Zenabis Touts 61% Increase In Cannabis Revenue In Q3Posted by On

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.

Earnings Breakdown

  • 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…

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