Another Cannabis Company Benefits From Maryland's Green Rush, iAnthus Cuts Q3 Net Loss While Growing Revenue
Portfolio Pulse from Jelena Martinovic
iAnthus Capital Holdings, Inc. (OTCQB:ITHUF) reported improved financial results for Q3 2023, with increased revenue and reduced net loss. Revenue rose to $42.9 million, gross profit was $17.4 million, and net loss decreased to $15.6 million. Adjusted EBITDA was positive at $4.9 million. Analyst Pablo Zuanic noted that iAnthus and other cannabis multi-state operators are benefiting from Maryland's recreational cannabis sales, which began in July and contributed to a total of $270 million in sales for the quarter. iAnthus' stock price rose 1.7778% to $0.0229 per share following the report.
November 10, 2023 | 2:19 pm
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POSITIVE IMPACT
iAnthus Capital Holdings, Inc. reported a 10.8% QoQ revenue increase and a reduced net loss in Q3 2023. The company's positive performance is partly attributed to Maryland's growing cannabis market. The stock price increased by 1.7778% to $0.0229 after the earnings release.
The positive earnings report, showing both revenue growth and a reduction in net loss, is likely to instill investor confidence and could lead to a short-term positive impact on the stock price. The company's involvement in Maryland's expanding cannabis market, which has seen significant sales, further supports the potential for growth and positive investor sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100