Market Overview

Harborside Reports $12.7M In Q2 Revenue, Up 20% Year-Over-Year

Share:
Harborside Reports $12.7M In Q2 Revenue, Up 20% Year-Over-Year
Read more about our latest Cannabis News! CANNABIS HOME

Harborside Inc (OTC: HSDEF) (CSE: HBOR) reported second-quarter revenue of $12.7 million on Friday, a 20% year-over-year increase.

The surge was driven by 6.5% growth in retail revenue and 208% growth in wholesale revenue.

Adjusted EBITDA for the second quarter 2019 came in at $2.5 million. The adjusted gross margin for the second quarter improved to 56%, up from 14% in the same quarter last year, driven by an increase in wholesale sales and a favorable fair value adjustment to inventory.

Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.

The company said it expects 2019 revenue of $55 million to $57 million and positive adjusted EBITDA.

"The second quarter was a milestone for Harborside. On June 10, we listed on the CSE after completing the RTO and raising capital," CEO Andrew Berman said in a statement. 

"I am pleased that in our first quarter as a public company, we reported solid revenue growth and were profitable on an adjusted EBITDA basis, and that we now rank among the top 20 U.S.-listed cannabis companies by revenue."

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter

Photo courtesy of Harborside. 

Read more about our latest Cannabis News! CANNABIS HOME

Posted-In: Cannabis Earnings News Guidance Markets

 

Related Articles (HSDEF)

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!

Facebook Moves To Better Vet Ad Buyers Ahead Of 2020 Election

Mixed Information Coming Out Of Florida On Diesel Fuel Availability