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Fresh off the heels of the launch of several new SKUs across Canada, CanadaBis Capital Inc. is quickly emerging as a recognized and respected name in BHO concentrates.
FOR IMMEDIATE RELEASE: RED DEER, AB, JULY 13, 2021 – CanadaBis Capital Inc (“CanadaBis” or the “Company”) (TSX-V:CANB), a leading Canadian cannabis producer of BHO concentrates, is pleased to announce its third quarter financial results for the three-month period ending April 30, 2021.
Record Performance Across BC, AB, SK, ON in Q3 2021
Key Financial Highlights
|Three months ended||Nine months ended|
|April 30, 2021||April 30, 2020||April 30, 2021||April 30, 2020|
|Cost of sales||1,179,306||446,597||3,217,919||900,792|
|Gross profit (loss)||1,034,001||116,998||1,984,756||(53,681)|
|Net loss and comprehensive loss||(225,326)||(882,918)||(1,485,004)||(5,253,950)|
|Loss per share (basic and diluted)||$(0.00)||$(0.01)||$(0.01)||$(0.04)|
|Adjusted EBITDA ||106,845||(670,690)||Not assessed||Not assessed|
CanadaBis Capital’s financial statements for the three-month period ending April 30, 2021 (“Financial Statements”) and related Management’s Discussion & Analysis (“MD&A”) for the reporting period are available under the Company’s profile at www.sedar.com.
About CanadaBis Capital Inc.
CanadaBis Capital Inc. (TSXV:CANB) is a vertically integrated Canadian cannabis company focused on achieving large-scale growth in the global cannabis market – with specific attention paid to supplying the fast-emerging concentrates category through their Stigma Grow cultivation and BHO extraction facility.
Acting as the cornerstone for everything they offer, Stigma Grow continuously strives to address the market demands and lingering 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.
For more information on CanadaBis Capital or Stigma Grow visit:
Investor Relations [email protected] 1-888-STIGMA1
This news release contains the financial performance metric of Adjusted EBITDA, a measure that is not recognized or defined under IFRS (a “Non-GAAP Measure”). As a result, this data may not be comparable to data presented by other cannabis companies. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the MD&A for the three and nine months ended April 30, 2021. The Company believes that Adjusted EBITDA is a useful indicator of operational performance and is specifically used by management to assess the financial and operational performance of the Company.
Adjusted EBITDA is a measure of the Company’s financial performance. It is intended to provide a proxy for the Company’s operating cash flow and is widely used by industry analysts to compare Canadabis to its competitors and derive expectations of future financial performance of the Company. Adjusted EBITDA increases comparability between comparative companies by eliminating variability resulting from differences in capital structures, management decisions related to resource allocation, and the impact of fair value adjustments on biological assets, inventory, and financial instruments, which may be volatile on a period-to-period basis. Adjusted EBTIDA is not a recognized, defined, or standardized measure under IFRS. The Company calculates Adjusted EBITDA as net loss and comprehensive loss excluding unrealized gain on changes in fair value of biological assets, change in fair value of biological assets realized through inventory sold, depreciation and amortization expense, share-based payments and finance costs. Outlined below a reconciliation from GAAP measure (Net loss) to Non-GAAP Measure (Adjusted EBITDA). The numbers that are input into this calculation can be found in the unaudited condensed interim consolidated statement of operations and comprehensive loss for the periods presented in the Interim Financial Statements.
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