Better understanding of the business through a presentation and then questions with management. The discussion is going to be led by Nicholas Sosiak, CFO. You should see the presentation in the webcast. If you'd like to receive a copy, simply email me: glenn@bristolir.com. We'll break for questions at the end of the formal presentation. As a reminder, this is not an earnings call, but rather a general introduction and overview presentation. We're only going to take questions through the web portal and encourage questions to help you better understand the business. If you're listening over the telephone, please access the web link that you would have received earlier today. However, you could submit a question using the text box within the portal at any time. I'll ask the questions on the air for everyone to hear, and then Nicholas will then answer. I'm not going to reference any names.
We'll simply read the questions asked. As we have a fairly large audience today, if I can't get to your question online in time and it has not yet been addressed during the call, I can come back to you by email. I'm not going to read the forward-looking statements, but I do state that they apply, and I reference them on pages two and three of this presentation, which will also be posted on the Cannara website. With that said, once again, thank you for joining us. Remember, this is fairly informal, and we do encourage those questions to help you better understand the business and its growth path. Now I'll turn the call over to Nick to start his part of the discussion and presentation.
Thank you, Glenn. Good afternoon, everyone. Thank you for taking the time to join us today and learn more about Cannara Biotech, trading under the symbol LOVE on the TSX Venture Exchange. For those who do not know me and our story, my name is Nicholas Sosiak, and I serve as Chief Financial Officer at Cannara. Since joining in 2019, I have been hands-on building this company from the ground up, working on every function from cultivation, processing, to finance, sales, marketing, and product development, you name it. The Canadian cannabis market has been volatile, marked by meteoric rises and sharp corrections. Through that volatility, only a handful of companies here have consistently grown revenue, expanded margins, and managed to create real profitability. Cannara is one of them. We have done it while staying true to our core: premium product, disciplined execution, and full vertical control.
Today, I'll walk you through who we are, how we're performing financially, what makes our model unique, and where we're headed as we continue to scale and strengthen our position in this evolving market. Cannara Biotech is a vertically integrated producer of premium-grade cannabis, proudly based in Quebec, Canada. We're currently the seventh-largest LP in Canada by sales and the second in Quebec, where we built our strong, very strong brand loyalty. We also rank as the fourth-largest producer by square footage nationally and the largest in Quebec with 1.6 million sq ft of hybrid indoor space, fully owned and operated by us. As of today, our annualized production rate is just under 40,000 kilograms per year, with two new grow zones totaling 50,000 sq ft that we recently activated. Fully scaled, our facilities can deliver up to 100,000 kilograms annually with no other acquisition required.
Being vertically integrated is a major advantage for us. We control everything in-house, from the cultivation to the distribution, allowing us to ensure quality and drive our efficiency and ultimately protect our margins in a challenging cannabis market. We've built one of the strongest operational platforms in cannabis. Nearly every level of our business has been evolved way beyond the standard cannabis company. We're actual real operators. We have boots on the ground, and we have a real passion for the plant, constantly refining our techniques to separate ourselves from the pack. Fiscal Q2 2025, ending February 28, 2025, represented the strongest quarter in Cannara's history. We delivered records across almost every financial metric. Our revenues were CAD 26.6 million, up 35% year over year.
Our gross profit was CAD 10.8 million, with a gross margin of 41%, and our adjusted EBITDA was CAD 7.1 million, up 100% year over year, and represented 27% of our net revenue. Our net income was also CAD 3.3 million. This marks our 16th consecutive quarter of positive adjusted EBITDA and our fourth straight quarter of positive net income. Our success comes down to three key strengths: premium quality, scalable operations, and cost leadership. We've delivered high-end flower and extracts at accessible prices without compromising our product integrity. Our approach combines rare genetics, flavorful high cannabinoid strain profiles, and sophisticated cultivation methods like hang-drying, hand-trimming, and slow curing all the cannabis that we do at scale, and without the need of irradiation. We continue to invest heavily into our genetic platform through our in-house phenohunting program and our strategic partnership with Exotic Genetics, helping us stay ahead of consumer trends.
