News

Red or black: A roundup of cannabis financial news

Published on April 24, 2026 by Pat Bulmer

Photo: Contributed

Cannabis financial news: Quebec’s Cannara expands across Canada; Decibel’s international sales skyrocket; Record sales for Glow Lifetech

Quebec company’s national sales rising

A Quebec cannabis company says it is expanding nationwide.

“Our Q2 2026 results reflect … a stronger presence across the Canadian cannabis market,” said Zohar Krivorot, CEO of Cannara Biotech as the company released its latest financial numbers.

“We increased retail market share nationally, reached the No. 1 retail sales market share position in Quebec, and continued to advance our portfolio with new genetics and formats,” he said.

Cannara has two “mega facilities.”

“With additional cultivation zones now active and construction progressing at Valleyfield, we are reinforcing the foundation of our next phase of profitable growth,” Krivorot said.

Cannara increased its national retail market share from 4.1% to 4.4%, the financial report said, despite an overall market softening. Cannara has a 14% market share in Quebec.

Sales grew in Quebec, BC, Saskatchewan and Manitoba and were stable in Ontario, Nova Scotia, and Newfoundland and Labrador, the company reported.

Gross cannabis revenues increased 3% to $37.8 million compared to last year’s second quarter, said CFO Nicholas Sosiak, but were down from this year’s first quarter “due to normal post-holiday seasonality in provincial board purchasing patterns.”

Cannara said it is spending 30% of gross revenues on excise taxes “constituting a significant portion of our costs and cash outflows.”

Cannara would support reforms that see taxes charged based on prices rather than the number of grams in a package, the report said.

In the latest quarter, the company launched Porto Leche Trifecta infused pre-rolls and Flavour Bomb, a new liquid diamond sub-brand.

Highlights for the quarter included:

— Net revenues increased 2% to $27.2 million from a year ago, but decreased from the previous quarter’s $30.1 million

— Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $6 million, compared to $7.1 million a year ago and $8.8 million a quarter ago.

— Operating cash flow improved to $2.9 million, compared to minus $2.6 million a year ago and plus $8 million a quarter ago.

International sales rise 500%

International cannabis sales grew by almost 500% in 2025 for Calgary-based Decibel Cannabis.

“Decibel’s international sales grew 484% to $24 million in 2025,” the company said in a financial statement, “with volumes ramping throughout the course of the year as management developed a robust customer and supplier network.”

Growth is expected to continue: “We believe international sales are positioned for significantly high double-digit growth through 2026.”

The company said it has “14-plus” international customers, supply agreements with more than 40 cultivators and 60 tons of flower processing capacity annually. It is also expanding extract production to continue supplying vapes and oils to “multiple countries.”

The company is bullish on domestic sales as well.

“Entering 2026, Decibel has strengthened its domestic competitive position across multiple categories including refreshing infused pre-roll offerings, introducing new disposable vapes, and launched a new value brand, Standard Issue.”

Domestic sales actually declined in the final quarter of last year, largely due to a strike in B.C. “which resulted in no sales for more than a month in the province.”

But the company said new products — including four new flower strains, “ultra-high-potency vapes,” infused pre-rolls and “large-format” all-in-one disposable vapes — are trending well.

“Entering 2026, Decibel has strengthened its domestic competitive position across multiple categories … We believe domestic sales are now positioned for high single-digit growth through 2026 and beyond.”

For 2025, Decibel reported net revenue of $113 million, which was up 22% from the year before. For 2026, the company is anticipating net revenue of $130-$135 million.

Adjusted EBITDA in 2025 was of $23 million, an increase of 29%. For 2026, EBITDA is anticipated to be $27-$31 million.

Free cash flow was $5.5 million, up 292%.

Decibel is also happy with its new acquisition — AgMedica Bioscience Inc. Decibel bought the Chatham, Ont.-based producer in 2024.

AgMedica “delivered adjusted EBITDA of $7 million, well above initial target of $4 million … This represents one of the most value-accretive acquisitions in the cannabis sector.”

Glow Lifetech makes more money than ever

A rising player in medical cannabis field recorded record revenues to close out 2025.

Glow Lifetech reported a 146% increase in revenue for the year, compared to 2024.

“We achieved key milestones including positive operating cash flow, debt-free status, and meaningful expansion with leading national retailers,” said CEO Rob Carducci in a financial statement.

The company reached debt-free status in November while its EBITDA was almost at the break-even point — the $17,000 loss was an 85% improvement over the previous year.

“Glow successfully launched its MOD and .decimal brands in Saskatchewan,” the report said. Glow describes itself as a Canadian-based biotechnology company producing nutraceutical and cannabinoid-based products. The company offers CBD, CBN and THC drops. Cannabis drops allow for precise dosing, according to various explanations.

In the first months of this year, Glow’s MOD and .decimal products were added to the Mendo Medical platform “representing Glow’s first formal entry into the Canadian medical cannabis channel,” the company said.

Expansion of products into Manitoba and New Brunswick followed.

“The company enters 2026 firmly focused on executing its key strategic priorities, including expanding distribution across Canada, sustaining strong revenue growth and advancing towards sustainable profitability and cash flow,” the report said. “For 2026, the company is forecasting growth in both revenue and EBITDA, supported by the continued expansion of our cannabis brands across Canada.”