The Parent Company's Shares Plummet On Q1 Earnings, Cannabis Co. Withdraws Its Guidance

TPCO Holding Corp. (OTCQX: GRAMF), doing business as "The Parent Company,” reported Monday its first-quarter financial results with first-quarter net of $39.9 million. These results cover the period from January 15th – when the company finalized its qualifying transaction, prior to which it had no commercial activities.

Key First-Quarter Figures

  • Net sales would have amounted to $45.6 million when adjusted to cover a full quarter starting January 1st;
  • Its quarterly gross profit was $7.2 million, revealing a gross margin of 18%;
  • It had an adjusted EBITDA loss of $11.4 million, which could be accredited mostly to its continuing core operation;
  • Its operating expenses in the quarter reached $61.9 million, counting $40 million of non-cash expenses;
  • At the end of the quarter, the company held $281.0 million in cash and cash equivalents, compared to $372.8 million it held on the date of closing the company’s qualifying transaction.

First Quarter Operational Highlights

  • On January 15th it had finalized the …

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