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Acreage Holdings, Inc. (OTCQX:ACRHF) (OTCQX:ACRDF) (CSE:ACRG) (CSE:ACRG) released its financial results for the first quarter ended March 31, 2023, revealing total revenue of $56.0 million, a decrease of 1.6% compared to $56.9 million in the Q1 2022 and a decrease of 2.6% compared to $57.5 million in Q4 2022.
The year-over-year and sequential decreases were primarily due to continued industry headwinds and decreased pricing as a result of competitive pressures across various markets. Additionally, the year-over-year decrease was also due to the divestiture of the company’s operations in Oregon and was somewhat offset by the acquisition of a Maine dispensary in 2022. After adjusting for acquisitions and divestitures, revenue for Q1 2023 was relatively consistent with Q1 2022.
Q1 2023 Financial Highlights
Total gross profit was $26.6 million, compared to $29.5 million in Q1 2022.
Total gross margin was 48% compared to 52% in Q1 2022.
Adjusted EBITDA was $10.6 million compared to Adjusted EBITDA of $8.6 million in Q1 2022 and Adjusted EBITDA of $7.0 million in Q4 2022.
Net loss was $16.2 million, compared to $13.9 million in Q1 2022.
Acreage ended Q1 2023 with $14.3 million in cash and cash equivalents.
“Our focus on our core footprint while upholding strict cost controls has enabled us to maintain strong margins and continue to deliver positive adjusted EBITDA despite continued volatility within the market,” stated Peter Caldini, CEO of Acreage. “Over the first quarter, we were thrilled to have expanded our addressable market in Connecticut with the launch of adult-use sales at our thriving The Botanist Montville location, and just most recently in the second quarter, began serving adult-use consumers at our Danbury store. Additionally, continuing our commitment to diversifying our product portfolio, we debuted our innovative fast-acting gummies to consumers in Illinois, Maine, Massachusetts, and Ohio under our flagship brand The Botanist.”
Caldini continued, “Notably, during the quarter, we received shareholder approval for our strategic arrangement with Canopy (NASDAQ:CGC) and Canopy USA, bringing us one step closer to satisfying what is required to close the transaction. We have experienced numerous transformative achievements to bring Acreage to where it is today, and we could not be more excited for its expected bright future under Canopy USA. As we work to complete our arrangement with Canopy and Canopy USA, we will continue to focus on driving our business forward with a priority on managing cash flows in a volatile trading environment.”
Photo: Benzinga edit with photo by Kindel Media on Pexels
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