Goodness Growth Holdings Reports Q4 2023 Revenue Growth, Gross Margin And Operating Profits
Portfolio Pulse from Nicolás Jose Rodriguez
Goodness Growth Holdings, Inc. (OTC:GDNSF) reported a significant increase in Q4 2023 revenue, gross margin, and operating profits, with revenue reaching $24.2 million, a 34.4% increase year-over-year. Operating income for Q4 was $5.4 million, marking the second consecutive quarter of surpassing the $5 million threshold. The company also highlighted the successful execution of its CREAM & Fire strategy and anticipates the launch of adult-use cannabis sales in Minnesota in 2025. Additionally, Goodness Growth announced the divestiture of its New York operations to ACE Venture Enterprises, Inc., including a $20 million investment from Ace for development and assumption of the IIP lease.
April 02, 2024 | 1:27 pm
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Goodness Growth Holdings, Inc. reported a significant increase in Q4 2023 revenue and operating profits, with strategic divestiture of its New York operations to ACE Venture Enterprises, Inc.
The reported increase in revenue and operating profits for Q4 2023, along with the strategic divestiture of its New York operations, indicates a strong financial performance and strategic positioning for Goodness Growth Holdings. The successful execution of its CREAM & Fire strategy and anticipation for the launch of adult-use cannabis sales in Minnesota in 2025 further bolster the positive outlook for the company. The divestiture deal with ACE Venture Enterprises, including a $20 million investment for development, suggests a focused strategy on strengthening its balance sheet and ensuring long-term success.
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