On top of all our market success, we maintain one of the cleanest balance sheets in Canadian cannabis, with ample free cash flow to service debt and no significant near-term maturities until December of 2027. The recent activation of our two new grow rooms prepares us to meet uncaptured demand for our brands and support Quebec's upcoming vape launch in November of 2025. That expansion increased our capacity by nearly 20%, or 6,000 kilograms, and all for a CAD 1 million investment. We believe that this ability to expand our capacity with minimal capital is a major competitive advantage and represents one of the highest ROI investment opportunities in cannabis today. Our market share continues to outpace our peers, driven by quality cannabis offered at affordable prices. This is made possible by our low-cost operation, scaling efficiencies, and access to Quebec's low electricity rates.
As of May of 2025, we hold a 12.3% share in Quebec, up from 9% a year ago, a 40% increase. In March alone, we gained 60 basis points, while the second-largest LP lost 80 basis points. Now we're just 60 basis points away from being number one in Quebec. This is especially significant in Quebec and sometimes overlooked by cannabis investors because Quebec is the only province in Canada where almost no promotional activity is permitted. With no sales and marketing levers, the only growth here reflects the product quality alone, a key signal of our ability to win across Canada. Nationally, we're the seventh-largest LP with 3.9% market share, up from 3.1% last year, a 27% year-over-year increase, making us one of the fastest-growing LPs in the country.
Looking at our CPG portfolio, some examples of our success are that we're the fastest-growing infused pre-roll multi-pack in Canada. From March to May, we grew our category share by 40% to 8.5%, while the number one competitor declined. In Quebec, we hold a commanding share of 73% of the infused pre-roll market, making NUGS the undisputed leader in this province. In premium vapes, we hold over 22% national share, with sales up nearly 70% year-over-year, despite being the highest-priced product in the category. This confirms our ability to win not just on price, but on quality. That same vape performance we believe will give us a very strong position ahead of Quebec's vape launch this November. Tribal leads also the premium 3.5-gram flower segment nationally, now holding over 18% of that category with pricing at CAD 30 in Ontario.
We have created a disruptive value versus the ultra-premium offerings at CAD 50, and it often is the same or lesser quality than our own brand. As just shown, our brands are winning in some of the most competitive categories in Canada, from infused pre-rolls to live resin to dried flower. That performance reflects a clear brand strategy executed with real operational discipline. Let me go through the brands. First, Tribal is our flagship house of genetic brand, built around exclusive cultivars, high THC flower, and premium extracts. Thanks to our Canadian exclusive partnership with Exotic Genetics, Tribal is able to bring proprietary genetics, giving us a unique advantage in both dried flower and live resin products. NUGS is our format-first, trend-driven brand. It thrives in the fast-moving categories like bulk flower and infused pre-rolls.
NUGS delivers premium quality at accessible prices by leveraging exclusive high-yielding genetics, excess Tribal inventory, and full in-house manufacturing. Our third brand, Orchid CBD, is designed for those looking beyond high THC products and more for a balanced, terpene-rich, full-spectrum experience. Leading the way is our Orchid CBD Runs genetic, which holds the title as Canada's number one CBD flower. When we talk about premium cannabis, it all starts with genetics. No matter how well you grow, the consumer experience begins with selecting the right phenos, those that hit on yield, potency, terpenes, and can be still grown consistently at scale. That is why we built a fully in-house phenohunting program. Every year, we screen thousands of genetic phenotypes to select just two or three that deliver the right mix of quality and operational performance. It is not just what we grow, it is how we handle it.
Every harvested plant, even at our scale, follows a disciplined post-harvest process. For flower, everything is hang-drying, hand-trimmed, and slow cured in vacuum-sealed bags. Our live resin starts with fresh frozen material frozen at harvest to preserve the terpene content that is unachievable by using dried material. Many LPs can do this at small scale, but what sets Cannara apart is we've engineered our entire operation to deliver this kind of premium at a commercial scale, and we do so profitably. That combination, top-tier genetics, refined post-harvest methods, and scaled execution is what positions Cannara to lead in both product quality and national market share. To support our scale and our full integration plan, Cannara operates two mega facilities in Quebec, providing control across cultivation, processing, and manufacturing. Our first facility, Farnham, spans 625,000 sq ft, with 170,000 sq ft currently dedicated to cannabis operation.
