Nova Cannabis, the Canadian marijuana retailer behind the Value Buds discount chain, reported a net loss of 11.2 million Canadian dollars ($8.2 million) for its 2022 fiscal year, an improvement from a $20.6 million net loss in 2021.
Revenue for the fiscal year ended Dec. 31 was CA$226.4 million, up 68.5% compared to 2021.
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Nova’s gross margin for the year was 19.4% of sales, compared with 18.5% of sales the year before.
“Our revenue growth is accompanied by gross margin growth, as we’ve started to adjust pricing in certain areas where the competitive pressures have waned,” Nova CEO Marcie Kiziak said in a statement.
“This, along with growing revenues from data analytics licensing and the successful launch of our private label products in partnership with SNDL, gives us levers to drive future gross margin growth as we capture greater market share, further validating our strategy.”
SNDL,
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