Harvest Health & Recreation Generates $16.9M In Gross Profits In Q2
Gross profits more than doubled compared to the first quarter, with Harvest generating $16.9 million for the second quarter compared to $7.9 million the previous window.
Harvest reported a $20.6 million net loss for the second quarter. The company cited its investments in staff and infrastructure to support growth and expansion efforts as the cause.
Business highlights included adding retail locations in Arizona, California, Florida and North Dakota. The company expects "significant expansion" in cultivation, retail and manufacturing for the rest of the year.
A partnership with the Asian American Trade Associations Council has put Harvest products in over 10,000 retail destinations within AATAC's network.
Ending the second quarter, Harvest reported $89.9 million of cash and its equivalents, with $105.1 million in outstanding debt.
- Adjusted EBITDA totaled $2.2 million compared to $4.7 million for the first quarter.
- Gross profit margins expanded from 41% to 64% over the first two quarters of 2019.
- Generated $78 million of pro forma revenue, when factoring in completed and pending disclosed acquisitions, in the second quarter, a 53% increase over the first quarter’s $51 million pro forma revenue.
Harvest's OTC stock closed Wednesday at $5.23 per share.
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