08:59 AM EST, 12/31/2024 (MT Newswires) -- CanadaBis Capital ( CNADF ) , a cannabis and concentrates producer, on Tuesday reported a drop in first-quarter profit on increased competition and lower prices in the market.

The company posted a profit of $322,000, or nil per share, in the three months ended Oct. 31 compared with $707,000, or nil per share last year. This decrease was due to increased competition, higher THC products and competitors lowering prices, CanadaBis said.

Net revenue fell to $5.1 million, from $5.7 million while gross revenue rose 7% to $9.6 million. CanadaBis sold over 570,000 units of combined concentrate and dry flower during the quarter, a 4% increase.