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Columbia Care Inc. (OTCQX:CCHWF) (NEO:CCHW) (CSE:CCHW) (FSE:3LP) released its financial and operating results for the first quarter ended March 31, 2023, revealing revenue of $124.5 million, an increase of 1.2% compared to $123 million in Q1 2022.
Q1 2023 Financial Highlights
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Gross profit was $47 million, a decrease of 16.9% compared to $56.6 million in Q1 2022.
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Adjusted EBITDA was $16.4 million a decrease of 2.8% compared to $16.8 million in Q1 2022.
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Net loss was $36.6 million, compared to a net loss of $27.9 million in Q1 2022.
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The company ended the quarter with $40.2 million in cash
“As we continue our efforts to move the Cresco Labs (OTCQX:CRLBF) transaction forward, we were pleased with the operational progress we made during the first quarter of 2023. Columbia Care continued to optimize our portfolio of assets, and reduce costs to improve profitability as we move towards free cash flow generation later this year. We took steps to proactively manage our capital structure to meet our upcoming maturities and allow for flexibility to reduce leverage going forward. As we’ve seen in recent quarters, the drivers of growth for the company continue to be east coast markets, especially New Jersey, Virginia and West Virginia, helping us grow our topline revenue 1% over Q1 2022 in spite of economic headwinds. The sequential topline trend reflected the impact of a reduction in the total number of retail locations early in the quarter, the accounting impact from the successful launch of our Stash Cash loyalty program, and expected seasonality, demonstrating the strength of the remaining portfolio,” stated Nicholas Vita, CEO of Columbia Care.
Photo by Tim Foster on Unsplash
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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.