{"id":379086,"date":"2020-11-11T17:03:15","date_gmt":"2020-11-11T22:03:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=379086"},"modified":"2020-11-11T17:03:15","modified_gmt":"2020-11-11T22:03:15","slug":"delta-9-reports-financials-for-q3-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/delta-9-reports-financials-for-q3-2020\/","title":{"rendered":"Delta 9 Reports Financials for Q3 2020"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">WINNIPEG, Manitoba, Nov.  11, 2020  (GLOBE NEWSWIRE) &#8212; DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: VRNDF) (\u201cDelta 9\u201d or the \u201cCompany\u201d), is pleased to announce financial and operating results for the three-month and nine-month period ending September 30, 2020.<\/p>\n<p align=\"justify\">\n        <strong>Financial Highlights for <\/strong><br \/>\n        <strong>the three-month and nine-month period ending September 30<\/strong><br \/>\n        <strong>, 20<\/strong><br \/>\n        <strong>20<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:5pt;margin-bottom:5pt;text-align:justify\">Net revenue of $13.1 million for the third quarter of 2020, an increase of 97%, from $6.7 million for the same quarter last year.\n<ul type=\"circle\">\n<li style=\"margin-top:5pt;margin-bottom:5pt;text-align:justify\">Net revenue of $37.9 million for the first nine months of 2020, an increase of 79%, from $21.2 million for the same period last year.<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-top:5pt;margin-bottom:5pt;text-align:justify\">Gross profit of $3.96 million for the third quarter of 2020, an increase of 95%, from $2.03 million for the same quarter last year.\n<ul type=\"circle\">\n<li style=\"margin-top:5pt;margin-bottom:5pt;text-align:justify\">Gross profit of $13.5 million for the first nine months of 2020, an increase of 98%, from $6.8 million for the same period last year.<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-top:5pt;margin-bottom:5pt;text-align:justify\">Net income (loss) from operations and Adjusted EBITDA (loss) was $(5.5) million and $(0.5) million respectively for the third quarter of 2020, largely a result of an unrealized loss on the fair value of biological assets in inventory, a non-cash item.\n<ul type=\"circle\">\n<li style=\"margin-top:5pt;margin-bottom:5pt;text-align:justify\">Net income (loss) from operations and Adjusted EBITDA for the first nine months of 2020 was a loss of $(0.4) million and gain of $1.9 million respectively.<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-top:5pt;margin-bottom:5pt;text-align:justify\">The Company reported a strong financial position, with $7.2 million in cash, $25.6 million in working capital and total assets of $77.5 million. <\/li>\n<\/ul>\n<p align=\"justify\">Adjusted EBITDA is a non-IFRS measure, and is calculated as earnings before interest, tax, depreciation and amortization, share-based compensation expense, fair value changes and other non-cash items.<\/p>\n<p align=\"justify\">\u201cManagement believes that, given the relative novelty and uncertainty of the global cannabis industry, the Company&#8217;s diversified revenue and vertical integration approaches will allow it to better react to market challenges than its competitors with single business strategies,\u201d said John Arbuthnot, CEO. \u201cManagement is confident that its renewed focus on revenue growth, gross profitability, and prudent cost controls will return the Company to profitability over the coming quarters.\u201d<\/p>\n<p>\n        <strong>3<\/strong><br \/>\n        <sup><br \/>\n          <strong>nd<\/strong><br \/>\n        <\/sup><br \/>\n        <strong>Quarter <\/strong><br \/>\n        <strong>and Subsequent <\/strong><br \/>\n        <strong>Operational Highlights<\/strong>\n      <\/p>\n<ul>\n<li>November 9, 2020, Delta 9 closed a transaction with Auxly Cannabis Group Inc. and Kolab Project Inc. to acquire a retail cannabis store in Lloydminster, Saskatchewan. The purchase price of $875,000 was satisfied through the issuance of 1,282,270 common shares of the Company (\u201cCommon Shares\u201d) at a deemed price per Common Share of $0.5849 ($750,000) and $125,000 in cash, less customary adjustments. Delta 9\u2019s strategy of vertical integration is further strengthened with the move into Saskatchewan, and unites Delta 9\u2019s Western Canada retail strategy by joining its existing Manitoba and Alberta retail presence, and expands its base for future expansion opportunities.<\/li>\n<li>October 20, 2020, Delta 9 announced that the Toronto Stock Exchange (\u201cTSX\u201d) approved the Company\u2019s normal course issuer bid (the \u201cNCIB\u201d). Under the NCIB, the Company can purchase: (i) up to an aggregate of 2,802,503 Common Shares, representing 5% of the public float of Common Shares as at October 20 2020; and (ii) up to an aggregate of $1,180,000 principal amount of 8.5% unsecured convertible debentures of the Company (\u201cDebentures\u201d), representing 10% of the public float of Debentures as at October 20, 2020.