It houses our nursery, our phenohunt program, our post-harvest process, and packaging lines, as well as rooms for solventless extraction and pre-roll production. The remaining space is leased to non-cannabis tenants, generating over CAD 3.8 million in annual rental income, a real unique advantage that offsets cost and really supports the positive cash flow in building the cannabis operation. Our second facility, the Holy Grail Valley Field, spans over 1.1 million sq ft and is one of the largest indoor cannabis facilities in Canada and the largest in Quebec. Purpose-built for hybrid indoor cultivation, it houses 24 grow rooms, each measuring 25,000 sq ft, designed to replicate optimal indoor growing conditions. We operated 10 grow rooms during the last reported quarter and successfully hit our fiscal 2025 goal of activating two additional rooms, one in April and one in May.
This brings nearly 6,000 kilograms of additional capacity, increasing our total run rate from 33,500 kilograms to just under 40,000 kilograms. Valley Field is a cornerstone asset for Cannara. We acquired this facility in 2021 for CAD 27 million, compared to the original build cost of over CAD 250 million, a result of the early legalization spending frenzy. That acquisition gave us access to world-class infrastructure at a fraction of the cost, unlocking mass-scale, low-cost cultivation that few others in Canada can match. We're delivering strong market share growth across Canada, and we've yet to hit our demand ceiling. There are still multiple product formats and packaging sizes that we currently don't offer, and our in-house phenohunting program continues to unlock exclusive genetics that will fuel and continue to fuel the Canadian retail demand.
While we see strength in the unbranded wholesale market and growing international market, these channels are not currently our focus. Instead, they represent future upside and optionality for us, further supporting our decision to continue expanding our capacity. Over the next 36 months, we plan to activate the remaining 12 rooms at Valley Field, scaling our total cultivation capacity to 100,000 kilograms per year. Our key advantage is the ability to scale without significant CapEx. The infrastructure is already there, requiring only lighting, tables, and HVAC to bring each room online once our processing center is fully built out in 2026. The two most recent rooms, activated in April and May, as I mentioned earlier, just costed CAD 1 million to turn on, and we expect the payback period to be well within the first year of operation.
What excites us the most is that at full scale, Valley Field alone could support CAD 250 million-CAD 300 million in net revenue, assuming the current market condition dynamic hold. As Canada's second-largest province with over 9 million people, Quebec is our home field, a key strategic advantage for Cannara. One of the most compelling benefits in Quebec is exceptionally low electricity rates, just $0.053 a kilowatt compared to provinces like Alberta, where rates can reach up to $0.141 a kilowatt. Since electricity and labor account for over 75% of indoor costs of cultivation, operating in Quebec is a major cost advantage, allowing us to price our product competitively while maintaining industry-leading quality and margins. The advantage goes beyond cost. Quebec also has the highest barriers to entry in Canada, including strict limitations on sales, marketing, and retail data access.
Fewer LPs, fewer brands, fewer stores, and yet Quebec still ranks as Canada's third-largest cannabis retail market. For Cannara, this has created the perfect condition to grow: high demand, low competition, and favorable economics. As of Q2 2025, our year-to-date results show continued momentum across all key financial metrics. We've generated CAD 51.7 million in revenue year-to-date while maintaining a gross margin of over 40%, a reflection of our disciplined cost control and pricing power in a competitive environment. Adjusted EBITDA came in at CAD 13.1 million, and we are operating cash flow positive year-to-date at CAD 3.3 million. We continue to maintain a strong balance sheet with over CAD 5 million of cash and CAD 40 million of working capital, giving us both financial flexibility and resilience. In addition, recently, post-quarter end, we made a CAD 1 million repayment on our convertible debenture with Lombec, one of Cannara's largest shareholders.
We also secured a 50 basis point reduction on our credit facility with BMO, bringing our borrowing facility below 6%. A key milestone as we continue to reduce our interest burden and improve our capital efficiency. Lastly, it's worth reinforcing insider ownership remains above 50%, reflecting deep alignment and long-term commitment from leadership team. As you can see on this slide, our profitability isn't a one-off. It's part of a consistent multi-quarter trend. We've scaled revenue, we've grown our EBITDA, and we've improved our margins year over year while maintaining operational discipline. That's what sets Cannara apart. Cannara has one of the strongest financial profiles in Canadian cannabis. On an annualized basis, we have been net income positive since fiscal 2021. We've been operating cash flow positive since fiscal 2022 and free cash flow positive since fiscal 2023.
