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Cannabis expects 1Q revenue of C$12.9M to $13.3M on higher retail sales

Cannabis Inc (TSE:DN) (OTCQX:DLTNF) announced it anticipates first-quarter 2021 revenue of between C$12.9 million and $13.3 million, up from $11.8 million during the same period last year, as the company sold more cannabis in its retail operations.

9 also said it expects its total production costs to improve in the quarter to $0.75 per gram from $0.80 per gram in 4Q 2020.

“Our 1Q 2021 performance demonstrates another quarter of year-over-year growth. This quarter we continue to add additional retail stores across central Canada, expand our B2B business into the US market place and find efficiencies to lower our wholesale production cost per gram,” 9 Cannabis CEO John Arbuthnot said in a statement.

READ: 9 Cannabis focused on bringing the highest quality cannabis products to market

“In 1Q, we have seen a degree of seasonality and relative Canadian cannabis market weakness affecting our business and impacting sequential revenue growth; however, we remain bullish that the remainder of 2021 looks to be a promising year for 9,” Arbuthnot added.

As well, 9 anticipates total 1Q cannabis production of 2,178,181 grams, up sequentially from the 2,128,288 grams produced in the December quarter.

The company added that it expects to process 210,138 total retail transactions in 1Q, up from 202,347 during the previous quarter.

9 said it will release its final 1Q results on May 17, 2021.

9 Cannabis is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. The company sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses.

The company's wholly-owned subsidiary, 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. 9 owns and operates a chain of retail stores under the 9 Cannabis Store brand.

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