|
||
|
Consolidated Statement of Net Income (Loss) | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 |
Revenue | $15,693,969 | $17,559,647 | $16,902,378 | $18,252,096 |
Cost of Sales | 13,772,202 | 14,173,693 | 12,689,181 | 13,039,705 |
Gross Profit Before Unrealized Gain From Changes In Biological Assets | 1,921,767 | 3,385,954 | 4,213,197 | 5,212,391 |
Unrealized gain from changes in fair value of biological assets (Net) | 340,602 | (2,710,521) | 2,135,184 | (1,581,124) |
Gross Profit | $2,262,369 | $675,433 | $6,348,381 | $3,631,267 |
Expenses | ||||
General and Administrative | 3,668,708 | 3,551,472 | 3,390,234 | 3,087,652 |
Sales and Marketing | 3,710,471 | 4,647,409 | 4,003,020 | 4,043,689 |
Share Based Compensation | 1,086,858 | 169,540 | 167,603 | - |
Total Operating Expenses | $8,466,037 | $8,368,421 | $7,560,857 | $7,131,341 |
Adjusted EBITDA (Loss) 1 | (1,683,018) | (1,479,845) | (475,595) | 1,361,821 |
Income (Loss) from Operations | $(6,203,668) | $(7,692,988) | $(1,212,476) | $(3,500,074) |
Other Income/ Expenses | (1,470,942) | (3,515,430) | (1,930,496) | 1,460,388 |
Net Income (Loss) | $(7,674,610) | $(11,208,418) | $(3,142,972) | $(2,039,686) |
Basic and Diluted Earnings (Loss) Per Share | $(0.06) | $(0.09) | $(0.02) | $(0.02) |
DATE: | August 15, 2023 |
TIME: | 11:00 pm Eastern Time |
Dial in # | 1-888-886-7786 |
REPLAY: |
1-877-674-6060 Available until 12:00 midnight Eastern Time, September 15, 2023 |
Replay passcode: | 823449 # |
For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
Mobile: 204-898-7722
E-mail: ian.chadsey@delta9.ca
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. 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. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 95,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTC under the symbol "DLTNF". For more information, please visit www.delta9.ca.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to: (i) the Company’s plans to establish a chain of cannabis retail stores across Canada; and (ii) the anticipated production capacity of the Company’s planned cannabis processing center. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including all risk factors set forth in the annual information form of Delta 9 dated March 31, 2023 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
DATE: | August 15, 2023 |
TIME: | 11:00 a.m. Eastern Time |
Dial in # | 1-888-886-7786 |
REPLAY: |
877-674-6060 Available until 12:00 midnight Eastern Time, September 15, 2023 |
Replay passcode: |
823449 # |
For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
Mobile: 204-898-7722
E-mail: ian.chadsey@delta9.ca
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. 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. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 95,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTC under the symbol “DLTNF”. For more information, please visit www.delta9.ca.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to Delta 9’s financial results for the quarter ended June 30, 2022. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including the Company’s actual financial results being different from its estimates as well as all risk factors set forth in the annual information form of Delta 9 dated March 30, 2023 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
Nominee |
# Votes For |
% Votes For |
# Votes Withheld |
% Votes Withheld |
Total |
John William Arbuthnot III |
39,166,080 |
97.41 |
1,039,364 |
2.59 |
40,205,444 |
John William Arbuthnot IV |
38,801,057 |
96.35 |
1,466,339 |
3.65 |
40,205,444 |
Nitin Kaushal |
38,801,057 |
96.51 |
1,404,387 |
3.49 |
40,205,444 |
Stuart Starkey |
39,187,317 |
97.47 |
1,018,127 |
2.53 |
40,205,444 |
Hugh Aird |
38,499,267 |
95.76 |
1,706,177 |
4.24 |
40,205,444 |
"During the first quarter, we continued to focus on our highest priorities of sustaining and growing our revenues across our core business units while optimizing our vertically integrated business model to achieve positive cash flow from operations in 2023,” said John Arbuthnot, CEO of Delta 9. “We will continue our relentless focus on cost and operational efficiencies and strengthening our balance sheet to deliver sustained, profitable growth for our shareholders. Delta 9 is well positioned to generate $3-4 million in efficiencies from various cost cutting measures announced earlier this year as we pursue our path to profitability.”
