03:43 PM EDT, 04/29/2024 (MT Newswires) -- Cannara Biotech ( LOVFF ) , a vertically integrated producer of cannabis and derivative product offerings, on Monday reported that net loss widened, despite a 51% increase in total revenue, for Q2 2024.

Net loss was $3.4 million for the quarter, compared with a net loss of $618,000, the year before. But total revenues, net of excise taxes, jumped to $19.7 million from $13 million in Q2 2023, for a 51% lift. Gross cannabis revenues before excise taxes increased to $26.3 million in Q2 2024 from $15.9 million in Q2 2023, a 65.4%, increase. It said that increase was due to higher market share across Canada, as a result of continued growing demand for its products and launch of new SKUs, the company said.

Among other highlights, Cannara generated positive operating cash flow of $2.3 million, higher than the $376,962 in Q2 2023. Free cash flow for Q2 2024 increased to $1.2 million from $(1.3) million in Q2 2023

Cannara was at last look down $0.01 at $0.83, having been up at a day high $0.86 earlier in the afternoon.