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Harvest One Posts Quarterly Net Revenue Of $3M

Harvest One Posts Quarterly Net Revenue Of $3M

Harvest One Cannabis Inc. (TSX-V: HVT) (OTC: HRVOF) posted fourth-quarter net revenue of $3 million Monday, up 489% from the same quarter in 2018.

The company reported negative EBITDA of $5.26 million for the quarter, compared to negative EBITDA of $4.94 million in the same period of 2018.

Harvest One posted a 7-cent loss per basic and diluted share, higher than 3-cent-per-share loss in the fourth quarter of 2018. 

For the full fiscal year, Harvest One reported a net loss per share of 15 cents versus an 11-cent-per-share loss in 2018. 

The company reported net revenue of $11.5 million for fiscal 2019. 

Harvest One's adjusted EBITDA loss in 2019 was $14.94 million, higher than the adjusted EBITDA loss of $10.69 million in fiscal 2018. 

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The company also reported on some significant milestones achieved either during or after the quarter ended, including signing an agreement to distribute Satipharm’s CBD GellPell capsules via Hollan & Barret; finalizng the acquisition of Delivra Corp. and its LivRelief brand; entering into a supply agreements with GenCanna Global USA and 9869247 Canada Limited; and receiving an amendment to United Greeneries license from Health Canada that enables it to sell cannabis oil products.

"We are delighted with the company's progress throughout the fourth quarter and fiscal 2019 as we build a platform for long-term growth across all our segments," CEO Grant Froese said in a statement.

"In the fourth quarter, we showed strong revenue growth within our consumer and medical segments while our cultivation segment remained steady prior to adding the necessary scale through the expansions of our facilities."

Harvest One shares were down 3.33% at 24 cents at the time of publication. 

Posted-In: Cannabis Earnings News Markets


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