An East Ladner cannabis greenhouse operation isn’t painting a rosy profit picture for its audited annual financial results.
Partnering with Houweling Nurseries on 64th Street to create the venture called Boundary Bay Cannabis, Agra Ventures Ltd. in its report for the fiscal year ending Dec. 31, 2022, made public last week, notes that total revenues for the year was $673,416, as compared to the $928,208 reported for the same period the prior year.
The company says it “reflects the current challenged state of the Canadian cannabis industry and was primarily due to the sale of cannabis at declining prices by the Boundary Bay Cannabis joint venture entity.”
Gross profit for the year was $303,967, from the $405,223 reported for the same period the prior year, while total expenses for the year was $5,671,770, a significant decrease from the $18,440,744 reported for the same period the prior year.
According to the company, the lower expense figure was “primarily due to a decrease in transaction costs, finance and other costs, production costs, and consulting and management expenses.”
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