+ 0.00
+ 0%
+ 0.00
+ 0%
+ 0.00
+ 0%
+ 0.00
+ 0%
+ 0.00
+ 0%

Harvest Health Tallies 35 Retail Stores Nationwide, Posts 134% YoY Revenue Increase

May 21, 2020 2:08 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Harvest Health Tallies 35 Retail Stores Nationwide, Posts 134% YoY Revenue Increase

Harvest Health & Recreation Inc. (CSE:HARV) (OTC: HRVSF) released its first-quarter 2020 financial and operational results Wednesday.

Harvest Health's Q1 Financial Update

The medical company said that its quarterly net revenue of $45 million represents a 134% year over year and 19% quarter-over-quarter increase. 

For the first quarter, Harvest posted a net loss of $20 million, down roughly 77% from the company's fourth-quarter loss and in line with the first quarter of 2019. 

The company posted negative adjusted EBITDA excluding biological adjustments of $3.9 million versus a loss of $6.8 million in the previous quarter and a loss of $4.7 million in the same period of the last year.

Harvest said its gross profit increased by roughly 14% sequentially, reaching $18.3 million.  

"In 2020 we have raised additional capital and completed several acquisitions adding strategic assets in core markets while continuing to streamline operations as highlighted by continued improving quarterly trends," Harvest CEO Steve White said in a statement. 

Harvest Health's Operational Highlights

Harvest ownsand manages 35 store locations across seven states, including five retail spaces in Arizona, Michigan and Arkansas that the company launched or acquired during the quarter.

In March, the company inked the $85.8-million purchase of Capital Group Inc., obtaining three open locations in California, five in Washington, and two in Iowa.

Later that month, Harvest and Verano Holdings LLC put an end on their M&A talks, hoping to revisit the partnership in the future.

In addition, Harvest boosted its Pennsylvania operations with the acquisition of a CannaPharmacy subsidiary. Harvest bought Franklin Labs' 46,800-square-feet cultivation and manufacturing/processing facility for $25.5 million.  

In April, High Times acquired 13 Harvest dispensaries in an $80-million deal.

Courtesy photo. 


Cannabis Earnings News

Related Articles

Cannabis Stock Gainers And Losers From January 11, 2021

GAINERS: Australis Capital (OTCQB: AUSAF) shares closed up 44.13% at $0.50 read more

Cannabis Stock Gainers And Losers From January 7, 2021

GAINERS: Australis Capital (OTCQB: AUSAF) shares closed up 44.12% at $0.30 read more

Harvest Health Reports Q4 Revenue Of $69.9M, Success Of Rec Sales In Arizona

Vertically integrated cannabis company Harvest Health & Recreation Inc. (CSE:HARV) (OTCQX: HRVSF) revealed Tuesday afternoon its total revenue spiked 98%, reaching $231.5 million in 2020. read more

High Times To Buy California Dispensary Desert's Finest For $6.2M

Hightimes Holding Corp., the media and events company known for its cannabis publication High Times, will buy a cannabis dispensary Desert’s Finest in a $6.2 million deal. Out of those $6.2 million, around $5.35 million will be in the form of convertible debt, projected to close in the following three months. read more