Infused cannabis product maker Dixie Brands posts $2.4 million loss in third quarter

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(This story has been updated to correct the reference to the currency Dixie Brands trades in. Dixie’s listing on the CSE trades in U.S. dollars.)

Denver-based Dixie Brands reported a net loss of $2.4 million in its fiscal third quarter, even though revenues more than doubled.

The maker of infused marijuana beverages and products posted revenue for the quarter of $2.43 million – up nearly 110% from the year-ago quarter.

During the quarter, the firm’s results were impacted by a noncash charge of $2.18 million for the conversion of debt into equity. The firm also recorded $803,000 in expenses tied to its reverse takeover and stock trading debut on the Canadian Securities Exchange earlier this month.

Year-to-date revenue was $4.2 million – up 60% from the $2.63 million recorded in the first nine months of 2017.

Shares of Dixie stock (CSE: DIX.U)  opened Monday at 59 cents, up from Friday’s closing price of 55 cents.

More details on the firm’s financial results can be found here.