Our performance over the last eight quarters shows that consistent, scalable, and profitable growth is a rare feat in our sector. While many Canadian LPs right now are expanding overseas because of necessity, we're actually thriving here in Canada, and it's by choice. The reality is most can't compete profitably here. They're losing share, struggling to build brands, and failing to operate efficiently. The industry isn't just about capital. It's about experience, execution, and discipline. Cannara has built that from the ground up. We are operators. Every process we've developed is designed for long-term success and not just short-term survival. We're cannabis advocates. We're market leaders and disciplined operators. We're going to build this to become a leading Canadian cannabis operation. Our results speak for themselves. Sixteen straight quarters of positive EBITDA, industry-leading margins, operating in free cash flow positive, 30% market share growth in just one year.
We're winning across all top categories with constrained supply and growing demand for our brands, and we control one of the best organic expansion opportunities in the country with the ability to more than double our capacity internally at a really high ROI without any acquisitions. We built a solid, strong foundation, world-class operators, financial strength, and it's all been relentless execution. That is why we believe that Cannara is positioned to lead the future of Canadian cannabis. Thank you for taking the time to learn more about Cannara. I'd be happy now to open the floor and take your questions.
Super. Thanks, Nicholas. To our audience, again, if you have a question, please use the question text box within the portal to ask that question. We do have a number of questions in the queue, so we'll get going.
First question, Nick, you're obviously a leader in Quebec. Can you just talk about how you differentiate yourself outside of Quebec as you've grown into other provinces? Have you had any learnings nationally, either regionally or, I guess, interprovincially, how you sort of see the different markets and as you evolve in those marketplace?
Yeah, absolutely. It's a great question. I mean, we've been doing it. We've been in many markets for, you know, since as early as 2022 in other markets in Quebec. What we noticed early on is the products that we create are not, you know, only for the Quebec market. They resonate with consumers all across Canada. There's brand loyalty. People are, every time we do these events, you know, consumers and bud tenders express the gratitude for the brands and the products that we're building. The biggest difference is that is the distribution.
It's a different game. The retail network is not controlled by the government, and there's, compared to Quebec and the fact that sales and marketing is allowed, then there's, you know, a bunch of initiatives that you have to do to get on the shelf. That's the most important thing is to be on the shelf outside of Quebec to be able to sell your product. That's part of our program. We don't really change our products, whatever we create for Quebec and Ontario, other than barring the regulations that make us make unique products for Quebec. Our products resonate with all consumers in Canada, and it's a matter of just deploying smart and proper sales and marketing strategies to gain distribution over time.
Okay. Super. Thank you. How meaningful is the contribution of non-flower SKUs, example, vapes, edibles, apparel to revenue and margins today? What are your expectations for growth in these categories?
It's a bit of a, I'm not sure if you're talking about just dried flower and not like non-flower because vapes are all made from all our flower products. I guess non-dried would be the question. Non-dried. A very big position, a very big portion, almost 50% at this point now. When you combine infused pre-rolls and you combine vapes and hash products and rosin products, about 50% is dried products and 50% is a product that has concentrate in it.
Thanks. Do you see any benefit in the cannabis industry from the recent removal of internal trade barriers across provinces? How does this impact cost, supplies, efficiencies? Anything you could comment on that?
I'm not aware of the changes between provinces.
In a provincial trade, I think they removed some barriers recently, some tariffs. I don't know if that affected you or not.
Not right now. We can, if it's for retail, you know, our products go from Quebec all the way to every single province across Canada. On the wholesale side, we're not limited. If we do sell product on the wholesale, you're not limited to any province or, you know, restrictions to a province. The only thing that you have to consider is the excise tax. Potentially, the question is talking about reforming the excise tax instead of having provincial excise tax to have one national excise tax, which would definitely help operational efficiencies.
It would not change drastically from a cost point of view, but from an operational efficiency of keeping products, you know, not having—right now we have to manage inventory for products for Quebec that are exclusive for Quebec and for Ontario because as soon as you put the Ontario tax stamp, you can only sell it in Ontario. I have heard that they are working on changing that, but that is not implemented yet.
Okay. Thank you. Are there any competitors that are emulating you when it comes to new genetics?
I mean, I think there are some competitors that are starting to realize that genetic is the name of the game. I have been saying it for the past five years now, but, you know, they are starting to catch on.
