Christina Lake Cannabis Corp. (OTCQB:CLCFF) (CSE:CLC) revenue in Q2 2022 was CA$2.3 million ($1.8 million), a 40% increase over Q1 FY2022 and 971% over Q2 2021.

Q2 Financial Highlights

• Gross Margin Before Fair Value Adjustments was 56% in Q2 FY2022 compared to 55% in Q1 FY2022 and 67% in Q2 FY2021.

• Total general & administrative expenses declined by 70% in Q2 FY2022 compared to in Q2 FY2021, driven by year-over-year reductions in corporate development, marketing, and share based compensation expenses.

• Net Income Q2 FY2022 was CA$22,000 which is a CA$1.8 million increase from the net loss incurred in Q2 FY2022. The year-over-year improvement is primarily driven by significant revenue growth and reduced G&A Expenses.

• The company posted CA$184,000 in positive EBITDA in Q2 FY2022, compared to a loss of CA$507,000 in Q1 FY2022 and a loss of CA$1.6 million in Q2 FY2021. There was a one-time gain on settlement of CA$259,000 related to the redemption and cancellation of the preferred shares during Q2 FY2022.

As at May 31, 2022, the company had CA$1.26 million of cash and CA$1.03 million in receivables.

Ryan Smith, CFO, stated, "our financial results demonstrate that our business model is performing and that by focusing upon high-quality, consistent cannabis oil, we can continue to grow our top and bottom lines."

Photo by Tim Foster on Unsplash

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