Vancouver-based cannabis company iAnthus Capital Holdings Inc ITHUF reported fourth-quarter financial results Tuesday, including pro forma revenue of $14.8 million.
The Cannabis Capital Conference is coming back to Toronto! Click here to learn how you can join Tim Seymour, Jon Najarian, Alan Brochstein and many others.
What Happened
The pro forma revenue figure includes MPX Bioceutical Corporation entities that iAnthus agreed to acquire in October — the deal closed in February — as well as managed revenue for Colorado and New Mexico operations.
The company's revenue and other income for the fourth quarter totaled $2.2 million, up by 165 percent on the year.
iAnthus also posted adjusted EBITDA loss of $6 million for the quarter.
The company closed the quarter with $168.4 million in assets, an increase from $45.8 million a year earlier on the back of acquisitions in Florida and New York and the build-out of cultivation facilities and dispensaries across operating entities.
Why It's Important
iAnthus is one of the largest vertically integrated cannabis operators in the U.S.
The company generates revenue in nine out of 11 states where it has a presence and said it expects to start sales in California in the next 60 days. It operates 21 dispensaries across the U.S. and plans to continue to open locations in Florida, Massachusetts, New York, Nevada and New Jersey throughout the rest of 2019.
The company also has cultivation and processing facilities in nine states and distributes branded products to over 90 dispensaries.
What's Next
iAnthus plans to continue with its expansion and, in addition to opening new dispensaries, it also has plans to extend its cultivation and processing capabilities.
The company recently announced the acquisition of national CBD brand CBD For Life and expects to close the transaction in the second quarter of 2019.
Related Links:
Cresco Labs To Acquire Origin House In $825M Deal
For Cannabis Industry Investment, 2018 Was Terrific But 2019 Looks Even Better
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!