Summary of Quarterly Results:
A comprehensive discussion of Delta 9’s financial position and results of operations is provided in the Company’s Management Discussion & Analysis for the first quarter ended March 31, 2023 filed on SEDAR and can be found at www.sedar.com.
Q1 Results 2023 Conference Call
Delta 9 has scheduled a conference call to discuss the results for its first quarter ended March 31, 2023. The conference call will be hosted May 16, 2023 at 10:00 a.m. Eastern Time by John Arbuthnot, Chief Executive Officer, and Jim Lawson, Chief Financial Officer, followed by a question and answer period.
Date May 16, 2022
Time 10:00 a.m. EST
Dial in # 1-888-886-7786 - Toll free North America
Replay information: 1-877-674-6060
Replay Password 526708# Available until June 16, 2023
For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
Mobile: 204-898-7722
E-mail: ian.chadsey@delta9.ca
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. 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. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 95,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTCQB under the symbol “DLTNF”. For more information, please visit https://invest.delta9.ca.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to Delta 9’s financial results for the quarter ended March 31, 2023. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including the Company’s actual financial results being different from its estimates as well as all risk factors set forth in the annual information form of Delta 9 dated March 31, 2023 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
DATE: | May 16, 2023 |
TIME: | 10:00 a.m. Eastern Time |
Dial in # | 1-888-886-7786 |
REPLAY: |
1-877-674-6060 Available until 12:00 midnight Eastern Time, June 16, 2023 |
Replay passcode 526708 # |
For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
Mobile: 204-898-7722
E-mail: ian.chadsey@delta9.ca
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. 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. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates a 95,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTCQX under the symbol “DLTNF”. For more information, please visit www.delta9.ca.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to Delta 9’s financial results for the quarter ended March 31, 2023. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including the Company’s actual financial results being different from its estimates as well as all risk factors set forth in the annual information form of Delta 9 dated March 31, 2023 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
Consolidated Statement of Net Income (Loss) | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 |
Revenue | $12,479,577 | $17,495,078 | $15,693,969 | $17,559,647 |
Cost of Sales | 9,515,096 | 12,850,777 | 13,772,202 | 14,173,693 |
Gross Profit Before Unrealized Gain From Changes In Biological Assets1 | 2,964,481 | 4,644,301 | 1,921,767 | 3,385,954 |
Unrealized gain from changes in fair value of biological assets (Net) | 874,293 | (542,188) | 340,602 | (2,710,521) |
Gross Profit | $3,838,774 | $4,102,113 | $2,262,369 | 675,433 |
Expenses | ||||
General and Administrative | 3,810,316 | 4,043,257 | 3,668,708 | 3,551,472 |
Sales and Marketing | 2,713,630 | 3,381,223 | 3,710,471 | 4,647,409 |
Share Based Compensation | 246,944 | 107,121 | 1,086,858 | 169,540 |
Total Operating Expenses | $6,770,890 | $7,531,601 | $8,466,037 | $8,368,421 |
Adjusted EBITDA (Loss) 2 | (1,694,529) | (391,054) | (1,683,018) | (1,479,845) |
Income (Loss) from Operations | $(2,932,116) | $(3,429,488) | $(6,203,668) | $(7,692,988) |
Other Income/ Expenses | (1,189,730) | (1,402,588) | (1,470,942) | (3,515,430) |
Net Income (Loss) | $(4,121,846) | $(4,832,076) | $(7,674,610) | $(11,208,418) |
Basic and Diluted Earnings (Loss) Per Share | $(0.04) | $(0.04) | $(0.06) | $(0.09) |
DATE: | April 3, 2023 |
TIME: | 10:00 am Eastern Time |
Dial in # | 1-888-886-7786 |
REPLAY: | 1-877-674-6060 Available until 12:00 midnight Eastern Time, December 15, 2022 |
Replay passcode: | 107180 # |
For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
Mobile: 204-898-7722
E-mail: ian.chadsey@delta9.ca
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. 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. Delta 9's wholly-owned subsidiary, Delta 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. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTCQX under the symbol "DLTNF". For more information, please visit www.delta9.ca.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to: (i) the Company’s plans to establish cannabis distribution operations in Manitoba; and (ii) the Company’s plans to continue to expand its retail operations in Canada. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including all risk factors set forth in the annual information form of Delta 9 dated March 31, 2023 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
DATE: | April 3, 2023 |
TIME: | 10:00 a.m. Eastern Time |
Dial in # | 1-888-886-7786 |
REPLAY: | 1-877-674-6060 Available until 11:59 PM EST Tuesday, May 30, 2023 |
Replay passcode: | 107180 # |
For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
Mobile: 204-898-7722
E-mail: ian.chadsey@delta9.ca
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. 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. Delta 9's wholly-owned subsidiary, Delta 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. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTCQX under the symbol "DLTNF". For more information, please visit www.delta9.ca.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to Delta 9’s financial results for the quarter and year ended December 31, 2022. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including the Company’s actual financial results being different from its estimates as well as all risk factors set forth in the annual information form of Delta 9 dated March 31, 2022 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
Financial Highlights for the three-month period ending September 30, 2022
Financial Highlights for the nine-month period ending September 30, 2022
“In the third quarter of 2022 we have seen a degree of seasonality and timing issues relating to provincial government’s purchasing patterns affecting our wholesale business and B2B businesses and impacting sequential revenue growth,” said John Arbuthnot, CEO of Delta 9. “The Canadian cannabis industry continues to struggle with intense competition resulting in margin compression and affecting overall growth. We remain confident that Delta 9 will be able to navigate the industry challenges and return the Company to growth and profitability in the coming quarters.”
