CALGARY, AB – CanadaBis Capital, a leader in the Canadian cannabis industry, reported its financial results for the year ending July 31, 2024. The company reported a positive net income of $600,285, marking a significant achievement as CanadaBis continues to grow and solidify its position in the market.
Key Financial Highlights for the Fiscal Year
Net Income: CanadaBis Capital achieved a positive net income of $600,285, reflecting the company’s strong performance despite higher costs associated with new product launches and operational expansions.
Record Sales: The Company sold a of over 1,800,000 units of combined concentrate and dry flower for the year ended July 31, 2024, a 6% increase compared to the 1,700,000 units sold over the comparative period.
Revenue Growth: The company experienced solid revenue growth, driven by the successful introduction of new high-potency THC products under the Dab Bods brand and the continued popularity of its core product offerings.
Cost of Goods Sold (COGS): While COGS increased due to higher production volumes and expanded product lines, CanadaBis was able to manage these costs effectively through strategic purchasing initiatives and operational efficiencies.
Strategic Growth and Operational Efficiencies
CanadaBis Capital has continued to focus on both product innovation and operational excellence. The successful expansion of the Dab Bods brand, with the launch of high-potency THC products from April 2023 to July 2024, has contributed significantly to the company’s revenue growth. These new products, which include premium concentrates and extracts, have received a strong response from the market and are expected to drive continued growth in the coming fiscal year.
In addition, the company’s existing product portfolio, which includes Super Slim Cigarette Style Pre-Rolls, Milled Flower, Distillate Infused Pre-Rolls, RSO Gel Capsules, Moon Rocks, and the award-winning Phoenix Tears, continues to perform well and support overall growth.
One of the key factors driving CanadaBis’s profitability in fiscal 2024 was the implementation of operational efficiencies. The company’s ability to strategically purchase input materials in high volumes allowed it to reduce production costs, improving margins despite the challenges posed by inflationary pressures and rising input costs.
Outlook for 2025
CanadaBis Capital’s positive net income and strong financial results reflect the company’s ongoing focus on product innovation, market expansion, and cost management. With the success of its existing product lines and the introduction of new, high-demand products under the Dab Bods brand, CanadaBis is well-positioned for continued growth in the coming years.
“As we close out fiscal 2024 with a positive net income, we are encouraged by the momentum we have built and the opportunities that lie ahead in the coming fiscal Quarters. The financial performance for fiscal 2024 reflects both the growth we’ve experienced and our ongoing efforts to control costs through strategic purchasing and operational efficiencies. We are pleased that product diversification has proven effective, and we are confident that these strategies will continue to drive long-term success for our company.” said Travis McIntyre, CEO of CanadaBis Capital.
About Canadabis Capital Inc.
CanadaBis Capital Inc. (TSXV:CANB) is a vertically integrated Canadian cannabis company focused on achieving large-scale growth, from cultivation to retail, in the fast-emerging global cannabis market. By targeting organic growth opportunities alongside the right-fit partners, we remain focused on finding and capitalizing on chances to grow, diversify and continue to lead.
