Sundial Growers Inc. (NASDAQ: SNDL) posted net revenue of CA$33.5 million ($25.3 million) in the third quarter, the cananbis company said Wednesday.

Sundial's harvest has grown from 1,896 kilograms in the first quarter to 11,700 kg in the third, according to the Calgary, Canada-based company.

The average selling price per gram for Sundial's branded cannabis products was CA$6.34 in the third quarter.

The company's net loss amounted to CA$97.5 million. The consolidated adjusted EBITDA loss was CA$7.9 million.

"The increasing scale of our Canadian and new U.K. operations enabled us to significantly grow production and sales this quarter," CEO Torsten Kuenzlen said in a statement.

View more earnings on SNDL

"We step-changed production quantities while improving quality and growing a much larger variety of desirable premium cannabis strains. At the same time, we advanced operationally for effectiveness and efficiency and carefully managed our inventory levels. Production expansion went hand-in-hand with geographic expansion, as we increased coverage to additional Provincial boards and stores across Canada."

The stock was down 8.45% at $3.30 at the time of publication Thursday.

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Photo courtesy of Sundial Growers.

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