Vireo Health Reports Q2 Revenue Up 70% Year-Over-Year

Cannabis company Vireo Health International, Inc. VREO VREOF reported second-quarter total revenue of $7.2 million, up 70% from the same quarter in 2018.

The company’s EBITDA and adjusted EBITDA were $0.8 million and $2.3 million, respectively, versus $1.9 million and $2.1 million in the same quarter last year.

Vireo Health had a net loss in the second quarter of around $1.9 million, compared to a net income of $120,080 in the same quarter of 2018.

Additional business updates after the second quarter, include promoting Christian Gonzalez to the position of Vice President of enterprise-wide Manufacturing in July and the stock's beginning of trading on the OTCQX Best Market in August.

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Its affiliate, Ohio Medical Solution, obtained a Certificate of Operation by the Ohio Department of Commerce, making Vireo, one of only five licensed processors operational in Ohio, the company said in a press release.

"Increasing patient enrollment in Minnesota and New York continued contributing to organic revenue growth during the second quarter, and wholesale demand trends in Maryland and Pennsylvania have also been encouraging signs that our products can compete effectively within a broader marketplace," said Dr. Kyle Kingsley, Vireo’s Founder and CEO. "We're also making substantial progress on many of the development projects that we outlined earlier this year, and we remain confident that our focus on bringing the best of medicine, science, and engineering to the cannabis industry will create compelling long-term value for all of our stakeholders."

The stock closed Wednesday’s session at $1.43 per share.

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