Harvest Health Posts $39M Quarterly Net Loss, Says It's 'Reflective Of Investments' For Growth
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.
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