Can these TSXV-listed biotech stocks potentially shoot up?

June 30, 2023 12:33 AM AEST | By Akanksha Vashisht

Can these TSXV-listed biotech stocks potentially shoot up? — Image source: asharkyu|Shutterstock

Cannara Biotech Inc. (TSXV: LOVE)

The company develops premium-grade cannabis and cannabis-derivative products in Canada. The company’s facilities are in Quebec to utilize the city’s low electricity and labor rates. The company aims to produce cannabis products at an affordable price.

Cannara reported net revenue of US$ 13 million for the second quarter of 2023, which marked a 26% increase over Q1 2023. The operating income for the quarter was CA$ 0.6 million, as against a net operating loss of CA$ 0.4 million in Q2 2022.

The company also reported a free cash flow increase to CA$ 1.9 million in Q2 2023 from CA$ 0.2 million, an increase of 850%.

The quarter also had its eight straight quarter of positive EBITDA of CA$ 3.2 million, marking a sequential increase of 1500%.

LOVE Price Chart; Image Source: Refinitiv

LOVE closed at CA$ 0.93 on June 28, 2023.

California Nanotechnologies Corp. (TSXV:CNO)

California Nanotechnologies researches and develops nanostructured components and materials. Some of these products include thermal spray powders, nano superalloy powders and nanoalloy billets. These high-tech products are used in aerospace, defense, and automotive industries among others.

CNO reported a revenue of US$ 1.3 million for the fiscal year ending February 28, 2023. On a yearly basis, this was an increase of 28%. Meanwhile, the company’s EBITDA was US$ 0.33 million for the full fiscal year 2023.

Cal Nano has acquired a used cryomilling machine which can be used to triple its existing capacity in the new fiscal year.

CNO Price Chart; Image Source: Refinitiv

CNO closed at CA$ 0.195 on June 28, 2023.

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