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Cannara Biotech Inc. Reports Fourth Quarter and Fiscal Year 2021 Results Fiscal 2021 revenues of $ 17.3 million , gross profit of $ 10.5 million or 61 % and an Adjusted EBITDA of $ 1.5 million , strong indicators of Cannara's performance and successful operating strategy All financial results are reported in Canadian dollars , unless otherwise stated . MONTREAL , Dec. 8 , 2021 / CNW / - Cannara Biotech Inc. ( " Cannara " or the " Company " ) ( TSXV : LOVE ) ( OTCQB : LOVFF ) ( FRA : 8CB ) , a vertically integrated producer of premium - grade cannabis and derivative products with two mega cultivation facilities based in Québec spanning over 1,650,000 sq . ft . , today announced its fourth quarter and fiscal year 2021 financial and operating results for the three and twelve - month periods ended August 31 , 2021 . Driven by premium " AAAA " grade cannabis , disruptive pricing and exceptional consumer response to world - class products , the Company accomplished significant growth in 2021 from the commercialization of its cannabis operation in Quebec . As a result , the Company increased its total yearly gross revenue compared to prior year by 565 % , from $ 2.6 million to $ 17.3 million and its fourth quarter gross revenue compared to fourth quarter of 2020 by 957 % , from $ 613 thousand to $ 6.5 million , generating net income of $ 1.1 million and an Adjusted EBITDA of $ 1.4 million for a second consecutive quarter of profitability . With the initiation of commercial sales in Q2 2021 and the acquisition of the Valleyfield Facility , Cannara is well - positioned for national growth in 2022 . Selected Financial Highlights