Columbia Care reported its financial results for its Q1 2019 and 2018 year.
Columbia Care (NEO:CCHW) reported its financial results for its Q1 2019 and 2018 year.
As quoted in the press release:
First Quarter 2019 Financial Highlights
- Revenue of US$12.9 million, an increase of 45 percent from the prior year period
- Gross profit, excluding changes in the fair value of biological assets and inventory sold, of US$4.4 million, an increase of 29 percent over the prior year period
- Net loss of (US$25.1) million compared to (US$9.7) million for the prior year period, reflecting the Company’s investment in its growth initiatives
Subsequent to the end of the first quarter 2019, Columbia Care has launched a new line of industrial hemp-based CBD products in conjunction with the opening of its newest dispensaries in Brooklyn, NY and San Diego, CA. Additionally, since the beginning of the year, Columbia Care has entered into lease agreements for dispensaries in Delaware, the District of Columbia and 13 new facilities in targeted markets in Florida.
“Our strong year over year growth in 2018 has continued into 2019 with the launch of our state-of-the-art dispensary in Brooklyn as well as our entry into two of the largest medical cannabis markets in the United States, California and Florida,” said Nicholas Vita, Chief Executive Officer of Columbia Care. “Access to the public capital markets will allow us to accelerate growth as we expand operations in 12 of our 14 existing jurisdictions and enables us to expedite the commercialization of our hemp-based CBD brands into traditional consumer retail channels. By leveraging our extensive patient data and institutional experience, we are committed to delivering products, services and brands designed to meet the needs of consumers in markets where we believe we can have the largest impact.”