Le Lézard
Classified in: Business
Subjects: ERN, MAT

CANADABIS CAPITAL, WITH SUB STIGMA GROW, CONFIRMS ANOTHER RECORD FISCAL YEAR OF RESULTS IN 2023, HIGHLIGHTED BY SIGNIFICANT GROWTH IN NET REVENUE, GROSS PROFIT AND EARNINGS


CALGARY, AB, Nov. 29, 2023 /CNW/ - CanadaBis Capital Inc. (the "Company" or "CanadaBis") (TSXV: CANB), a premium vertically integrated Canadian cannabis company, is pleased to announce another consecutive year of record results for the fiscal year ended July 31, 2023, and the eighth straight quarter generating positive net income. The Company's Financial Statements and Notes, as well as Management's Discussion and Analysis ("MD&A") are available on CanadaBis' website and filed on SEDAR at www.sedar.com.

This past year was the most successful in the Company's history, as gross and net revenue, net income and Adjusted EBITDA1 all meaningfully exceeded results from previous years, and as such, we are proud to report the removal of the Going Concern note from the Company's financial statements. The continued demonstration of our financial and operating performance supported the removal of the note, and is an indicator of CanadaBis' ability to successfully execute our business strategy, which we believe translates into value creation for shareholders. With the combination of ongoing sales increases, cost efficiencies and rising demand for new and existing stock keeping units ("SKUs"), CanadaBis sold over 1.7 million units of combined concentrate and dry flower during the year ended July 31, 2023, representing growth of more than 112% relative to the 800,000 units sold in 2022.

"I am thrilled to share the Company's positive results for the quarter and year end July 31, 2023, as we delivered efficient operational execution and prudent financial management while successfully growing sales and gross profit, boosting net income, and increasing Adjusted EBITDA1, all while enhancing our long-term sustainability with the removal of the Going Concern note in our financial statements," said Travis McIntyre, CEO of CanadaBis. "Our value-oriented mindset and robust offering of multiple in-demand brands under the Stigma Grow umbrella provide a clear field of play where the Company's unique capabilities offer a distinct consumer-centric value proposition. Through fiscal 2024, CanadaBis will remain focused on capturing further market share, increasing unit sales and enhancing cost efficiencies, all of which we believe will support continued generation of positive results and value for our shareholders."

1 Adjusted EBITDA is a Non-GAAP performance measure. Refer to "Advisories - Non-GAAP Measures" for further details.

FOURTH QUARTER AND YEAR END 2023 HIGHLIGHTS

ANNUAL  HIGHLIGHTS ( FISCAL YEAR END 2023)


Twelve months ended


July 31,
2023

July 31,
2022

% Change


Gross revenue

$ 34,604,669

$ 17,052,334

103 %


Excise duty

$ 12,382,216

$ 5,383,365

130 %


Net revenues

$ 22,222,453

$ 11,668,969

90 %


Cost of sales

$ 10,438,762

$ 6,096,748

71 %


Gross profit

$ 11,783,691

$ 5,572,221

111 %


Net income and
comprehensive income

$ 4,444,494

$ 607,951

631 %


   Per share (basic and diluted)

$0.03

$-



Adjusted EBITDA1

$ 5,832,232

$ 1,727,569

238 %









OUTLOOK

In light of the consistent and strong performance achieved throughout fiscal 2023, highlighted by remarkable growth in gross and net revenue, net income, Adjusted EBITDA[1], and successful cost management, CanadaBis has concluded fiscal 2023 with record-breaking results. Our commitment to executing the Company's strategic vision has established a foundation for growth that demonstrates our proven ability to sustain momentum. Going forward, our primary focus will remain on the continued expansion of our customer base and diversification of our product offerings. As a vertically integrated cannabis company, CanadaBis will remain sufficiently nimble and agile to respond effectively to external factors, such as fluctuations in selling prices, input costs, or evolving customer demand, all while maintaining a disciplined approach to capital management.

By leveraging our extensive brand portfolio, enhanced brand recognition, unique product offerings, and strategic allocation of resources, we plan to further cultivate innovative brands and introduce new products that align with evolving customer preferences. We are pleased with the growth achieved in market presence in provinces like Alberta, Ontario, and British Columbia. Our focus on boosting sales of resin and shatter-infused pre-rolls, moonrocks, Dab Bod, and High Priestess products positions us to capture an even greater market share.

As we shift our focus towards fiscal 2024, CanadaBis remains steadfast in its commitment to achieving continued success, pushing boundaries, and delivering sustainable shareholder value. The Company is strategically equipped for substantial growth and product diversification, driven by innovative cultivation techniques, effective market penetration strategies, and an unwavering dedication to product quality. Our strategic path remains clear: we will actively pursue growth opportunities, remain responsive to the evolving cannabis market, and continue to set new benchmarks for excellence in our operations. The outlook for CanadaBis is not just promising; it is a testament to the resilience, creativity, and collaborative strength of our Company. We extend our sincere gratitude to all shareholders and key stakeholders for your unwavering support. 

___________________________

1  Adjusted EBITDA is a Non-GAAP performance measure. Refer to "Advisories - Non-GAAP Measures" for further details.

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 our industry.

Our integrated subsidiaries:

ABOUT STIGMA GROW

Stigma Grow is a cutting-edge cannabis cultivation and extraction company positioned advantageously to meet the unmet market demands and stigmas within the legal cannabis industry head on, with products designed to disturb the status quo and dramatically shift the conversation surrounding Canada's legal cannabis industry.

CAUTIONARY STATEMENTS

Non-GAAP Measures

This news release contains the financial performance metric of Adjusted EBITDA, a measure that is not recognized or defined under IFRS (a "Non-GAAP Measure"). As a result, this data may not be comparable to data presented by other cannabis companies. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the MD&A for the three and twelve months ended July 31, 2023. The Company believes that Adjusted EBITDA is a useful indicator of operational performance and is specifically used by management to assess the financial and operational performance of the Company.

Adjusted EBITDA is a measure of the Company's financial performance. It is intended to provide a proxy for the Company's operating cash flow and is widely used by industry analysts to compare CanadaBis to its competitors and derive expectations of future financial performance of the Company. Adjusted EBITDA increases comparability between comparative companies by eliminating variability resulting from differences in capital structures, management decisions related to resource allocation, and the impact of fair value adjustments on biological assets, inventory, and financial instruments, which may be volatile on a period-to-period basis. Adjusted EBTIDA is not a recognized, defined, or standardized measure under IFRS. The Company calculates Adjusted EBITDA as net income (loss) and comprehensive income (loss) excluding changes in fair value of biological assets, change in fair value of biological assets realized through inventory sold, depreciation and amortization expense, share-based payments, and finance costs.

Regarding Forward-Looking Information

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include but are not limited to statements with respect to our business and operations; the focus of our 2024 activities, our continued cost saving initiatives, our outlook and the plan to seek further growth initiatives. Forward-looking statements are necessarily based upon a number of assumptions including: the ability of the Company's products to compete with the pricing and product availability; the market demand for the Company's products; and assumptions concerning the Company's competitive advantages. These assumptions, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: compliance with extensive government regulation, the general business, economic, competitive, political and social uncertainties; ability to sustain or create a demand for a product; requirement for further capital; delay or failure to receive board, shareholder or regulatory approvals; the results of operations and such other matters as set out in the Company's continuous disclosure on SEDAR at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward-looking statements. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although we believe that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have a material adverse effect on our future results, performance or achievements.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE CanadaBis Capital Inc.


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