MTL Cannabis Corp. reported it has filed the financial statements as at and for the three-month periods ending June 30, 2023 and 2022 for its wholly-owned subsidiary Montréal Cannabis Médical Inc. Complete details may be found at www.sedarplus.ca.
Montréal Cannabis completed a reverse takeover of MTL (formerly Canada House Cannabis Group Corp.) on July 28, 2023, and the first set of consolidated statements for the combined entity will be as at and for the six-month periods ending September 30, 2023.
First Quarter 2023 Financial Highlights for Montréal Cannabis:
- Net Revenue of $12,763,787 an improvement of $6,997,659, or 121%, compared to $5,766,128 in the same quarter of last year.
- Gross Profit of $3,274,781, an improvement of $602,069, compared to $2,672,712 in the same quarter of last year.
- Operating Income of $599,599, a decrease of $207,219, compared to $806,818 in the same quarter of last year.
- Net cash inflows from operating activities of $2,140,029, compared to ($690,847) in the same quarter of last year.
- Net cash used in investing activities of ($318,847), compared to ($226,292) in the same quarter of last year.
- Net cash used in financing activities of ($1,291,189), compared to $1,192,913 in the same quarter of last year.
- Overall net cash increased to $967,544, an improvement of $529,993, from $437,551 at the beginning of the period.
“Our team has done an outstanding job to help drive significant growth in both revenues and cash flows from operations over the last year. The results affirm that we have built a sound business model focused on premium quality cannabis, which is confirmed by our customers appreciation for the products produced at MTL.” Commented Michael Perron, CEO of MTL Cannabis Corp. “We look forward to consolidating the results of the former Canada House Cannabis Group Inc. operations into our next quarterly financials and to continue delivering results for both our shareholders and customers.”
About MTL Cannabis
MTL Cannabis is the parent company of Montréal Medical Cannabis Inc., a licensed producer operating from a 57,000 sq ft licensed indoor grow facility in Pointe Claire, Québec; Abba Medix Corp., a licensed producer in Pickering, Ontario that operates a leading medical cannabis marketplace; IsoCanMed Inc., a licensed producer in Louiseville, Québec growing best-in-class indoor cannabis, in its 64,000 sq. ft. production facility; and Canada House Clinics Inc., with clinics across Canada that work directly with primary care teams to provide specialized cannabinoid therapy services to patients suffering from simple and complex medical conditions. Please visit http://www.mtlcannabis.ca/, https://isocanmed.com/, https://abbamedix.com/, www.canadahouse.ca, or the Company’s public filings at www.sedarplus.ca.