What's special about genetics and cannabis is there's, right now, I can't even put a number on it, but we'll just call it an infinite number of genetics and phenotypes that we could find that have different experiences. From the way you grow it to the way you treat it post-harvest, when that product comes to the consumer's hands, it's a full different experience. You have to have not only the genetics, but you have to have the whole process of getting quality cannabis out there. Yeah, there's definitely competitors that are building their phenohunt program as well, but everyone's kind of doing the research and development on their own. It's, you know, who can find the better genetics and grow the better genetics as we build out this part of the industry.
Okay. Super. I guess on that topic, with respect to your phenohunt, can you walk through your R&D process, your pipeline, and your timeline for genetics discovery to product launch? And how many SKUs do you expect annually?
Yeah. It's a very long process. I mean, it all starts with seeds. Usually we do it four times per year on a quarterly basis. We start with 250-300 seeds. It's usually, you know, it's a bunch of, it's a mix between, you know, 10-15 different genetics with 10-15 different phenos in each one. Once you grow from seed, you have to grow that into a mother plant. That takes three months. Then you have to go into an R&D batch, which takes another four to five months before, by the time you dry it out.
Now you've narrowed down your 250-300 different plants to probably 50, 60, 70 that are, because they do not grow the same way if you're growing, you're doing a phenohunt within all kinds of varieties and then just itself growing a row of that plant. To really understand the full genetic potential, you have to grow, you know, a healthy amount of those plants. That is phase two, which takes another five months to grow once you've selected your 70 to narrow it down and focus on that. Finally, testing the product and having sensory tests and checking out the yield, the THC, the terpenes, and seeing if it fits into one of our brand profiles that we want to build out.
If it all checks all those boxes, then it becomes a commercial genetic, and then we have to regrow it again, which takes another five months. You know, we're talking 15-16 months of time between initiation of a genetic and finding that genetic. You know, we're lucky if to hit all those boxes out of that 250-300, you're lucky if you hit two to three. That's, you know, it's a 1% chance of getting that unicorn. You know, that's what we've been doing. We've been very hard on making sure every box checks. You know, we've thrown out really good genetics that competitors would have commercialized, but it didn't hit every single box. I think that's the name of the game right now is to spend that time and develop that.
All that internal R&D is internal to each company on its own, right? That's IP that's getting built right now by each and every company and however they're doing the phenohunting process and, you know, finding those genetics and keeping them, then no one can find that exact pheno, right? Because if I have a pheno of gelato mint that is producing and has all those traits that check all those boxes and a competitor goes to grow, find a seed of gelato mint and grows it, there's less than a 1% chance that they would be able to replicate that same pheno, just like, you know, mothers, parents, and kids. You give birth to your children, you're always going to have different kinds of children, and that's just the genetic morphation of the cannabis plant.
That is why I was just saying that there are infinite, so far, there are infinite possibilities. I have never found one plant that so far was the exact identical and crossed all those boxes and was the exact same plant, right? It is a very interesting part of the business. A lot of R&D and IP is getting built in that part of the business. I think that is definitely going to pay dividends in the future.
Thank you. Can you provide more detail on the CapEx and operating costs per additional grow zone and the expected timeline for payback and margin contribution from each incremental increase in capacity? Based on that, what is the expected capital expenditure to reach full capacity of 100 kilograms, and what utilization rate is required to maintain current gross margins? That is a lot there.
That was a lot of questions, but I think I got most of it. Like I said, these two rooms that we just opened up only cost us CAD 1 million. Going forward, it is about CAD 1 million per room. We have 12 rooms going forward to build out. Just as, you know, simple napkin math here, a room generates three and a half tons of cannabis, so 3,500 kilos, and we sell it at CAD 3 a gram. It is about CAD 10 million-CAD 11 million of revenue. You know, and we make right now a 40% margin, so well within a year payback period on that investment. The biggest roadblock right now where we are at is in order so we have, I think we have de-risked the operation a lot. Like we have turned on 12 rooms, we have executed 12 rooms, and we are operating on that.
Now we just got to take those same 12 rooms and replicate it on the other side. In order to continue our 12-24 room, or 13-24 room, we need to build out our processing building, which is mentioned in my deck. That is a 200,000 sq ft facility that is attached to the main greenhouse. Right now, the whole shell is built out and everything is built out other than the inside and the rooms and the layout, which we are building or budgeting that investment for 2026, starting the project this year. That is about a CAD 10 million investment. That is going to be completed well within 2026. We will be on track to be able to turn rooms 13-24 on right after that. To double our capacity, we need about CAD 22 million.
