Canadian cannabis company Zenabis Global Inc. reported Friday that its net revenue amounted to CA$19 million in the third quarter.
That’s a sequential increase of 61%.
Zenabis CEO Shai Altman credited the revenue growth to Cannabis 2.0 products, which the company launched during the quarter.
The Vancouver-based company also experienced growth in its “international bulk channels,” and achieved market share growth in the Canadian recreational market, Altman explained.
- Propagation segment net revenue was CA$4.7 million compared to CA$4.4 million in the same quarter last year
- Consolidated net revenue for the quarter amounted to CA$23.7 million, down by 13% sequentially
- Gross margin (before fair value changes to biological assets and inventories) for the cannabis segment was CA$8.9 million, accounting for 46.9% of net revenue
- Cost of goods sold per gram of cannabis sold amounted to CA$1.29, versus CA$1.57 in the prior…