Avant Brands reports an increase in their financial report for 2023’s third quarter.
A 64% increase can be seen in Avant Brands’ recent financial report. (Photo: ABC News)
Financial Report Of Avant Brands
Canadian cannabis company Avant Brands reported its financial results for the third quarter of fiscal 2023. Avant Brands disclosed net revenue of CA$6.5 million ($4.8 million) representing a 64% increase compared to the previous year but an 18.75% decrease sequentially.
Avant Brands’ gross revenue was CA$7.5 million, up by 61% from the previous year. Adjusted EBITDA was CA$900,000, compared to CA$200,000 a year ago. Avant Brands reported net and comprehensive income of CA$900,000, compared to a net loss of CA$1.1 million in the same period of 2022.
Avant Brands had approximately CA$1.7 million in cash at the end of Q3 2023 and working capital of CA$17.4 million, an article published by Benzinga stated.
The Struggle Of Canadian Cannabis Companies
In a published article by BBC, Canada legalized recreational marijuana five years ago, becoming one of the few countries to do so. However, the country’s cannabis industry is currently struggling.
Many companies, including Aurora Cannabis and Canopy Growth, have diversified their offerings or cut costs due to little to no profit. he early days of legalization saw empty store shelves and a reliance on the illicit market, leading to a surplus and downsizing.
Despite the challenges, many still view legalization as a success from a public policy standpoint. However, the long-term sustainability of the industry remains uncertain.
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