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Vibe Bioscience Reports $3.1M In Q2 Consolidated Revenue

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Vibe Bioscience Reports $3.1M In Q2 Consolidated Revenue

Vibe Bioscience Ltd. (CSE: VIBE), a vertically integrated cannabis company, reported Wednesday with second-quarter consolidated revenue of $3.1 million, up 135.7% from $1.31 million in the previous quarter.

Its consolidated results from the quarter include U.S. operations and Canadian head office.

Since the company was incorporated in June 2018, there are no  year-over-year comparative financial results for the second quarter of 2019. 

Vibe Bioscience’s core cannabis business began in February of this year, when it acquired dispensary and cultivation operations in California. Its first-quarter financial results for the U.S. operations count only 42 days, while its first-quarter financial results for its Canadian head office are for the full three months ended March 31.

The company achieved positive consolidated adjusted EBITDA of $113,322, compared to last quarter’s adjusted EBITDA of $59,336.

The consolidated gross margin was 42% versus 44% in the prior quarter. 

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Vibe Bioscience is a cannabis company that aims to become one of the best multistate operators and is known for its “Vibe by California” brand. The company said it is working on broadening its national footprint through acquisitions.

The stock closed Tuesday’s session at CA$0.32 (24 cents) per share.

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Posted-In: marijuana pot weedCannabis Earnings News Markets

 

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