Harvest Health & Recreation announced its financial results for the third quarter of its fiscal 2019 year.
Harvest Health & Recreation (CSE:HARV,OTCQX:HRVSF) announced its results for the third quarter of its fiscal 2019 year.
As quoted in the press release:
During the quarter Harvest opened six new retail locations, acquired four retail locations, won a cultivation license in Utah and made progress toward completing several significant strategic acquisitions.
“During the third quarter, Harvest continued to execute on its strategy by investing in assets and infrastructure needed to return to profitable growth. As a Company, we have the assets and team required to achieve operational excellence and succeed in the cannabis industry,” said Chief Executive Officer Steve White.
Financial Highlights for the Third Quarter Ended September 30, 2019
Total revenue was $33.2 million, an increase of 197% from $11.2 million in the third quarter of 2018 and up 25%, compared to $26.6 million in the second quarter of 2019.
On a pro forma basis, Harvest along with completed and pending disclosed acquisitions, generated $95 million of revenue in the third quarter, or over $380 million annualized.
Third quarter pro forma revenue increased 22% over second quarter pro forma revenue of $78 million.