Science-concentrated cannabis company Goodness Growth Holdings, Inc. (CSE: GDNS) (OTCQX: GDNSF), reported its third-quarter financial results Wednesday with total revenue of $13. 4 million, which is up by 7.2% from the same quarter of 2020.
Third Quarter Financial Summary
- Gross profit was $5.1 million, or 38.3% of revenue, as compared to gross profit of $5.0 million or 39.8% of revenue in Q3 last year;
- Net loss amounted to $6.2 million, versus net income of $3.0 million in the same period of 2020;
- Adjusted EBITDA was a loss of $1.9 million, as compared to a loss of $600,000 in the corresponding quarter of the prior year;
- Total operating expenses in the third quarter were $9.2 million, an increase of $2.0 million as compared to $7.2 million in the third quarter of 2020; The increase in total expenses was attributable to increased general and administrative expenses driven by operational buildouts in Arizona, Maryland, Minnesota and New Mexico where the Company has opened new retail dispensaries or has completed cultivation and manufacturing expansion …