Origin House (CSE:OH,OTCQX:ORHOF) released its financial report for Q1 2019.
As quoted in the press release:
Marc Lustig, CEO and Chairman of Origin House commented, “This was a milestone quarter for Origin House, as the team drove solid organic growth within our Californian distribution and brands platform and completed meaningful strategic merger and acquisition-based initiatives including the addition of 180 Smoke in Canada. Moving forward through the balance of the year, we are confident that, once completed, the combination of Cresco Labs’ (CSE:CL,OTCQXCRLBF) scale and Origin House’s California-wide distribution footprint will further accelerate growth and build significant value for the shareholders of both companies.”
Financial Highlights for the first quarter ended March 31, 2019
The following are financial highlights of Origin House’s operating results for the three months ended March 31, 2019, compared to the three months ended March 31, 2018:
- Revenue was C$11.2 million as compared to C$0.6 million;
- Gross margin was C$1.7 million as compared to C$nil;
- Operating expenses were C$18.2 million as compared to C$4.5 million;
- Adjusted EBITDA loss of C$12.7 million as compared to adjusted EBIDTA loss of C$0.9 million.