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Cannabis company Acreage Holdings, Inc. (CSE:ACRG) (OTC:ACRGF) announced fourth-quarter and full-year financial results Wednesday, reporting quarterly revenue of $21 million — up 101% on a year-over-year basis.
For the full year 2019, the company disclosed revenue of $74 .1 million, up 251% from the prior year.
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In the last quarter of 2019, Acreage posted a net loss attributable to Acreage Holdings, Inc of $50.6 million and an adjusted net loss of $14.6 million.
Its pro forma adjusted EBITDA for the quarter was a loss of $15.8 million and $44.4 million for the full year versus a loss of $6.82 million and a loss of $9.24 million, respectively, in the same periods of 2018.
“While 2019 was a challenging year for the industry, I am pleased with the many accomplishments we delivered for shareholders including: launching three award-winning brands, implementing our Canopy Growth strategies, and significantly growing our retail and wholesale businesses,” Kevin Murphy, chair and CEO of Acreage, said in a statement.
“We subsequently secured capital for our short-term operating requirements, and we are targeting positive pro-forma adjusted EBITDA in the second half of the year,”
For 2020, Acreage announced plans to build around 15 new retail dispensaries, raise its concentration on expanding its wholesale operations, work on cost savings and to try to reach positive pro-forma adjusted EBITDA.
The stock was down 1.63% at $4.57 at the time of publication Wednesday.
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Courtesy photo.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.