Michigan-based cannabis brand Gage Growth Corp. (CSE: GAGE) (OTC: GAEGF) posted Thursday its first-quarter financial results with revenue growth of 67.9% quarter-over-quarter and 219.4% year-over-year, respectively, reaching $17.6 million.
The increase in revenue could be attributed to new dispensaries and expanded cultivation capacity.
"After Gage's tremendous growth this quarter with revenue of $17.6 million, we expect our first half of 2021 revenue to exceed full fiscal year 2020 revenue and more than double the first half of fiscal year 2020,” Fabian Monaco, CEO of Gage stated. “We are rapidly growing as our investments in infrastructure have started to deliver operating leverage and the team continues to meet the evolving needs of our patients, customers and communities."
First-Quarter Earnings Highlights
- Gross profit amounted to $4.6 million, compared to $1.8 million in the previous quarter;
- Gage posted an …