Delta 9 revenue, profit rise

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This article was published 02/04/2024 (594 days ago), so information in it may no longer be current.

Delta 9 Cannabis continues to operate a successful — and profitable — cannabis company, despite the fact the markets continue to ignore its efforts.

The Winnipeg-based company closed out 2023 with a 12 per cent increase in revenue to $71.1 million and operating profit (or adjusted earnings before interest, tax, depreciation and amortization) of $3.4 million, compared to a loss of $5.2 million last year.

At the beginning of last year, the company cut back production by 40 per cent because of an oversupply in the market and is ramping back up with sizable wholesale sales opportunities after some of the larger players in the Canadian market shuttered production.

Despite its positive bottom-line results — at one point, it held the distinction of being the most profitable cannabis company in the country — its share price lost a half-cent Monday to close at 4.5 cents per share.

— Free Press staff