Quarterly Earnings: Vireo, Rubicon, TILT, Harborside

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: VREOFrevealed 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

Rubicon Organics Inc. (CSE: ROMJ) (OTCQX: ROMJFreleased its second-quarter earnings report on Wednesday.

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 …

Full story available on Benzinga.com

More Quarterly Earnings: Vireo, Rubicon, TILT, Harborside