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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Cannara Biotech delivered Q3 results ahead of estimates with revenue up 16% and EBITDA up 11%, maintaining strong margins while expanding market share in Ontario and Alberta. The company secured its first international supply deal with Curaleaf worth up to $21M and accelerated capacity expansion to 75,000kg by FY27."
Atrium Research maintains a BUY rating and $3.00 target price on Cannara Biotech following Q3 2026 results that exceeded estimates with revenue of $31.8M (+16% YoY) and Adjusted EBITDA of $8.5M (+11% YoY). The company rebounded from seasonally soft Q2 performance while maintaining 42% gross margins above management's 40% target. National retail market share held at 4.4% with continued gains in Ontario (3.7% in June) and Alberta (2.9% in June), offsetting modest Quebec share decline. Cannara activated two additional grow zones and entered its first international supply agreement with Curaleaf worth up to $21M, accelerating capacity expansion by roughly one year to reach 75,000kg by end of FY27. The company ended the quarter with $21.8M in cash and $35.3M in debt. Atrium values LOVE at 10.0x FY26E Adjusted EBITDA, noting the stock trades at 6.5x FY26E EBITDA versus large-cap LPs at 6.0x-10.1x despite superior growth and margins. The analyst views the discount as unwarranted given the company's $250M purpose-built Valleyfield facility acquired for $33M, Quebec's lowest-in-Canada electricity costs, and clear path to $300M revenue at full 100,000kg capacity.
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