Organigram Global swung to a profit in its third quarter, driven by a revenue boost from its recent acquisition of Sanity Group.

The Canadian cannabis company posted net income of 105.5 million Canadian dollars ($75.7 million) in the three months ended June 30 compared with a loss of C$6.3 million in the comparable quarter a year ago.

The jump was driven mostly by a noncash gain relating to the accounting value of its preferred shares.

Adjusted earnings before interest, taxes, depreciation and amortization rose to C$13.4 million from C$5.7 million. According to FactSet, analysts were expecting a slight increase to C$6.4 million a share.

Net revenue rose 49% to C$105.8 million, topping expectations from analysts of a more modest rise to C$96.9 million.

The increase was driven by its acquisition of European cannabis operator Sanity Group, which closed in mid-April.