SEATTLE – Nevis Brands Inc, a leading provider of cannabis beverages brands, reported its financial results for the second fiscal quarter, ending May 31st, 2024. All currency references used in this news release are in Canadian currency unless otherwise noted.
For the quarter, Nevis cannabis beverage royalty revenues totaled $436,532 in revenue, Cost of Goods Sold of $145,170 and a Gross Profit of $291,392. This represents growth of 15 percent over revenues from the prior quarter. Net loss for the quarter was $54,788 vs Q1 loss of $97,215. When excluding Interest, Tax, Depreciation and Amortization expenses Nevis reported $23,536 vs -$20,535 from the prior quarter.
Management Commentary
John Kueber, CEO of Nevis Brands, commented, “We are pleased to report growing revenues and positive EBITDA as we continue to grow our active states, product line and dispensaries selling Nevis products. With 15% sequential quarterly revenue growth and only 8 of our 10 licensees producing, we are happy with our overall progress across our various markets and products.”
“Q2 revenues reflect revenue from 8 states: Washington, Oregon, California, Nevada, Colorado, Arizona, Ohio and Missouri. Michigan and Mississippi are still in pre-production and should contribute to revenues in Q3.”
“Moving to positive EBITDA also represents an important milestone for our company. While we did incur some additional costs in our transition to a new partner in Oregon we were still able to remain positive and are working towards remaining on this trajectory in future quarters.”
“Looking forward to next quarter, which ends August 31, 2024, we believe we will again have increased revenues, which will include growing revenue streams from Oregon, new products in Washington and early revenues from our expected launch in Mississippi this summer. We still have significant opportunities for growth in Oregon, California, Nevada and Missouri as we continue to optimize operations and grow store counts in collaboration with our licensees.
“We also continue to innovate new products to be delivered to existing markets in 2024. Our vision remains for Major to be the leading beverage and edibles brand in the United States.”
Full financials for the Company may be found at SEDAR.
About Nevis Brands
Nevis innovates and develops cannabis products that have been consumed by millions of consumers across Washington, Oregon, California, Colorado, Arizona, Nevada and Ohio with agreements to expand to Michigan and Missouri. Led by our flagship brand Major, Nevis partners with leading cannabis product manufacturers and distributors to enhance their product offerings.
