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