Origin House Posts Higher Q3 Revenue, Loss

CannaRoyalty Corp. OH ORHOF, which operates under the name Origin House, posted third-quarter revenue of CA$22.8 million ($17.2 million) Wednesday, 244% higher than CA$6.6 million in the same quarter of 2018. 

The cannabis company's quarterly net loss totaled CA$25.6 million versus a net loss of CA$7.5 million in the same period last year. 

The net loss per basic and diluted share amounted to CA$0.34, more than double the CA$0.12 per share loss in the third quarter of 2018.

Origin House reported negative EBITDA of CA$12.1 million compared to an adjusted EBITDA loss of CA$2.1 million one year ago. 

"I am very proud of our team's performance during the first nine months of 2019, with revenue of $55.3 million up more than fivefold from the same period last year," Origin House Chairman and CEO Marc Lustig said in a statement. 

"Our growth during Q3 speaks to the strength of the organization, given the dedication of substantial resources to the Cresco Labs Inc CRLBF arrangement transaction and headwinds from the vape crisis, which impacted both our California and Canadian operations." 

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Origin House announced it has received an interim order from the Ontario Superior Court of Justice related to the previously disclosed amendment to its plan of arrangement under which Cresco Labs will purchase all of the company’s shares.

Origin House said it has completed non-brokered financing of around 9.8 million shares with a price of CA$4.08 per share for gross proceeds of CA$39.6 million.

Origin House shares were trading 1.18% higher at $3.43 at the time of publication.