<\/li>\n<li>September 9, 2020, Delta 9 opened it 5th retail store in Manitoba. At 4,000 square feet, the newest Delta 9 Cannabis Store is located in one of Southwest Winnipeg\u2019s premier shopping destinations with high traffic anchors including Dollarama, Walmart, Home Depot, Safeway, Home Sense and Tim Hortons. The traffic corridor in Southwest Winnipeg sees approximately over 50,000 vehicles every day. The new store is the largest cannabis retail store in the area, offering customers an open and modern shopping d\u00e9cor, highly trained staff and a wide range of products, including dried cannabis flower, cannabis oil, edibles, drinkables, vape pens, concentrates and a full assortment of cannabis accessories. Delta 9 now has five retail stores in Manitoba and eight in total across Canada.<\/li>\n<\/ul>\n<p align=\"justify\">\u201cOur three-prong growth strategy for revenue going forward will focus on expanding our retail store network and continue to market our price leadership strategy at new and existing stores,\u201d said John Arbuthnot, CEO of Delta 9. \u201cWe will continue to build momentum in the cannabis wholesale segment with a focus on expanding product distribution in Delta 9\u2019s six provincial markets and continue to expand B2B business with a focus on creating relationships in the Canadian micro cultivation industry and expansion into emerging markets.\u201d<\/p>\n<p align=\"justify\">\n        <strong>Summary of Quarterly Results:<\/strong>\n      <\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:52%;width:52%;min-width:52%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Consolidated Statement of <br \/>Net Income (Loss)<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Q4 2019<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Q1 2020<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Q2 2020<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Q3 2020<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:48%;min-width:48%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Revenue<\/strong>\n          <\/td>\n<td style=\"max-width:2%;min-width:2%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>10,585,484<\/strong>\n          <\/td>\n<td style=\"max-width:2%;min-width:2%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>11,753,406<\/strong>\n          <\/td>\n<td style=\"max-width:2%;min-width:2%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>13,013,610<\/strong>\n          <\/td>\n<td style=\"max-width:2%;min-width:2%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>13,130,320<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Cost of Sales<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">7,356,889<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">6,858,370<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">8,394,239<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">9,168,026<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Gross Profit Before Unrealized Gain From Changes In Biological Assets<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">3,228,595<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">4,895,036<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">4,619,371<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">3,962,294<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Unrealized gain from changes in fair value of biological assets (Net)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">1,991,398<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2,761,873<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">2,460,490<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">(2,338,699)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Gross Profit <\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>5,219,993<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>7,656,909<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>7,079,861<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>1,623,595<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Expenses<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">General and Administrative<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">3,118,669<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">3,198,840<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">3,676,326<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">4,047,063<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Sales and Marketing<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">1,385,700<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">1,243,115<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">1,534,875<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">1,753,461<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Share Based Compensation<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">234,503<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">314,231<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">174,779<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">776,705<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Total Operating Expenses<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>4,738,872<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>4,756,186<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>5,385,980<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>6,577,229<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Adjusted EBITDA (Loss) <sup>1<\/sup><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">(91,760)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">1,650,398<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">706,469<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">(474,039)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Income (Loss) from Operations<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>481,121<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>2,900,723<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>1,693,881<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>(4,953,634<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">Other Income\/ Expenses<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">(696,667)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">(711,538)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">(262,364)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">(595,547)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Net Income (Loss)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>(215,556<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>2,189,185<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>1,431,517<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>(5,549,181<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong>Basic and Diluted Earnings (Loss) Per Share<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>(0.01<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>0.02<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>0.01<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>(0.07<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<ol style=\"list-style-type:decimal\">\n<li style=\"margin-bottom:8pt;text-align:justify\">Adjusted EBITDA is a non-IFRS measure, and is calculated as earnings before interest, tax, depreciation and amortization, share-based compensation expense, fair value changes and other non-cash items.<\/li>\n<\/ol>\n<p>A comprehensive discussion of Delta 9\u2019s financial position and results of operations is provided in the Company\u2019s Management Discussion &amp; Analysis for the three-month and nine-month period ending September 30, 2020 filed on SEDAR on November 11, 2020 and can be found at\u00a0<u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=MM_0Faqw3oOsdD6r7xQfxqpwFDeNWibITA0CIuQShXzkGFxv4RUw8fPOdyHT5ciaouy13cuHyNFS7Baj7LOavA==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.sedar.com<\/a><\/u>.<\/p>\n<p align=\"justify\">\n        <strong>2020 Third Quarter Results Conference Call<\/strong>\n      <\/p>\n<p align=\"justify\">A conference call to discuss the above results is scheduled for November 12, 2020, pre-market. The conference call will be hosted that day at 9:00 a.m. Eastern Time by John Arbuthnot, Chief Executive Officer, and Jim Lawson, Chief Financial Officer, followed by a question and answer period.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: left;vertical-align: middle;vertical-align: bottom\">DATE:<\/td>\n<td style=\"max-width:85%;width:85%;min-width:85%;text-align: left;vertical-align: middle;vertical-align: bottom\">November 12, 2020<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:15%;width:15%;min-width:15%;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:85%;width:85%;min-width:85%;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">TIME:<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">9:00 am Eastern Time<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Dial in #<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">1-888-886-7786<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">REPLAY:<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">1-877-674-6060 <br \/>Available until 12:00 midnight Eastern Time, February 12, 2020<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Replay passcode:<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">617905 #<\/td>\n<\/tr>\n<\/table>\n<p>For more information contact:<\/p>\n<p>Investor &amp; Media Contact:<br \/>Ian Chadsey VP Corporate Affairs<br \/>Mobile: 204-898-7722<br \/>E-mail:\u00a0ian.chadsey@delta9.ca<\/p>\n<p align=\"justify\">\n        <strong>About Delta 9 Cannabis Inc.<\/strong>\n      <\/p>\n<p align=\"justify\">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&#8217;s wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in\u00a0Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9&#8217;s shares trade on the Toronto Stock Exchange under the symbol &#8220;DN&#8221; and on the OTCQX under the symbol &#8220;VRNDF&#8221;. For more information, please visit www.delta9.ca.<\/p>\n<p>\n        <strong><br \/>\n          <em>Disclaimer for Forward-Looking Information<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <em>Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company\u2019s 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: (i) management\u2019s expectations with respect to the Company\u2019s financial results; and (ii) the Company\u2019s future expansion plans. 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 all risk factors set forth in the annual information form of Delta 9 <\/em><br \/>\n        <em>dated\u00a0March 19, 2020\u00a0which 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.