Here’s a summary of the latest earnings reports in the cannabis industry:
Planet 13 Sees 35% YoY Revenue Drop, Record Sales
On the heels of receiving a new retail license, Planet 13 Holdings Inc. (CSE: PLTH) (OTCQB: PLNHF) reported a 35% year-over-year drop in revenue. It amounted to $10.8 million in the second quarter of 2020.
The Las Vegas-based company also disclosed an adjusted EBITDA loss of $700,000 for the quarter ending June 30 versus an adjusted EBITDA of $2.7 million for the corresponding period of 2019.
It also posted a net loss of $4 million during the quarter, compared to a net loss of $900,000 in the same period last year.
Planet 13 Co-CEO Larry Scheffler called the second quarter a “challenging environment” for Nevada businesses, adding he was “pleased with the way the team worked under these conditions to add new customers and preserve capital.”
July and August were the company’s highest sales months to date, generating revenue of $15.1 million.
Bluma Wellness Revenue Jumps 190% In Q2
Medical cannabis company Bluma Wellness Inc. (CSE: BWEL.U) saw a 190% increase in revenue in the second quarter of this year, reaching $2.12 …