Harborside Second Quarter Revenue Grows 23.4% To $15.4M

Vertically integrated cannabis company Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) reported its financial results Monday for the second quarter ending June 30, revealing total net revenue of $15.4 million which compares to $12.4 million in the same period of 2020.

Second Quarter Financial Summary

  • The Company's retail operations generated gross profits of approximately $6.2 million in Q2 2021, compared to $5.5 million in Q1 2021.
  • Total operating expenses for Q2 were $9.0 million, compared to $7.1 million in Q2 2020.
  • Operating loss for Q2 was around $300,000, compared to an operating income of $500,000 for Q2 2020.
  • Net income attributable to Harborside was around $1.8 million in Q2 2021, compared to a net loss of approximately $1.7 million in Q2 2020.
  • Adjusted EBITDA for Q2 2021 was $1.1 million or 7.3% of net revenues, compared to approximately $2.0 million or 13.2% of …

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