Market Overview

Origin House Reports Higher California Sales In Q1

Share:
Origin House Reports Higher California Sales In Q1
Read more about our latest Cannabis News! CANNABIS HOME

CannaRoyalty Corp (OTC: ORHOF), a Canadian cannabis company that operates under the Origin House brand name, reported first-quarter results Wednesday that showed substantial revenue growth — and expenses that grew proportionately higher.  

What Happened

The company's revenue of CA$11.2 million ($8.29 million) was significantly higher than CA$600,000 a year earlier and grew by 41 percent sequentially. 

Origin House's gross margin amounted to C$A1.7 million in the quarter versus a flat figure in the same period of 2018.

Operating expenses surged from CA$4.5 million a year ago to CA$18.2 million, and the adjusted EBITDA loss widened from CA$900,000 to CA$12.7 million.

Why It's Important

Origin House has operations both in Canada and California. The company's revenue growth was helped by a substantial increase in California sales.

During the first quarter, Origin House saw CA$9.25 million in product sales in California versus CA$1.55 million in Canada. 

The company is in the process of being acquired by Cresco Labs Inc (OTC: CRLBF), which at the beginning of April agreed to acquire Origin for around $1.1 billion in an all-stock deal. 

Related Links:

Trulieve Falls Despite Another Record Quarter

Acreage Holdings Reports 487% Year-Over-Year Jump In Revenue, Says Canopy Growth Deal Will Accelerate Growth

Photo courtesy of Origin House. 

Read more about our latest Cannabis News! CANNABIS HOME

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

 

Related Articles (ORHOF + CRLBF)

View Comments and Join the Discussion!

Cannabis Movers

Sign up for our secret cannabis newsletter!
Never miss out on the breaking news in the Cannabis Industry!

Crown Castle, Marsh & McLennan And More: 'Fast Money Halftime Report' Picks For May 29

Najarian Brothers See Unusual Options Activity In TJX And VanEck Vectors Oil Services ETF