That's going to be spread over two years while we're, you know, we've seen that we're already generating operational cash flow and, you know, forecasted that that's going to be self-financed with additional help from one of our partners.
Okay. Super. I think you just partially answered the next question, but I'll ask it and maybe have you expand on it. Will your three-year expansion plan be financed via internal cash flow and tapping into your debt facility, or will you need to raise any equity?
The first one. Yeah, absolutely. We're already cash flow business. We're not looking to raise equity or dilute, you know, the shareholders at this point. We're operating. We built this. We haven't raised equity since the Valley Field acquisition.
You know, we've been working hard all these years while the market has been doing its own thing. You know, we've come out, we feel, through these hard times pretty strong. We're only going to get stronger. Yeah, the buildout will definitely be utilizing our internal cash flow as well as support from our debt partners.
Okay. Next question. Thanks. Thank you for the presentation. On slide 11, can you comment on how the kilogram yield per room seems to increase in year 2027, 2028, and 2029?
The ramp-up. The ramp-up that you see from on our slide 11 is opening the rooms from where we are now at 12 rooms to 24 rooms. You'll see that at a cadence of about two to three rooms per year.
You'll see a spike in the last year going from 75 to 100, which is probably the question and the anomaly and the trend. Good catch for whoever saw that. That comes from opening up our 200,000 sq ft rooftop at the top where we're going to be able to do the veg process, vegetative process, which is a three- to it's about a three-week cycle that you have to veg the plant. That three-week cycle right now we're doing in the current rooms, so we lose those three weeks across all those rooms. Once we move the veg cycle outside of those flowering rooms, we're going to be able to go from 4.5 harvests or 4.7 harvests per year to about 5.6 harvests per year. That's what's automatically across all the rooms, right?
That's what scales our production capacity and brings us to the final leg to the 100 kgs.
Okay. Super. Thanks. I think you just answered this question too, but I have to ask it. How many growth cycles do you have at this point now?
Jesus, I'm ahead of it. Yeah. Right now we're about 4.6 and we're looking for that 5.6. That can be achieved two ways with our original plan, which is opening up the Valley Field facility and some potential other plans that we're working on, you know, keep it under the works for now, but some potential plans might bring up that plan a bit sooner.
Super. Thanks. Can you mention which provinces you're currently licensed in and are there any plans for expansion outside of those provinces? Yeah, absolutely. We're Quebec, Ontario, Manitoba, Saskatchewan, BC, and Nova Scotia.
We're just getting listed in Newfoundland. And, you know, there's a couple of other territories and east provinces that we can continue to grow in. And we're definitely looking into those provinces. Just there's just so much opportunity in Ontario and the main provinces that we want to focus our marketing and spend dollars on the best ROI, which is the main provinces. So, you know, when the time is right and when we can put resources on those provinces that will marginally scale, like these are not going to double triple revenues, right? These are marginal additional revenues to the company. We're going to build out those openings, but this year we're looking at Newfoundland to work through.
Super. Thanks. Again, to our audience, if you have a question, please use the question text box within the portal. We've got a few more questions in the queue here. Nick, any plans to enter the medical space?
We do sell our product medically to our partner, Mendo. Do we want to create our own medical program? Potentially. Potentially. It's not on the real focus right now. The Canadian operation, the Canadian retail focus. As you know, as we build out those rooms and see, you know, grow into that, we want to make sure that we have enough product for retail. That's the fine line between, you know, having too much product and non-product while opening up your distribution lines. There's a fine line. You have to manage that properly. You have to be for the government, like that's our client. You have to be like they have metrics on, you know, everything on you, right? You want to be their best client, right? That's the goal.
Definitely something on the back burner, but not our main focus. Okay. Thank you. You clearly are differentiated by being one of the only profitable cannabis growers in Canada.
Can you just talk about the market evolution, what you've seen since the beginning, you know, I guess early companies that entered the space, where are they now? Just overall learnings in the market over the last few years since cannabis became legal recreationally.
