NY Cannabis Giant Cannabist's 2023 Revenue Consistent With Prior Year At $511M, Narrows Q4 Net Loss By 76% YoY
Portfolio Pulse from Jelena Martinovic
Cannabist Company Holdings Inc. (OTCQX:CBSTF) reported a 76% decrease in Q4 net loss to $72.5 million and a consistent annual revenue of $511 million for 2023. The company highlighted cost reduction programs, debt retirement of $30.6 million, and a positive adjusted EBITDA of $69.6 million for the year. Despite these improvements, CBSTF shares dropped 11.7029% to $0.252 post-market close on Tuesday. The company plans to expand its retail footprint and leverage investments in cultivation and manufacturing in 2024.
March 13, 2024 | 1:00 pm
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Cannabist Company Holdings Inc. reported significant financial improvements in 2023, including a 76% reduction in Q4 net loss and consistent annual revenue. However, shares fell 11.7029% post-announcement.
Despite reporting a significant decrease in net loss and maintaining stable revenue, the immediate negative reaction in share price suggests investor concerns or disappointment with the results. The drop in share price post-announcement indicates a short-term negative impact on CBSTF, likely due to market expectations not being fully met or concerns over future profitability and growth.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100