RE:ANNOUNCES RECORD PRELIMINARY UNAUDITED REVENUE... California Dreaming!!!
ORIGIN HOUSE ANNOUNCES RECORD PRELIMINARY UNAUDITED REVENUE OF APPROXIMATELY $21 MILLION FOR THE SECOND QUARTER OF 2019
CannaRoyalty Corp. (doing business as Origin House) had preliminary unaudited revenue of approximately $21-million in the second quarter ended June 30, 2019, at an approximate gross margin, excluding fair value items, of 17 per cent.
The California market has grown in 2019, with an increase in the number of licensed dispensaries since December 2018 2 and a more stable regulatory environment than in 2018. Origin House's progress during the first six months of the year has primarily been driven by its focused strategy to capitalize on the statewide California platform it established over the past two years.
Marc Lustig, Chairman and CEO of Origin House commented, "Origin House has continued to gain momentum as our team leveraged the California-focused platform we have built over the past two years to drive another quarter of record revenue along with steady progress on gross margin. As expressed previously, we strongly believe that 2019 will mark an inflection point both for the California market and Origin House as a whole and the numbers are proving this out."
Origin House plans to release its full financial results for the second quarter ended June 30, 2019 during the second half of August and will be coordinating its financial results release with the release of Cresco Labs' financial results.