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Nova Cannabis Inc. (TSX: NOVC) reported a rise in first-quarter revenue for the period ending March 31, driven by new store openings and higher proprietary data licensing fees as the company moves ahead with plans to expand into British Columbia.

Nova posted revenue of C$64.3 million, up 7% from C$60.1 million in the prior-year quarter. The Edmonton-based company said same-store sales rose 1.5% year-over-year, including a 12% jump in its Ontario locations.

“Nova delivered continued growth in the first quarter of 2024. This growth was driven by increased proprietary data licensing revenues, coupled with strong operating discipline,” CEO Marcie Kiziak said in a statement.

Nova’s gross profit increased 23% to C$15.8 million, while its net loss narrowed slightly to C$300,000 from C$500,000 a year earlier. Adjusted EBITDA rose 40% to C$4.5 million.

The company estimated it held approximately 19% retail market share in Alberta and 4% in Ontario during the quarter based on Statistics Canada data.

Nova announced plans last month to open its Value Buds discount brand in British Columbia after securing rights from producer SNDL Inc. (Nasdaq: SNDL) to own or operate four Dutch Love retail stores in the province.

“This move strengthens our store footprint in an impactful way, and we are excited to spread the Value Buds experience to consumers across the country,” Kiziak said.

As of May 7, Nova operated 99 corporate and franchised retail locations, primarily under its lower-priced Value Buds banner.

Nova also generates revenue licensing its proprietary consumer data to cannabis producers. That data licensing revenue jumped 120% year-over-year to C$3.3 million in the first quarter.

The company had C$14.2 million in cash remaining as of March 31 and access to a C$15 million revolving credit facility with SNDL extended through March 2026.

The post Nova’s revenue climbs as British Columbia expansion proceeds appeared first on Green Market Report.

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Adam Jackson, KahliBuds, 420GrowLife