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Delta 9 CANNABIS delta9.ca Delta 9 Reports Financials for Q3 2021 WINNIPEG , Manitoba , Nov. 15 , 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 nine - month period ending September 30 , 2021 . Financial Highlights for the three - month period ending September 30 , 2021 • Net revenue of $ 15.2 million for the third quarter of 2021 , an increase of 16 % , from $ 13.1 million for the same quarter last year . • Gross profit of $ 4.8 million for the third quarter of 2021 , an increase of 55 % , from $ 3.1 million for the same quarter last year . • Net loss from operations of $ ( 55,031 ) for the third quarter of 2021 versus a loss from operations of $ ( 4,578,729 ) for the same quarter last year . • Adjusted EBITDA of $ 191,056 for the third quarter of 2021 versus an adjusted EBITDA of $ 210,756 million for the same quarter last year . Financial Highlights for the nine - month period ending September 30 , 2021 • Net revenue of $ 45.2 million for the first nine months of 2021 , an increase of 19 % , from $ 37.9 million for the same period last year . • Gross profit of $ 13.4 million for the first nine months of 2021 , an increase of 16 % , from $ 11.6 million for the same period last year . • Net loss from operations of $ ( 4.1 ) million for the first nine months of 2021 versus a net income loss from operations of $ ( 2.7 ) million for the same period last year . • Adjusted EBITDA of $ 1.4 million for the first nine months of 2021 versus an adjusted EBITDA of $ 1.4 million for the same period last year . " We were pleased to be recognized by the Globe and Mail's annual survey as the 7th fastest growing company in Canada with a three - year revenue growth rate of 5,413 % . Delta 9's annual revenues have grown from less than $ 1 Million in 2017 to over $ 52 Million in 2020 , and we continue to see growth trending in 2021 , " said John Arbuthnot , CEO . " In the third quarter of 2021 we have seen a degree of seasonality and timing issues relating to provincial government's purchasing patterns affecting our wholesale business and impacting sequential revenue growth . We remain bullish that the remainder of 2021 looks to outperform last year's results . " 3nd Quarter and Subsequent Operational Highlights • Delta 9 renewed its normal course issuer bid ( NCIB ) . Under the NCIB , the Company can purchase : ( i ) up to an aggregate of 6,827,032 common shares of the public float ; and ( ii ) up to an aggregate of $ 1,180,000 principal amount of 8.5 % unsecured convertible debentures of the Company . The Company sought approval of the NCIB because it believes that , from time to time , the market price of the Common Shares and Debentures may not fully reflect the value of the Common Shares and Debentures . The Company believes that , in such circumstances , the purchase of Common Shares and Debentures represents an accretive use of capital . • Delta 9 placed 7th on the 2021 Globe and Mail's Report on Business ranking of Canada's Top Growing Companies . Delta 9 Cannabis earned its spot with a three - year revenue growth rate of 5,413 % with revenues growing from under $ 1 million in 2017 to $ 52 million in 2020. The editorial ranking aims to celebrate entrepreneurial achievement in Canada by identifying and amplifying the success of growth - minded , independent businesses in Canada . • Delta 9 opened four cannabis retail stores this quarter with two in Edmonton , Alberta , and two in Manitoba , ( Winnipeg and Selkirk ) . Delta 9 now has 16 operating cannabis retail stores with eleven in Manitoba , four in Alberta and one in Saskatchewan . Delta 9 continues to make progress on its goal of having 20 stores open in the near term . Delta 9 will accomplish this through select strategic acquisition targets and a 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 . • Delta 9 entered into a partnership with Cultivatd to compliment the Company's B2B sales team by helping to target Grow Pod sales opportunities in Canada and the United States . Cultivatd is an indoor farming technology broker that connects people and businesses with the proper vertical farming technology for their needs . Cultivatd currently has $ 200 million of quotes in the pipeline with prospective clients in Canada , the United States and Australia . Summary of Quarterly Results :