WINNIPEG, Manitoba, May 15, 2023 — DELTA 9 CANNABIS INC. (TSX: DN) (OTCQB: DLTNF) (“Delta 9” or the “Company”), is pleased to announce financial and operating results for the three-month period ending March 31, 2023.

Financial Highlights for Q1, 2023:

  • Net revenue of $16.9 million versus $12.5 million for the three-month period ending March 31, 2022, an increase of 35%.
  • Gross profit, before changes in the fair value of biological assets, of $4.2 million versus $3.0 million for the three-month period ending March 31, 2022, an increase of 42%.
  • Net income (loss) from operations of $(1.2) million versus $(2.9) million for the three-month period ending March 31, 2022.
  • Adjusted EBITDA (loss) was $(475,595) versus Adjusted EBITDA loss of $(1.7) million for the three-month period ending March 31, 2022.
  • Cash used in operations was $89,530 versus cash used in operations of $2.5 million for the three-month period ending March 31, 2022.

“During the first quarter, we continued to focus on our highest priorities of sustaining and growing our revenues across our core business units while optimizing our vertically integrated business model to achieve positive cash flow from operations in 2023,” 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. Delta 9 is well positioned to generate $3-4 million in efficiencies from various cost cutting measures announced earlier this year as we pursue our path to profitability.”


Summary of Quarterly Results:

Consolidated Statement of Net Income (Loss) Q2 2022 Q3 2022 Q4 2022 Q1 2023
Revenue $17,495,078 $15,693,969 $17,559,647 $16,902,378
Cost of Sales 12,850,777 13,772,202 14,173,693 12,689,181
Gross Profit Before Unrealized Gain From Changes In Biological Assets1 4,644,301 1,921,767 3,385,954 4,213,197
Unrealized gain from changes in fair value of biological assets (Net) (542,188) 340,602 (2,710,521) 2,135,184
Gross Profit $4,102,113 $2,262,369 675,433 $6,348,381
General and Administrative 4,043,257 3,668,708 3,551,472 3,390,234
Sales and Marketing 3,381,223 3,710,471 4,647,409 4,003,020
Share Based Compensation 107,121 1,086,858 169,540 167,603
Total Operating Expenses $7,531,601 $8,466,037 $8,368,421 $7,560,857
Adjusted EBITDA (Loss) 2 (391,054) (1,683,018) (1,479,845) (475,595)
Income (Loss) from Operations $(3,429,488) $(6,203,668) $(7,692,988) $(1,212,476)
Other Income/ Expenses (1,402,588) (1,470,942) (3,515,430) (1,930,496)
Net Income (Loss) $(4,832,076) $(7,674,610) $(11,208,418) $(3,142,972)
Basic and Diluted Earnings (Loss) Per Share $(0.04) $(0.06) $(0.09) $(0.02)

A comprehensive discussion of Delta 9’s financial position and results of operations is provided in the Company’s Management Discussion & Analysis for the first quarter ended March 31, 2023 filed on SEDAR and can be found at

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 OTCQB 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 Delta 9’s financial results for the quarter ended March 31, 2023. 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 31, 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.