Yeah. I mean, most of the guys that were there are no longer here anymore. I believe Cannara has a larger market share than Canopy right now, so. In sales. What really I think happened in our industry is there was a lot of excitement, a lot of hype, a lot of money came in. Unfortunately, it's a new industry. It's an industry that, you know, no one's ever grown mass-scale cannabis.
No one's ever grown a brand under all these regulations in cannabis and all that. I say this often is that there was no phone number or consultant that you can call to help build the business, right? That's what, you know, sometimes money does buy a lot of things, but money couldn't buy expertise in this scenario. There was no expert at this large scale to create this company and, you know, do this.
I think what we see are the survivors, are the real operators, are the ones that, you know, started the business, maybe knew a little bit about cannabis, knew nothing about cannabis, but then rolled up their sleeves and went into the operation, learned their own operation, built it from the ground up, learned the mistakes, fixed the mistakes, and, you know, learned from the customer and built all that out every single day and new challenges every single day because things are constantly changing. I think that's what's, you know, coming out of the dust right now, are the real operators that know how to run a company, know how to run a cannabis company, learn from the consumers, understood the consumers, and are making the right moves to survive and make it work.
From that, eventually it should get technically easier from here for these LPs, right? Yeah, it's been chaotic, but I think now, if you look at our industry now, you can really look at a handful of companies and now are down. I remember looking at it five years ago and having multiple pages of companies that I would have to do due diligence to invest in. Now it's the top 10, we're earning those revenues because, you know, cash flow is not going to come back or financing these big projects and building these CAD 300 million, CAD 250 million projects are not going to come overnight anymore.
I think it's really time for a good time for investors to look at the comp set, look at the peers and our peers and, you know, easily compare, you know, their story to our story and make an informed decision if this is a good investment or not.
Okay. Super. Thank you for that. I have a number of sort of capital market type questions that we're going to try to finish the call with. First off, you're on a TSX Venture. What are your plans for uplisting either in Canada or down the road into the U.S.?
We're definitely looking at the opportunities and evaluating what our options are to move forward. Okay. I guess given the current state of the market, what investments are you making into bringing more visibility, promoting the company to investors?
Any learnings or insight you could share on that at that level? I mean, we definitely do webinars like this to bring the story to new investors. We're always on the road talking to funds, analysts, working hard on analyst coverage, funds and investment banks and all that, getting the story out, getting everyone aligned on the Canara story. You know, we're still working with our market maker that helps the liquidity on the stock, which is one of the comments or feedback, you know, we're getting. We've increased it from, I think it was like $20,000-$30,000 shares a day to now 40,000-50,000-60,000, something like that. Just on Monday the other day, we had our highest shares traded this year with just over, just close to 400,000 shares traded. That's good news.
You know, continuously pushing both U.S. investors, Canadian investors on the story. U.S. investors are not really interested in the U.S. side anymore. The U.S. companies, it seems like they're going through some hard times. You know, those cannabis investors who aren't, you know, pro cannabis and they like cannabis but can't find the right name are starting to get interested in Canadian names. A name like Cannara is definitely interesting to them. Yeah, we're focused on doing everything we can. Again, the challenge is that every dollar that we spend in the business, our payback period is less than a year. We grow the revenue and we can double our revenue, right?
Versus on the investor side, you know, it's more of a, it's hard to measure the ROI and you have to choose the right strategy. You know, we're pressing on both pedals, making sure that operationally we're growing and, you know, when the numbers are going to speak for themselves. On the other pedal, we are trying to scream the Cannara name on a rooftop. Super. Nick, this concludes the question and answer session. Maybe some closing remarks and then we'll end the presentation.
Yeah. Thank you.
Just want to thank everyone for joining us today. If you're new to the story, definitely available to answer any follow-up questions. You can message Glenn or directly myself.
Yeah, I mentioned a little bit myself, but just for those new to the story, the CEO, president and founder is Zohar Krivorot, who's been for the past five years our master grower and boots on the ground too. As much as passion and I have on the business, on the finance and the product side, we have equal the amount of passion and execution from the operational point of view from a CEO who's at each facility every single day in a year. We have a very strong management team. We have a very strong director team. We believe we have the platform to execute a positive Canadian cannabis story. Feel free to shoot any other questions or call me anytime if there's any follow-up. Thank you for taking the time.
Super. Thanks, Nicholas. And thanks to our audience.
This concludes this webinar.