CanadaBis Capital Inc., a premium and vertically-integrated Canadian cannabis company, is pleased to provide an update for shareholders on the considerable progress made in significantly expanding and enhancing our reach, market share and financial position over the past year, as well as provide insights into the pipeline of future opportunities made possible by our financial performance over the past four quarters.
“I am very proud to confirm that with the last financials, our goal to be a profitable, cash flowing company has been realized as some of our new SKUs have rapidly become top-sellers in their respective categories, and the successful launch of over 274 new products registrations since 2020,” said Travis McIntyre, CEO of CanadaBis. “We remain committed to developing innovative new products that are in demand by consumers, while seeking to maximize efficiencies and reduce safety hazards with the automation of certain operational processes, underpinned by a focused drive to reduce costs through ongoing negotiations with cultivators. We believe steady growth remains the key to our success, evidenced by significant increases in key profitability measures over the past 12 months.”
- Rapid Expansion of Team Supports Continued Growth – Expanded employee base and bolstered skill set with a 400% increase in employees over the past nine months, while ensuring our employee to revenue ratio was maintained.
- Developed an Extensive Product Catalog – Successfully launched over 274 SKUs in seven provinces across Canada since 2020. We continue to develop products that align with consumer preferences, while remaining on the cutting edge of new provincial legislation, affording Stigma Grow first mover advantages as we seek to enhance our market share across the continent.
- Recipient of Awards for Best-Selling Products – Over the past year, Stigma Grow received multiple nominations and awards for our line of Infused pre-roll products. In addition, we have SKUs that are consistent top-sellers in multiple provinces, such as our DAB BODS resin infused pre-rolls and our Dab Bod resin and shatter vape products.
- Ongoing Cost Reductions & Process Improvements – In 2022, we added multiple automation tools into our workflows to reduce safety hazards and improve efficiencies. In addition, we successfully negotiated with cultivators to streamline costs while sustaining positive relationships.
- Continued Commitment to Strategic Product Innovation – Our Innovation Pipeline continues to develop products that are being readily accepted into provincial product calls, affording Stigma Grow first-mover advantages in new, lucrative market segments.
- Engaging with our Communities – We are a firm believer in being a positive and welcome member of our communities. In support of this, our executive team recently completed a month-long tour from British Columbia to Ontario, visiting as many retailers as possible to thank our loyal and valued customers while also profiling our products. Further, we recently launched a social media awareness campaign to enhance our brand awareness and interest in our product lines.
- Record-Breaking Revenue Growth – Our continued success in developing innovative products and executing on our four pillar strategy has resulted in significant revenue growth year over year, with Q1/23 net revenue increasing by 178%.
- Marking A Full Year of Profitability – Continued cost reductions combined with enhanced purchase order quantities has supported CanadaBis becoming profitable over the past two quarters, and represents a meaningful increase from a year ago when we realized a loss of $270,919 in Q1/22 to generating positive net income of $700,313 in Q1/23.
- Keeping Costs Low Despite Rising Inflation – Maintained a low cost of sales by actively renegotiating with cultivators and implementing automated processes throughout our operations.
- Another Company Milestone – In Q1/23, CanadaBis reported positive earnings per share (“EPS”) of $0.01, the first time in our corporate history we have recorded positive EPS and demonstrating our commitment to creating shareholder value
Sales Performance Summary
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Given our position as a vertically integrated Cannabis company, we intend to continue introducing new Canadian concentrate and flower products under our own brand, while establishing our presence as an in-demand Licensed Producer with unique abilities and maneuverability. Further, we will continue to support education initiatives within the industry to help consumers better understand how cannabis products integrate into daily life and the various use cases. We remain excited about the opportunity to continue capturing market share using our diverse portfolio of brands, our unique products and services and our ability to benefit from ongoing industry developments.We believe the stage has been set for CanadaBis to continue on our trajectory of strengthening financial metrics for the upcoming year, building on the robust revenue and earnings momentum created by the multiple consecutive quarters of positive results. We anticipate our sales growth will continue into the next quarter based on sustained high demand and significantly increased purchase orders on our new products, including moon rocks, infused pre-rolls, live resin vapes and high CBD cartridges, which are already showing strong market acceptance.
About Canadabis Capital
CanadaBis Capital Inc. is a vertically integrated Canadian cannabis company focused on achieving large-scale growth, from cultivation to retail, in the fast-emerging global cannabis market. By targeting organic growth opportunities alongside the right-fit partners, we remain focused on finding and capitalizing on chances to grow, diversify and continue to lead our industry.Our integrated subsidiaries:
- Stigma Pharmaceuticals Inc. – 100% held
- 1998643 Alberta Ltd. (operating as “Stigma Grow“) – 100% held; www.stigmagrow.ca
- Full Spectrum Labs Ltd. (operating as “Stigma Roots“) – 100% held
- 2103157 Alberta Ltd. (operating as “INDICAtive Collection“) -100% held; www.indicativecollection.ca
- Goldstream Cannabis Inc. – 95% held
About Stigma Grow
Stigma Grow is a cutting-edge cannabis cultivation and extraction company positioned advantageously to meet the unmet market demands and stigmas within the legal cannabis industry head on, with products designed to disturb the status quo and dramatically shift the conversation surrounding Canada’s legal cannabis industry.