3nd Quarter Operational Highlights
Summary of Quarterly Results:
Consolidated Statement of Net Income (Loss) |
Q4 2021 |
Q1 2022 |
Q2 2022 |
Q3 2022 |
Revenue |
$17,120,932 |
$12,479,577 |
$17,495,078 |
$15,693,969 |
Cost of Sales |
12,247,951 |
9,515,096 |
12,850,777 |
13,772,202 |
Gross Profit Before Unrealized Gain From Changes In Biological Assets |
4,872,981 |
2,964,481 |
4,644,301 |
1,921,767 |
Unrealized gain from changes in fair value of biological assets (Net) |
(1,853,245) |
874,293 |
(542,188) |
340,602 |
Gross Profit |
$3,019,736 |
$3,838,774 |
$4,102,113 |
$2,262,369 |
|
|
|
|
|
Expenses |
|
|
|
|
General and Administrative |
2,972,633 |
3,810,316 |
4,043,257 |
3,668,708 |
Sales and Marketing |
3,212,250 |
2,713,630 |
3,381,223 |
3,710,471 |
Share Based Compensation |
371,433 |
246,944 |
107,121 |
1,086,858 |
Total Operating Expenses |
$6,556,316 |
$6,770,890 |
$7,531,601 |
$8,466,037 |
|
|
|
|
|
Adjusted EBITDA (Loss) 1 |
613,562 |
(1,694,529) |
(391,054) |
(1,683,018) |
Income (Loss) from Operations |
$(3,536,580) |
$(2,932,116) |
$(3,429,488) |
$(6,203,668) |
Other Income/ Expenses |
(1,622,996) |
(1,189,730) |
(1,402,588) |
(1,470,942) |
Net Income (Loss) |
$(5,159,576) |
$(4,121,846) |
$(4,832,076) |
$(7,674,610) |
Basic and Diluted Earnings (Loss) Per Share |
$(0.05) |
$(0.04) |
$(0.04) |
$(0.06) |
A comprehensive discussion of Delta 9’s financial position and results of operations is provided in the Company’s Management Discussion & Analysis for the three-month and nine-month period ending September 30, 2022 filed on SEDAR on November 14, 2022 and can be found at www.sedar.com.
2022 Third Quarter Results Conference Call
A conference call to discuss the above results is scheduled for November 15, 2022. The conference call will be hosted that day at 10:00 a.m. Eastern Time by John Arbuthnot, Chief Executive Officer, and Jim Lawson, Chief Financial Officer, followed by a question-and-answer period.
DATE: |
November 15, 2022 |
TIME: |
10:00 am Eastern Time |
Dial in # |
1-888-886-7786 |
REPLAY: |
1-877-674-6060 |
Replay passcode: |
046070 # |
For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
Mobile: 204-898-7722
E-mail: ian.chadsey@delta9.ca
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. 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. Delta 9's wholly-owned subsidiary, Delta 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. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTCQX under the symbol "DLTNF". For more information, please visit www.delta9.ca.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to: (i) the Company’s plans to establish cannabis distribution operations in Manitoba; and (ii) the Company’s plans to continue to expand its retail operations in Canada. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including all risk factors set forth in the annual information form of Delta 9 dated March 30, 2022 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
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