Christina Lake Cannabis sees strong growth in 2024 due to increased harvest and revenue.

From GlobeNewswire: 2025-01-31 20:42:11

Christina Lake Cannabis Corp. has provided a business update, highlighting the acquisition of a new outdoor cultivation facility in Midway, British Columbia in 2024. Despite challenges, the company successfully completed the 2024 harvest, yielding approximately 105,000 kilograms of extraction grade biomass and flower. The total harvested mass contributed to an 81% growth in inventory value compared to the prior year. The increase in harvested mass required additional resources, leading to an increase in capitalized expenses by approximately 100%. The company also reported a 16% increase in revenue with improved gross margin in the financial statements for the period ending November 30, 2024.

CEO Mark Aiken stated that the strategic move to expand cultivation sites allowed Christina Lake Cannabis to capitalize on growing flower demand and secure extraction input biomass needs. The company no longer relies on external feedstock sources after completing a final tranche of a non-brokered private placement in December 2024, settling outstanding convertible debt and reducing debt levels by approximately $1,825,875. Looking ahead, CEO Mark Aiken expects another strong year of growth in 2025, driven by the solid harvest numbers from the previous year.



Read more at GlobeNewswire: Christina Lake Cannabis Provides Business Update