Vertically integrated cannabis company Harborside Inc. HBOR HBORF reported Monday that it expects to generate over $18.5 million in gross revenue for the third quarter.
The Oakland, California-based company attributes the revenue growth to improved harvest yields as well as the production of flower varieties.
Sales volumes also increased, causing revenue to spike over the quarter, the company revealed in a preliminary unaudited third-quarter earnings report. Adjusted EBITDA will remain positive in the quarter, which ended Sept. 30.
Harboside CEO Peter Bilodeau is "thrilled with the ongoing performance" of the business, adding that the company is "well positioned to take advantage of the opportunities ahead" while continuing to enhance shareholder value.
Harborside recently qualified to trade on the OTCQX. It began trading on Tuesday, Sept. 25, under the symbol "HSDEF."
Last week, the company reported changing its ticker symbol from "HSDEF" to "HBORF" on the OTCQX market.
Besides debut on the OTCQX, Harborside deepened its bench in late August by welcoming Peter Kampian to its board.
Courtesy image
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!