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Delta 9 CANNABIS delta9.ca Delta 9 Reports Financials for Q2 2021 WINNIPEG , Manitoba , Aug. 16 , 2021 ( GLOBE NEWSWIRE ) -- DELTA 9 CANNABIS INC . ( TSX : DN ) ( OTCQX : DLTNF ) ( " Delta 9 " or the " Company " ) , is pleased to announce financial and operating results for the three - month and six - month period ending June 30 , 2021 . Financial Highlights for the three - month period ending June 30 , 2021 • Net revenue of $ 16.75 million for the second quarter of 2021 , an increase of 29 % , from $ 13.0 million for the same quarter last year . ° Sequential net revenue increased 27 % versus $ 13.2 million for the three - month period ending March 31 , 2021 • Gross profit of $ 4.9 million for the second quarter of 2021 , an increase of 25 % , from $ 3.95 million for the same quarter last year . • Net loss from operations of $ ( 0.8 ) million for the second quarter of 2021 versus a loss from operations of $ ( 0.2 ) million for the same quarter last year . • Adjusted EBITDA of $ 1.2 million for the second quarter of 2021 versus an adjusted EBITDA of $ 0.05 million for the same quarter last year . • The Company reported a loss per share of $ 0.01 Financial Highlights for the six - month period ending June 30 , 2021 • Net revenue of $ 29.98 million for the first six months of 2021 , an increase of 21 % , from $ 24.8 million for the same period last year . • Gross profit of $ 8.6 million for the first six months of 2021 , versus $ 8.5 million for the same period last year . • Net loss from operations of $ ( 4.0 ) million for the first six months of 2021 versus a net income from operations of $ 1.9 million for the same period last year . Adjusted EBITDA of $ 1.2 million for the first six months of 2021 versus an adjusted EBITDA of $ 1.17 million for the same period last year . " I am very proud of our results this quarter , with record top line revenues and our seventh consecutive quarter of positive Adjusted EBITDA . " said John Arbuthnot , CEO of Delta 9. " We will continue to advance our bricks and mortar and online retail business strategy . We will add new micro cultivation partners with strategic cooperation agreements that provide for a variety of services and expand our turn key Grow Pod sales into the US market . These activities are clear indicators highlighting the strength of our operations and our management team's ability to outperform in challenging markets . ” 2nd Quarter Operational Highlights • Delta 9 announced that its strategic partner Oceanic Releaf Inc. was granted five new cannabis retail store licences in the province of Newfoundland and Labrador from the Newfoundland Labrador Liquor Corporation ( NLC ) . Delta 9 owns a 5 % equity stake in Oceanics ' production facility operations , existing retail store , and retail store expansion plans and has a 20 - year supply agreement with Oceanic and the Government of Newfoundland and Labrador . • Delta 9 presented at the Benzinga Virtual Cannabis Capital Conference on Friday , June 4 , 2021 and at the Money show on May 12 , 2021 . • Delta 9 opened its twelfth Delta 9 Cannabis retail store , and ninth cannabis store in the Province of Manitoba . Delta 9's newest retail store is located in the City of Winnipeg . Delta 9 continues to make progress on its goal of having 20 stores open in 2021 across the Prairie provinces . Delta 9 will accomplish this through select strategic acquisition targets and laser focus on retail store build - outs at convenient and high traffic shopping locations . This growth strategy has been a successful part of the Company's overall vertical integration strategy . Summary of Quarterly Results : Revenue Consolidated Statement of Net Income ( Loss ) Cost of Sales Q1 2021 Q2 2021 Q3 2020 Q4 2020 ( Restated ) ( Restated ) $ 13,130,320 $ 14,149,717 $ 13,227,540 $ 16,750,695 10,058,135 7,879,094 9,539,620 11,817,720