CanadaBis Capital Inc. (the “Company” or “CanadaBis”) (TSXV: CANB), a premium vertically integrated Canadian cannabis company, is pleased to announce another consecutive year of record results for the fiscal year ended July 31, 2023, and the eighth straight quarter generating positive net income. The Company’s Financial Statements and Notes, as well as Management’s Discussion and Analysis (“MD&A”) are available on CanadaBis’ website and filed on SEDAR at www.sedar.com.

This past year was the most successful in the Company’s history, as gross and net revenue, net income and Adjusted EBITDA¹ all meaningfully exceeded results from previous years, and as such, we are proud to report the removal of the Going Concern note from the Company’s financial statements. The continued demonstration of our financial and operating performance supported the removal of the note, and is an indicator of CanadaBis’ ability to successfully execute our business strategy, which we believe translates into value creation for shareholders. With the combination of ongoing sales increases, cost efficiencies and rising demand for new and existing stock keeping units (“SKUs”), CanadaBis sold over 1.7 million units of combined concentrate and dry flower during the year ended July 31, 2023, representing growth of more than 112% relative to the 800,000 units sold in 2022.

“I am thrilled to share the Company’s positive results for the quarter and year end July 31, 2023, as we delivered efficient operational execution and prudent financial management while successfully growing sales and gross profit, boosting net income, and increasing Adjusted EBITDA¹, all while enhancing our long-term sustainability with the removal of the Going Concern note in our financial statements,” said Travis McIntyre, CEO of CanadaBis. “Our value-oriented mindset and robust offering of multiple in-demand brands under the Stigma Grow umbrella provide a clear field of play where the Company’s unique capabilities offer a distinct consumer-centric value proposition. Through fiscal 2024, CanadaBis will remain focused on capturing further market share, increasing unit sales and enhancing cost efficiencies, all of which we believe will support continued generation of positive results and value for our shareholders.”

FOURTH QUARTER AND YEAR END 2023 HIGHLIGHTS

• Revenue Continues to Set Records – Gross revenue for the full year was the highest in CanadaBis’ history, totaling $34.6 million, more than double the gross revenue in 2022, driven by steady growth and continued demand for newly launched and existing SKUs.
• Positive Net Income and Earnings per Share – Net income continued its positive trajectory, totaling $4.4 million in fiscal 2023 or 631% higher than in 2022, and was positive for the eighth straight quarter in a row at $1.2 million in Q4/23, 159% higher than Q4/22. Earnings per share totaled $0.03 in fiscal 2023, and $0.01 in Q4/23, compared to nil for the same respective periods in 2022.
• Expanding Adjusted EBITDA¹ – Adjusted EBITDA¹ was also a record result, totaling $5.8 million for the year ended July 31, 2023, and $1.7 million for fourth quarter, increases of 238% and 161%, respectively.
• Two Key Financial Milestones Realized – For the first time in our history, CanadaBis removed the Going Concern note from our 2023 financial statements, aligning with the Company’s improved financial performance and stability. As a result of this improved fiscal strength, CanadaBis recorded our inaugural current income tax expense of $119,228 for the 2023 fiscal year, a testament to the ongoing success of our business.
• New Products Underpin Growing Sales – During fiscal 2023, our newest and first-of-its-kind product line, Super Slim Cigarette Style Pre-Rolls, the “Electric Dartz” was brought to market. Since launch, the Electric Dartz product has been well received across the provinces with new flavours unveiled in the previous quarter contributing to growth and record sales in Alberta, British Columbia, Manitoba, Saskatchewan, and Ontario. These new products were packaged in ten packs of 0.4 grams per roll, both infused and non-infused. Previously, we rolled out similar products in packages of three, 0.5 grams per pre-roll format, while the Moonrock and Resin infused Flower format were available in 2-gram packages.
• Brand Loyalty and Innovation – The financial results for 2023 are indicative of our increased brand awareness, the launch of the High Priestess brand, and Stigma Grow’s deep innovation pipeline that supports consistent launches of new SKU’s and products driven by customer demand. In addition, the continued growth in our Dab Bod products, including the launch of multiple new SKUs under the Dab Bod Brand, offers an excellent foundation with a loyal market following.
• Cost Control Remains a Focus – CanadaBis has continued to manage our input expenses through negotiation with multiple suppliers to capture cost savings while increasing concentrate yields. While this drove a meaningful reduction in costs through 2023, we anticipate seeing a continuation of this trend into 2024 as more cultivators reposition themselves in the industry.

