East Coast Drives Growth For This Cannabis Company, Narrows Q3 Net Loss By Nearly 70% YoY
Portfolio Pulse from Jelena Martinovic
Acreage Holdings, Inc. (OTCQX:ACRDF) reported a decrease in Q3 revenue by 8% YoY and 2.8% QoQ, with consolidated revenue of $56.5 million. The company narrowed its net loss by nearly 70% YoY to $7.8 million and reported its eleventh consecutive quarter of positive adjusted EBITDA at $6.6 million. Acreage Holdings saw a 27% increase in Connecticut sales and a 34% increase in New Jersey sales year-to-date. The company's stock traded 3.1554% lower at $0.275 per share after the market close on Tuesday.
November 15, 2023 | 2:12 pm
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Acreage Holdings reported lower Q3 revenue but significantly reduced its net loss and maintained positive adjusted EBITDA. Sales growth in Connecticut and New Jersey was strong, yet shares fell post-market.
The decrease in revenue and the post-market share price drop suggest a negative short-term impact. However, the significant reduction in net loss and continued positive EBITDA could mitigate some investor concerns, indicating a mixed but overall negative short-term outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100