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

Harborside Inc HSDEF 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. 

Posted In: CannabisEarningsNewsGuidanceMarkets
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!


Loading...