Harvest Health & Recreation Inc. HARV HRVSF reported third-quarter revenue Wednesday of $33.2 million, up by 197% on a year-to-year basis.
The company posted quarterly pro forma revenue of $95 million, which includes finalized and pending acquisitions and represents a 22% jump from the previous quarter.
Harvest Health disclosed an adjusted EBITDA loss excluding biological adjustments of $10.9 million versus an adjusted EBITDA loss of $12.4 million in the second quarter of 2019.
Harvest reported a quarterly net loss of $39.1 million and said it is “reflective of investments to support the company's growth initiatives, disclosed acquisitions and planned expansion.”
The third-quarter net loss compares to a net loss of $453,000 in the corresponding period of 2018.
During the quarter, the company started offering new products, including the cannabis brand Cookies in Arizona and beginning shipments of a CBD product line as part of the deal with the Asian American Trade Associations Council.
After the quarter ended, the company raised $6.5 million in real estate financing and CA$62.5 million ($46.9 million) in short-term secured debt financing.
"During the third quarter, Harvest continued to execute on its strategy by investing in assets and infrastructure needed to return to profitable growth. As a company, we have the assets and team required to achieve operational excellence and succeed in the cannabis industry," CEO Steve White said in a statement.
Harvest shares were trading 5.72% higher at $2.70 at the time of publication Wednesday.
Related Links:
Cannabis Companies: House's SAFE Act Vote A Milestone, Offers Promise For More Diversity In Sector
Harvest Health Will No Longer Pursue 2 Affiliate Companies In Pennsylvania
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.