Cannabist Holdings' Revenue Dips But Holds Steady At $129M In Q3, Announces Stock Buyback
Portfolio Pulse from Patricio Liddle
Cannabist Holdings, formerly known as Columbia Care, reported Q3 2023 revenues of $129M, a slight decrease from $133M in Q3 2022. The net loss improved to $36M from $38M year-over-year. Adjusted EBITDA and gross profit remained stable and decreased, respectively. The company ended the quarter with increased cash reserves and announced a stock buyback program to repurchase up to 15 million shares, reflecting confidence in the undervaluation of its shares. Operational highlights include increased wholesale revenue, steady retail revenue, and new store openings.
November 14, 2023 | 7:38 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Cannabist Holdings reported a stable Q3 with a slight revenue decrease and improved net loss. The company announced a stock buyback program, indicating a potential undervaluation of its shares.
The announcement of a stock buyback program typically indicates that a company believes its stock is undervalued and is a positive signal to investors, potentially leading to a short-term increase in stock price. The stable financial results support the company's outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100