Delta 9 Reports Financials for Q1 2024

WINNIPEG, MB – May 15, 2024 – DELTA 9 CANNABIS INC. (TSX: DN) (OTC: DLTNF) (“Delta 9” or the “Company”), is pleased to announce financial and operating results for the three-month period ending March 31, 2024.

Financial Highlights for the three-month period ending March 31, 2024
  • Net revenue of $16.5 million for the first quarter of 2024, a decrease of 2%, from $16.9 million for the same quarter last year.
  • Gross profit, before changes in the fair value of biological assets, of $4.7 million for the first quarter of 2024, an increase 10%, from $4.2 million for the same quarter last year.
  • Gross profit margin, before changes in the fair value of biological assets, of 28% for the first quarter of 2024, versus 25% for the same quarter last year.
  • Loss from operations of $(3.0) million for the first quarter of 2024 versus a loss from operations of $(1.2) million for the same quarter last year.
  • Adjusted EBITDA of $5,270 for the first quarter of 2024 versus an adjusted EBITDA (loss) of $(475,595) for the same quarter last year.
"During the first quarter, we continued to focus on sustaining revenues across our core business units while optimizing our margins,” said John Arbuthnot, CEO of Delta 9. “We will continue our relentless focus on cost and operational efficiencies and strengthening our balance sheet to deliver sustained, profitable growth for our shareholders. We believe that we now have the necessary scale and platform to create sustainable shareholder value. We expect our Canadian retail network to continue to grow at a normalized pace while our internal focus on cost savings continues to produce tangible results. We look forward to updating investors on our improved performance throughout the rest of 2024.”

Summary of Quarterly Results:

Consolidated Statement of Net Income (Loss) Q2 2023 Q3 2023 Q4 2023 Q1 2024
Revenue $18,252,096 $18,436,279 $17,474,584 $16,489,915
Cost of Sales 13,039,705 13,502,045 13,860,572 11,835,302
Gross Profit Before Unrealized Gain From Changes In Biological Assets 5,212,391 4,934,234 3,614,012 4,654,613
Unrealized gain from changes in fair value of biological assets (Net) (1,581,124) (2,210,577) (1,872,737) (196,418)
Gross Profit $3,631,267 $2,723,657 $1,741,275 $4,458,195
General and Administrative 3,087,652 2,692,636 2,065,511 3,250,776
Sales and Marketing 4,043,689 4,007,626 3,849,220 3,853,500
Share Based Compensation - 507,000 123,553 312,631
Total Operating Expenses $7,131,341 $7,207,262 $6,038,284 $7,416,907
Adjusted EBITDA (Loss) 1 1,361,821 1,030,925 1,459,414 5,270
Income (Loss) from Operations $(3,500,074) $(4,483,605) $(4,297,009) $(2,958,712)
Other Income/ Expenses 1,460,388 (904,602) (1,767,757) (1,976,536)
Net Income (Loss) $(2,039,686) $(5,388,207) $(6,064,766) $(4,935,248)
Basic and Diluted Earnings (Loss) Per Share $(0.02) $(0.03) $(0.02) $(0.02)
  1. 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.
A comprehensive discussion of Delta 9’s financial position and results of operations is provided in the Company’s Management Discussion & Analysis for the three-month period ending March 31, 2024, filed on SEDAR on May 15, 2024, and can be found at

2024 First Quarter Results Conference Call

A conference call to discuss the above results is scheduled for May 16, 2024. The conference call will be hosted that day at 11:00 a.m. Eastern Time by John Arbuthnot, Chief Executive Officer, and Jim Lawson, Chief Financial Officer, followed by a question-and-answer period.
DATE: May 16, 2024
TIME: 11:00 am Eastern Time
Dial in # 1-800-717-1738
Available until 12:00 midnight Eastern Time, June 15, 2024
Replay passcode: 78391 #

For more information contact:
Investor & Media Contact:
Ian Chadsey VP Corporate Affairs
Mobile: 204-898-7722
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

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: (i) the Company’s plans to establish a chain of cannabis retail stores across Canada; and (ii) the anticipated production capacity of the Company’s planned cannabis processing center. 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 dated March 31, 2024, 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.

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