Delta 9 Reports Year End and Q4 2021 Results

WINNIPEG, MB – March 31, 2022 – DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: DLTNF) (“Delta 9” or the “Company”), is pleased to announce financial and operating results for the three-month period and full year ending December 31, 2021. 

Financial Highlights for the Year Ending December 31, 2021
  • Record net revenues of $62.3 million in 2021, up 20% compared to $52.0 million in 2020, including the following revenue segmentation highlights:
    • Retail revenue increased 25% to $40.2 million in 2021
    • Wholesale revenue increased 57% to $18.5 million in 2021
    • Business to business revenue decreased 42% to $5.0 million in 2021
  • Gross profit1 of $18.3 million in 2021 compared to $17.8 million last year.
  • Adjusted EBITDA2 of $2.0 million in 2021 compared to an Adjusted EBITDA2 of $3.8 million last year.
  • Loss from Operations of $(7.6 million) in 2021 compared to Loss from Operations of $(2.8 million) last year.
Financial Highlights for the Three-Month Period Ending December 31, 2021
  • Record quarterly net revenues of $17.1 million for the fourth quarter of 2021, up 21% compared to $14.2 million for the same quarter last year.
    • Sequentially net revenues increased 13% for the fourth quarter of 2021 compared to $15.2 million in the third quarter of 2021.
  • Gross profit[1] of $4.9 million for the fourth quarter of 2021, down 22% compared to $6.3 million for the same quarter last year.
    • Sequentially gross profit1 was up 2% in the fourth quarter of 2021 compared to $4.8 million in the third quarter of 2021.
  • Sequentially Adjusted EBITDA[2] improved to $0.6 million in the fourth quarter of 2021 compared to and Adjusted EBITDA of $0.2 million in the third quarter of 2021.
“I am very proud of our Delta 9 team who worked hard to post record revenue results for 2021 against a backdrop of a challenging market environment for cannabis in Canada,” said John Arbuthnot, CEO of Delta 9. " We remain focused this year to produce growth and improved results as we continue to expand our retail store network, to focus our efforts on sales of our turn key Grow Pods in international markets, and to continue to grow the Company’s cannabis wholesale division. Delta 9 will continue to execute its vertically integrated and diversified revenue strategies as we continue to accelerate revenue growth and implement prudent control costs.”

Summary of Quarterly Results
Consolidated Statement of Net Income (Loss) Q1 2021 Q2 2021 Q3 2021 Q4 2021
Revenue $13,227,540 $16,750,695 $15,192,268 $17,120,932
Cost of Sales 9,539,620 11,817,720 10,425,214 12,247,951
Gross Profit Before Unrealized Gain From Changes In Biological Assets 3,687,920 4,932,975 4,767,054 4,872,981
Unrealized gain from changes in fair value of biological assets (Net) (736,225) (42,861) 1,690,676 (1,853,245)
Gross Profit $2,951,695 $4,890,114 $6,457,730 $3,019,736
General and Administrative 3,517,490 2,742,066 3,687,945 2,972,633
Sales and Marketing 2,176,965 2,537,879 2,649,302 3,212,250
Share Based Compensation 501,370 413,716 175,514 371,433
Total Operating Expenses $6,195,825 $5,693,661 $6,512,761 $6,556,316
Adjusted EBITDA (Loss) 1 6,199 1,199,876 191,056 613,562
Income (Loss) from Operations $(3,244,130) $(803,547) $(55,031) $(3,536,580)
Other Income/ Expenses (755,851) (736,367) (788,741) (1,622,996)
Net Income (Loss) $(3,999,981) $(1,138,899) $(843,772) $(5,159,576)
Basic and Diluted Earnings (Loss) Per Share $(0.04) $(0.01) $(0.01) $(0.05)
  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 fourth quarter and year ending December 31, 2021 filed on SEDAR and can be found at

Q4 Results 2021 Conference Call
Delta 9 has scheduled a conference call to discuss the results of the fourth quarter and full year ending December 31, 2021. The conference call will be hosted March 31, 2022 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.
DATE: March 31, 2022
TIME: 9:00 a.m. Eastern Time
DIAL IN # 1-888-886-7786
REPLAY: 1-877-674-6060
Available until 12:00 midnight Eastern Time, June 30, 2022

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 80,000 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 OTCQX 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 expansion plans; and (ii) the Company’s forward strategy. 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, 2022 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.
[1] The Company’s “gross profit” Is calculated before adjustments for changes in biological assets.
[2] The Company’s “Adjusted EBITDA” is a measure used by management that does not have any standardized meaning prescribed by International Financial Reporting Standards and may not be comparable to similar measures presented by other companies. Management defines the Adjusted EBITDA as the income (loss) from operations, as reported, before interest and tax, adjusted for removing share-based compensation expense, depreciation and amortization, the fair value effects of accounting for biological assets and inventories, and other one-time items not expected to recur . Management believes that Adjusted EBITDA, and the attribution of Adjusted EBITDA in the manner described above, provides meaningful and useful financial information as these measures demonstrate the performance of the Company’s operating businesses.

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