As another busy week unfolds, several cannabis companies released their quarterly earnings reports. Here’s a summary:
Vireo’s Revenue Rose 70% YoY, Operating Cost Structure Improves
Cannabis company Vireo Health International Inc. (CNSX: VREO) (OTCQX: VREOF) revealed Wednesday its total revenue, including contributions from discontinued operations, amounted to $12.2 million in the second quarter of 2020.
That’s up by 70% compared to the same period last year.
Its retail revenue increased by 46% over the year to roughly $9.2 million.
The Minneapolis-based company reported the gross profit (before fair value adjustments) of $3.5 million, or 32 % of revenue, versus $3 million in the second quarter of 2019.
Total operating expenses amounted to $15.4 million for the period ended June 30, while other expenses were $3.4 million.
Vireo posted a net loss of $7.7 million during the quarter.
“Our second-quarter results were in-line with our expectations both in terms of revenue growth and operating expenses,” said Kyle Kingsley, M.D., the company’s founder and CEO.
Meantime, in June, the co-founder and former CEO of Canopy Growth (NYSE: CGC), Bruce Linton, left the company after serving for seven months as executive chairman. Shortly after, Vireo hired John Heller as its new CFO.
Rubicon’s Revenue Spikes 140% Sequentially
The Vancouver-based company reported a 140% sequential increase in gross revenue over the period to CA$1.2 million.
Rubicon also posted a net loss of CA$1.8 million for the quarter, compared to a loss of around CA$3.8 million in the same quarter last year.
Other quarterly highlights include achieving the first full …