This Weed Company Reports 48% YoY Revenue Decline In Q2, Delists From CBOE

Author: Nina Zdinjak | August 16, 2023 09:09am

Cannabis company Halo Collective Inc. (NEO: HALO) (OTCPK: HCANF) (FSE: A9K0) reported Tuesday its financial results for the second quarter of 2023 revealing revenue of $3.57 million down by 48.1% lower than in the same period of 2022. Additionally, the company also announced it has delisted its securities from the CBOE Exchange, effective at the market close on August 14.

Halo Collective noted that the year-over-year dip in revenue was due to an oversupply issue in both Oregon and California, which resulted in lower prices.

Second Quarter 2023 Financial Highlights

Gross profit was $1.83 million, compared to $2.19 million in the second quarter of 2022.
Gross margin was 51.3%, which compares to 31.9% in the prior year period.
Net loss was of $6.85 million, versus a net loss of $11.43 million in the same period of last year.
Operating expenditures in Q2 2023 were $3,326,734, revealing a 67.4% decrease compared to Q2 2022.
The company sold a total of 1.38 million grams, marking a 31.5% decrease from the previous year.
Adjusted EBITDA was a loss of $4.55 million.
In Q2 2023, the Company raised no funds through debt financing. The total capital used, net of a $460,663 reduction in lease obligations, was $460,663. Cash outflow amounted to $432,014, reflecting a strategic approach to cash management.

Price Action

Hallo Collective shares closed Tuesday market session 12.5% lower at $0.018 per share.

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Photo: Courtesy of Elsa Olofsson via Unslapsh

Posted In: HCANF