Columbia Care (NEO:CCHW) reported its financial and operating results for the second quarter ended June 30.
As quoted in the press release:
Second Quarter 2019 Financial Highlights
- Revenue of $19.3 million, an increase of 102% from the prior year period, and an increase of 50% from the first quarter of 2019
- Adjusted EBITDA of ($11.4) million compared to ($1.7) million for the prior year period, reflecting new market expansion, facility expenses, organizational growth and expenses related to the Company’s go-public transaction1
- Net loss of $33.7 million compared to $4.2 million for the prior year period, reflecting increase in non-cash expenses as well as the Company’s investment in its growth initiatives
- $125.3 million cash on hand as of June 30, 2019, and no debt
Subsequent to the end of the second quarter 2019, Columbia Care launched operations in Florida, Ohio and Puerto Rico. The Company now has ongoing expansion activities in 12 of its 15 licensed jurisdictions.
“We are pleased to deliver revenue growth of over 100% year-over-year and over 50% sequentially. With the majority of our facilities and markets in development, as well as several important product and service launches anticipated in the third and fourth quarters, we look forward to the future,” said Nicholas Vita, chief executive officer of Columbia Care. “The capital we raised through our going public transaction has enabled us to leverage our scale, innovation, differentiated strategy and diversified growth initiatives across all of our jurisdictions, including our four most recent market launches in Florida, California, Ohio and Puerto Rico. This quarter affirms Columbia Care’s strong foundation, commitment to disciplined growth and reinforces our hard-earned reputation for being intensely execution focused.”