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Cannabis company Acreage Holdings, Inc. (CSE:ACRG) (OTC:ACRGF) saw consolidated revenue climb to $38.4 million in the first quarter of 2021, marking a 58% spike compared to what the New York-based company reported for the same period of 2020.
Retail revenue grew sequentially by 3% and 47% year-over-year to $25.8 million.
In Acreage's earnings report published Saturday, CEO Peter Caldini credited the growth to the "consolidation of our New Jersey operations in June 2020 and same-store sales growth of 16%."
After months of negotiations, the company wrapped up the $10 million purchase of New Jersey's Compassionate Care Foundation Inc. in June.
Wholesale revenue for the period amounted to $10 million, representing a year-over-year increase of 53%.
Acreage also reported a positive adjusted EBITDA of $1.6 million "for the first time in its history," Caldini continued, versus a $12.3 million loss in the corresponding quarter of 2020 and a loss of $3.5 million in the previous period.
Caldini and the company's management believe that the significant improvement in adjusted EBITDA "validates its refocused strategy."
In addition, the company reported the following (unaudited) quarterly results:
In April, the company finalized a deal to sell its Florida operations to Red White & Bloom Brands, Inc. (CSE:RWB) (OTCQX:RWBYF) for $60 million.
Photo by Esteban Lopez on Unsplash