Acreage Holdings, Inc. (CSE: ACRG.U) (OTC: ACRGF) posted third-quarter revenue Tuesday of $22.4 million, up by 307% from the same quarter in the previous year.
The company also posted a net loss attributable to Acreage of $39.9 million, or a 45-cent loss per share, which compares to a net loss of $4.51 million and 6 cents per share in the third quarter of 2018.
The cannabis company's adjusted net loss was $15 million versus an adjusted net loss of $8.7 million in the corresponding period of 2018.
Acreage Holdings disclosed a pro forma adjusted EBITDA loss of $9.1 million compared to a pro forma adjusted EBITDA loss of $2.29 million in the third quarter of 2018.
The adjusted EBITDA loss of $12.39 million far outpaces the $4.73-million adjusted EBITDA in the corresponding period last year.
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"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," Chairman and CEO Kevin Murphy said in a statement.
“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.”
Acreage shares were trading 0.2% higher at $4.83 at the time of publication.
Acreage Holdings CEO Kevin Murphy. Benzinga file photo by Dustin Blitchok.