WINNIPEG, Manitoba, July 26, 2023 (GLOBE NEWSWIRE) -- DELTA 9 CANNABIS INC. (TSX: DN) (OTC: DLTNF) (“Delta 9” or the “Company”) is pleased to provide guidance on its revenue forecast for the three- and six-month period ending June 30, 2023 based on preliminary results:
- The Company anticipates revenue for the three-month period ending June 30, 2023, to be between $18.2 million and $18.8 million compared with;
- $16.9 million for the first quarter of 2023.
- $17.5 million for the second quarter of 2022.
- The Company anticipates revenue for the six-month period ending June 30, 2023, to be between $35.1 million and $35.7 million compared with $30.0 million for the second quarter of 2022.
“Sequentially and year over year, Delta 9 anticipates another quarter with all three business units contributing to the success of a record quarter,” said John Arbuthnot, Co-founder, and CEO of Delta 9. “We remain optimistic that the rest of 2023 will continue to outperform the first half of the year for Delta 9.”
Delta 9 will provide investors with a full breakdown of our revenue and financial results as part of the second quarter news release which will be issued on August 14, 2023, after markets close. This will be followed by a conference call the following day on August 15, 2023, the details of which can be found at the end of this release.
The preliminary estimated revenues for the three-month period ended June 30, 2023, set forth above are subject to the completion of the Company's financial closing procedures. These preliminary estimated financial results have been prepared by and are the responsibility of the Company's management.
The Company currently expects that its final results for revenue will be consistent with the estimates set forth above, but such estimates are preliminary, and the Company’s actual results of operations and other data could differ materially from these estimates due to the completion of its financial closing procedures, final adjustments and other developments that may arise between now and the time such consolidated financial statements for the period ended June 30, 2023 are issued.
2023 Second Quarter Results Conference Call
Delta 9 will release results for the second quarter of 2023 on August 14, 2023, after markets close. A conference call to discuss the above results is scheduled for August 15, 2023. The conference call will be hosted that day at 11:00 am Eastern Time by John Arbuthnot, Chief Executive Officer, and Jim Lawson, Chief Financial Officer, followed by a question-and-answer period.
| DATE: | August 15, 2023 |
| TIME: | 11:00 a.m. Eastern Time |
| Dial in # | 1-888-886-7786 |
| REPLAY: | 877-674-6060 Available until 12:00 midnight Eastern Time, September 15, 2023 |
| Replay passcode: | 823449 # |
For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
Mobile: 204-898-7722
E-mail: ian.chadsey@delta9.ca
About Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. The Company sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 95,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTC under the symbol “DLTNF”. For more information, please visit www.delta9.ca.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to Delta 9’s financial results for the quarter ended June 30, 2022. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including the Company’s actual financial results being different from its estimates as well as all risk factors set forth in the annual information form of Delta 9 dated March 30, 2023 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
