Harvest Health & Recreation (CSE:HARV,OTCQX:HRVSF) reported the company’s second quarter fiscal year 2019 financial results.
As quoted in the press release:
“During the second quarter, Harvest continued to execute on its strategy by adhering to our four core initiatives: building a world class team, expanding our retail and wholesale footprint across the U.S., building and acquiring brands and distributing them across our footprint and continuing on a path of profitable growth we believe that we can fulfill our objective of becoming the most valuable cannabis company in the world,” said Chief Executive Officer Steve White.
Financial Highlights for the Second Quarter Ended June 30, 2019
Total revenue was $26.6 million, an increase of 39%, compared to $19.2 million in the first quarter of 2019.
On a pro forma basis, Harvest along with completed and pending disclosed acquisitions, generated $78 million of revenue in the second quarter, or over $310 million annualized. Second quarter pro forma revenue increased 53% over first quarter pro forma revenue of $51 million.
Gross profit was $16.9 million compared to $7.9 million in the first quarter of 2019.
Gross profit margin was 64% compared to 41% for the first quarter of 2019.
Adjusted EBITDA was ($2.2) million, compared to ($4.7) million in the first quarter of 2019.
Net loss was $20.6 million for the second quarter which is reflective of the planned investments in people and infrastructure to support the company’s growth initiatives and planned expansion.
Pineapple Express Delivery Partners with CannTrust to Offer Same-Day and Next-Day Delivery for estoraTM Medical Cannabis Patients in Ontario
Ensuring estoraTMpatients have seamless access to their high-quality medical cannabis products
World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) (the “Company” or “World-Class”) is pleased to announce that its subsidiary Pineapple Express Delivery Inc. (“Pineapple Express Delivery” or “PED”), a leading logistics technology company offering compliant and secure delivery of controlled substances and regulated products, has partnered with CannTrust Inc. to bring same-day and next-day delivery to estoraTM medical cannabis patients in Ontario
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.