Overall gross revenues for the year ended July 31, 2022 increased to $17.1 million from $8 million in the comparative period. This significant increase was due to sales from its new and existing SKUs launched under the Dab Bod Brand and the industry’s demand for new innovative products such as the High Priestess brand and the Infuse Pre-rolls. A 200% increase period over period due to sales growth in infuse pre- rolls, live resin vapes and shatter and moonrocks products. CanadaBis reported net revenues of $4,178,442 for the 2022 Q4 as compared to $1,663,630 for the comparative period in 2021. The Company has experienced growth in the existing Provinces such as Alberta, Ontario, Manitoba and British Columbia. Since the start of the 2022 fiscal year, the Company has shown growth in revenue period over period as demand for resin infuse pre-rolls rises. See Segmented Reporting section to this MD&A, for a more detailed discussion.
The Company continues to be profitable recognizing net income (loss) for three months ended July 31, 2022, of $481,758 compared to a net loss of $(1,195,906) in the comparative period. This resulted from a 169% increase in income resulted from increased sales to the Provinces from its hydrocarbon products and several new SKUs acceptance.
The Company currently owns a 66,000 square foot facility and approximately 44,000 square feet of the building has been developed and equipped for initial capacity to grow 225 kg of cannabis per year. Majority of the footprint is equipped and being used for production of Cannabis products such as extracts and Infused Pre rolls.
Effective November 26, 2020, the Company received its Cannabis 2.0 sales license, allowing it to sell Cannabis concentrates products to end users. This development has had a positive impact on the Company as it will no longer needs to engage third parties holding a Cannabis 2.0 sales license to bring its concentrates products to market.