Harborside Beats Q3 Projections As Evogene's Revenue Spikes 200% YoY

Harborside Generates $19.6M In Q3, Expects To 'Ramp Up' Production Capacities In 2021

Harborside Inc. (CSE: HBOR) (OCTQX: HBORF) beat its third-quarter projections generating roughly $19.6 million in gross revenue. That's up by 21.2% sequentially and 42.9% year-over-year.

Wholesale operations yielded about $8.9 million in revenues, while the company's retail department contributed around $10.7 million for the quarter.

The Oakland, California-based cannabis company also reported a gross profit (before excise taxes and adjustments for biological assets) of $10.7 million for the period. That's an increase of 85.8% on a yearly basis.

For the same period, gross margins rose from 42.1% to 54.7%.

Harborside posted a positive adjusted EBITDA of roughly $4.5 million versus a $900,000 loss in the corresponding quarter of last year.

In addition, operating income for the quarter ending Sept. 30 was $800,000 while total operating expenses amounted to approximately $7.8 million.

The company noted it anticipates to generate between …

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