<\/em>\n      <\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4NDM2MSMzODIyNTMyIzIxNzg4MTk=\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>WINNIPEG, Manitoba, Nov. 11, 2020 (GLOBE NEWSWIRE) &#8212; DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: VRNDF) (\u201cDelta 9\u201d or the \u201cCompany\u201d), is pleased to announce financial and operating results for the three-month and nine-month period ending September 30, 2020. Financial Highlights for the three-month and nine-month period ending September 30 , 20 20 Net revenue of $13.1 million for the third quarter of 2020, an increase of 97%, from $6.7 million for the same quarter last year. Net revenue of $37.9 million for the first nine months of 2020, an increase of 79%, from $21.2 million for the same period last year. Gross profit of $3.96 million for the third quarter of 2020, an increase of 95%, from $2.03 million &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/delta-9-reports-financials-for-q3-2020\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Delta 9 Reports Financials for Q3 2020&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-379086","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Delta 9 Reports Financials for Q3 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/delta-9-reports-financials-for-q3-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Delta 9 Reports Financials for Q3 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"WINNIPEG, Manitoba, Nov. 11, 2020 (GLOBE NEWSWIRE) &#8212; DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: VRNDF) (\u201cDelta 9\u201d or the \u201cCompany\u201d), is pleased to announce financial and operating results for the three-month and nine-month period ending September 30, 2020. Financial Highlights for the three-month and nine-month period ending September 30 , 20 20 Net revenue of $13.1 million for the third quarter of 2020, an increase of 97%, from $6.7 million for the same quarter last year. Net revenue of $37.9 million for the first nine months of 2020, an increase of 79%, from $21.2 million for the same period last year. Gross profit of $3.96 million for the third quarter of 2020, an increase of 95%, from $2.03 million &hellip; Continue reading &quot;Delta 9 Reports Financials for Q3 2020&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/delta-9-reports-financials-for-q3-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-11T22:03:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4NDM2MSMzODIyNTMyIzIxNzg4MTk=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/delta-9-reports-financials-for-q3-2020\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/delta-9-reports-financials-for-q3-2020\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Delta 9 Reports Financials for Q3 2020\",\"datePublished\":\"2020-11-11T22:03:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/delta-9-reports-financials-for-q3-2020\\\/\"},\"wordCount\":1271,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/delta-9-reports-financials-for-q3-2020\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODA4NDM2MSMzODIyNTMyIzIxNzg4MTk=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/delta-9-reports-financials-for-q3-2020\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/delta-9-reports-financials-for-q3-2020\\\/\",\"name\":\"Delta 9 Reports Financials for Q3 2020 - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/delta-9-reports-financials-for-q3-2020\/","og_locale":"en_US","og_type":"article","og_title":"Delta 9 Reports Financials for Q3 2020 - Market Newsdesk","og_description":"WINNIPEG, Manitoba, Nov. 11, 2020 (GLOBE NEWSWIRE) &#8212; DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: VRNDF) (\u201cDelta 9\u201d or the \u201cCompany\u201d), is pleased to announce financial and operating results for the three-month and nine-month period ending September 30, 2020. Financial Highlights for the three-month and nine-month period ending September 30 , 20 20 Net revenue of $13.1 million for the third quarter of 2020, an increase of 97%, from $6.7 million for the same quarter last year. Net revenue of $37.9 million for the first nine months of 2020, an increase of 79%, from $21.2 million for the same period last year. Gross profit of $3.96 million for the third quarter of 2020, an increase of 95%, from $2.03 million &hellip; Continue reading \"Delta 9 Reports Financials for Q3 2020\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/delta-9-reports-financials-for-q3-2020\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-11T22:03:15+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4NDM2MSMzODIyNTMyIzIxNzg4MTk=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/delta-9-reports-financials-for-q3-2020\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/delta-9-reports-financials-for-q3-2020\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Delta 9 Reports Financials for Q3 2020","datePublished":"2020-11-11T22:03:15+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/delta-9-reports-financials-for-q3-2020\/"},"wordCount":1271,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/delta-9-reports-financials-for-q3-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4NDM2MSMzODIyNTMyIzIxNzg4MTk=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/delta-9-reports-financials-for-q3-2020\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/delta-9-reports-financials-for-q3-2020\/","name":"Delta 9 Reports Financials for Q3 2020 - 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