Retailer and LP
Delta 9 Cannabis Inc. (NINE) (
TSX: V.NINE, OTCQB: VRNDF, Forum)
reported first-quarter results, posting $11.8 million in revenue – more than double what it recorded over the same period a year earlier.
The Winnipeg-based company also recorded a net profit of $2.9 million, while its adjusted EBITDA came to a $1.65 million gain. The company now boasts a 42 percent gross margin across its three main business lines, with its wholesale segment leading the pack.
Canaccord Genuity analyst Kimberly Hedlin said Delta 9's revenue figures came in at the upper end of its guidance, and noted the company plans to open 12 additional retail stores over the next two years.
FULL DISCLOSURE: Delta 9 Cannabis Inc. is a client of Stockhouse Publishing.
New to investing in Cannabis? Check out Stockhouse tips on How to Invest in Cannabis Stocks and some of our Top Cannabis Stocks.
For more of the latest info on Cannabis, check out the Cannabis Trending News hub on Stockhouse.