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