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Christina Lake Cannabis provides financial results for Q3 2021

Stockhouse Editorial
1 Comment| November 2, 2021

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Christina Lake Cannabis Corp. (CLC) (CSE.CLC, Forum) – a federally licensed cultivator, processor and vendor under the Cannabis Act since 2019 – has provide a summary overview of financial and operational results for its fiscal third quarter of 2021 (three and nine months ended August 31, 2021).

During this period, the Company had its highest sales quarter since inception with repeat orders coming from key industry buyers and producers of consumer products including vape and edible manufacturers.

For a comprehensive overview of the Company’s disclosed developments in its fiscal Q3 2021 including the Management’s Discussion and Analysis (MD&A” dated October 29, 2021, you can access the Company’s profile on SEDAR.
All monetary figures in this press release are in Canadian dollars unless specified otherwise.

Primary Highlights for Christina Lake Cannabis in Q3 of Fiscal 2021 (ended Aug. 31, 2021)

  • Gross Revenue increased +495% in Q3 2021 to $1,290,000 compared to $216,738 in Q2 2021;
  • General and Administrative Expenses decreased 10.4% in Q3 2021 to $1,666,031 compared to $1,858,867 in Q2 2021;
  • Total of $24,808,196 in assets and a net working capital balance (current assets less current liabilities) of $9,556,801;
  • Currently engaged in the processing of its stock of dried cannabis biomass into various extracts including distilled and winterized oils, kief, and additional extracted products for sale to other Licensed Producers;
  • Sales in the quarter were primarily derived from distillate and kief as production continued to ramp up for both product lines;
  • The gross margin percentage for the three-month period was 59% before fair value adjustment. In the comparative period, the Company was not in a revenue-generating position; and
  • ​​On October 26, 2021, the Company successfully completed harvesting its second crop which has already proven to be a higher yield than the inaugural crop with better quality biomass through enhanced harvesting techniques.

Full story here.

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.

FULL DISCLOSURE: Christina Lake Cannabis Corp. is a client of Stockhouse Publishing.

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