023. However, the comprehensive loss also saw a significant increase, with accumulated losses almost four times higher than in the first three months of 2023. Adjusted EBITDA was $232,682.
Nextleaf sells its branded cannabis vapes, oils, and softgels in British Columbia, Ontario, Nova Scotia, Manitoba, and Saskatchewan, as well as through medical cannabis platforms that distribute nationally under brands like Glacial Gold and High Plains.
Much of the company’s sales have been in the BC market. For the six months ending March 31, 2024, Nextleaf brought in $8.7 million in revenue. Just over $1 million was from bulk distillate sales, $6.9 million was from sales of its branded extract products, and $837,395 through private label sales.
Of those sales, $360,608 of the bulk distillate sales were in BC, $4.6 million in branded product sales, and $500,918 in private label sales for a total of $5.5 million. Nextleaf currently produces more than 80 different products across four categories for white-label clients and house brands.
Before this quarter’s $1 million loss, Nextleaf Solutions reported a total of $940,336 income in the previous three quarters. As of March 31, 2024, Nextleaf held about $832,000 in cash, a net decrease of approximately $67,000 for the six months ended. The company’s working capital stood at approximately $1,355,000 as of March 31, 2024, an increase of about $323,000 over the Q1 2024, ended December 31, 2023.
The company launched nine new products in the most recent quarter, which include soft gels, oils, infused pre-rolls, and vapes.
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