Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ) reported yesterday financial results for the quarter ended September 30, 2019.
This morning, on Twitter the company mentioned that they were going to launch the Canopy brand in Q4 starting with Maine, Oregon and Massachusetts :
Here are the financial statements published on the 12th::
NEW YORK, Nov. 12, 2019 (GLOBE NEWSWIRE) — Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ), one of the largest vertically integrated cannabis operators in the U.S., today reported financial results for the quarter ended September 30, 2019.
THIRD QUARTER FINANCIAL HIGHLIGHTS
- Reported third quarter revenue of $22.4 million, a 307% increase compared to the same period in 2018
- Pro forma revenue* for the third quarter was $42.2 million
- Reported a net loss attributable to Acreage of $39.9 million
- Adjusted net loss* attributable to Acreage was $15.0 million
- Pro forma adjusted EBITDA* was a loss of $9.1 million
*Pro forma revenue, adjusted net loss and pro forma adjusted EBITDA are Non-IFRS measures. Please see discussion and reconciliation of Non-IFRS measures below.
Commented Acreage Chairman and CEO Kevin Murphy: “The third quarter was highlighted by tremendous progress of our long-term plan. We launched great cannabis brands that are receiving strong influencer praise, continued building out our wholesale businesses across our national footprint, and achieved 100 percent retail distribution in the fast growing market of Pennsylvania. Importantly, we also have a path to secure the capital resources necessary to fund our future expansion and acquisition activities. The last six months have been challenging for the entire industry, but as I have emphasized since day one, this is a long game and I have never been more optimistic about the future of Acreage.”
View the full report here
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