Debra Borchardt
Acreage Holdings, Inc. (CSE: ACRG.U) (OTCQX: ACRGF) reported third-quarter revenue of $22.4 million, a 307% increase over last year’s $5.5 million for the same period in 2018. The company also reported a net loss of $39.9 million versus last year’s net loss of $4.5 million and the EBITDA loss was $44 million.
CEO Kevin Murphy said in a statement, “The third quarter was highlighted by tremendous progress of our long-term plan. We launched great cannabis brands that are receiving strong influencer praise, continued building out our wholesale businesses across our national footprint, and achieved 100 percent retail distribution in the fast-growing market of Pennsylvania. Importantly, we also have a path to secure the capital resources necessary to fund our future expansion and acquisition activities. The last six months have been challenging for the entire industry, but as I have emphasized since day one, this is a long game and I have never been more optimistic about the future of Acreage.”
The third quarter Non-GAAP EPS of -$0.17 beat estimates by $0.03 and the GAAP EPS of -$0.45 missed by $0.13.
Compensation expenses caused a large increase in the company’s earnings for the quarter and accounted for roughly $23 million.
The revenue breakout was as follows:
New England $4.5m
Mid-Atlantic $2.2m
Midwest $2.1m
West $712k
The stock was rising by 1% to lately trade at $4.88
