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Harvest Health & Recreation's Q4 Revenue Jumps 135% Year-Over-Year

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Harvest Health & Recreation's Q4 Revenue Jumps 135% Year-Over-Year

Harvest Health & Recreation Inc (OTC: HRVSF) reported fourth-quarter financial results Tuesday that include revenue growth of 135 percent on the year and 52 percent sequentially.

What Happened

The multistate cannabis company's revenue totaled $16.9 million in the quarter ended Dec. 31. Its gross profit, excluding the impact of biological assets, amounted to $7.2 million, up from $1.6 million a year earlier. 

Harvest Health & Recreation also posted a net loss of $71.1 million, including a non-recurring, non-cash fair value charge of $50.7 million associated with debt converted to equity during the last year. 

Why It's Important

Harvest Health & Recreation operates 10 retail locations in four states as of the end of 2018. The company has announced a number of acquisitions recently, including the vertically integrated California operator Falcon International Corp.; six licenses in Arizona from Devine Holdings, Inc.; Verano Holdings; and CannaPharmacy.

Upon completion of the deals, Harvest Health & Recreation will be able to substantially expand its footprint in the U.S. 

What's Next

Throughout 2019, Harvest Health & Recreation said it plans to focus on the expansion of its cultivation, manufacturing and retail facilities in the U.S. 

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Posted-In: marijuana pot weedCannabis Earnings News Markets Best of Benzinga

 

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