ANNUAL  HIGHLIGHTS ( FISCAL YEAR END 2023)

OUTLOOK

In light of the consistent and strong performance achieved throughout fiscal 2023, highlighted by remarkable growth in gross and net revenue, net income, Adjusted EBITDA[1], and successful cost management, CanadaBis has concluded fiscal 2023 with record-breaking results. Our commitment to executing the Company’s strategic vision has established a foundation for growth that demonstrates our proven ability to sustain momentum. Going forward, our primary focus will remain on the continued expansion of our customer base and diversification of our product offerings. As a vertically integrated cannabis company, CanadaBis will remain sufficiently nimble and agile to respond effectively to external factors, such as fluctuations in selling prices, input costs, or evolving customer demand, all while maintaining a disciplined approach to capital management.

By leveraging our extensive brand portfolio, enhanced brand recognition, unique product offerings, and strategic allocation of resources, we plan to further cultivate innovative brands and introduce new products that align with evolving customer preferences. We are pleased with the growth achieved in market presence in provinces like Alberta, Ontario, and British Columbia. Our focus on boosting sales of resin and shatter-infused pre-rolls, moonrocks, Dab Bod, and High Priestess products positions us to capture an even greater market share.

As we shift our focus towards fiscal 2024, CanadaBis remains steadfast in its commitment to achieving continued success, pushing boundaries, and delivering sustainable shareholder value. The Company is strategically equipped for substantial growth and product diversification, driven by innovative cultivation techniques, effective market penetration strategies, and an unwavering dedication to product quality. Our strategic path remains clear: we will actively pursue growth opportunities, remain responsive to the evolving cannabis market, and continue to set new benchmarks for excellence in our operations. The outlook for CanadaBis is not just promising; it is a testament to the resilience, creativity, and collaborative strength of our Company. We extend our sincere gratitude to all shareholders and key stakeholders for your unwavering support.

High Tide Inc. (“High Tide” or the “Company“) (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, announced today that its Canna Cabana retail cannabis store located at  481 River Avenue, Winnipeg, Manitoba will begin selling recreational cannabis products and consumption accessories for adult use on Friday, December 1, 2023. This opening will mark High Tide’s 159th Canna Cabana branded retail cannabis location in Canada, the 11th in Manitoba, and the 6th store in Winnipeg, the capital city of the province.

Located in one of the most desirable communities in Winnipeg, Osborne Village, this new Canna Cabana location is anchored by a national grocery store chain, a provincially run liquor store, and a major Canadian pharmacy retailer. The Village is across the Assiniboine River from the Manitoba Legislature and is one of the highest-density neighbourhoods in the city. Besides these strong national and provincial anchors, this new location will enjoy additional customer traffic visiting the various restaurants as well as numerous other retail businesses in the area.

“I am pleased to announce this brand new Canna Cabana location in Osborne Village, one of the highest-density neighbourhoods in Winnipeg. Becoming meaningfully cash flow positive prior to the end of this calendar year has opened up space for us to hit the gas pedal again on new organic store openings across the country. Staying the course with our premier site selection strategy, I am very excited about the launch of this excellent Canna Cabana location,” said Raj Grover, Founder and Chief Executive Officer of High Tide.

“The province of Manitoba has become even more attractive to do business in as it moved in the right direction to support the cannabis industry by repealing the 6% SRF. With several exciting stores in the announcement pipeline, we are on track to end 2023 with a number of solid additions to our retail portfolio,” added Mr. Grover.

Indivior PLC (LSE/Nasdaq: INDV) today announced its financial results for the period ending September 30, 2023. The earnings release, investor presentation and webcast are available at www.indivior.com.

• The earnings release can be found at www.indivior.com/investors
• The investor presentation can be found at www.indivior.com/investors (at 7:00 am EST)

There will be a live webcast presentation at 13:00 BST (8:00 am EST) hosted by Mark Crossley, CEO. The details are below.

Webcast link: https://edge.media-server.com/mmc/p/stcq4w5c
Participants may access the presentation telephonically by registering with the following link: https://register.vevent.com/register/BIf8e71289ddc241b399540e669d753461

(Please note this is a change from prior calls – registrants will have an option to be called back directly immediately prior to the call or be provided a call-in # with a unique pin code following their registration)