OTCQX:ACRGF - Post Discussion
Post by
v6tdaines on Nov 29, 2018 6:36pm
Financial Highlights
Third Quarter and YTD Highlights
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Acreage Holdings reported third quarter revenue of $5.5 million, up 160% versus the prior year period, and year-to-date revenue of $10.6 million, up 92% versus the prior year period.
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On a pro-forma basis*, revenue for the third quarter was $19.3 million, and year-to-date was $54.2 million.
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Acreage Holdings reported third quarter gross profit, excluding fair value items, of $1.9 million, up 118% versus the prior year period, and year-to-date gross profit, excluding fair value items, of $3.8 million, up 76% versus the prior year period.
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Net loss for the quarter was $4.0 million, compared to $0.7 million in the prior year period. Net loss year-to-date was $2.1 million, an improvement of 30% versus the prior year period.
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During the three months ended September 30, 2018, Acreage Holdings opened one dispensary, in Bal more, Maryland, bringing its open and opera ng dispensaries to a total of 16 as well as on track to have 23 stores opened by January 2019. With the Maryland opening, Acreage began the na onwide roll out of “The Botanist,” its flagship retail brand.
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As of September 30, 2018, Acreage Holdings deployed over $148 million in capital in various strategic transac ons.
*Acreage issued a detailed presenta on of Acreage Holdings’ fiscal third quarter results, that includes defini ons and reconcilia ons for non-IFRS measures (see note regarding non-IFRS measures below), which can be viewed on our website at h p://investors.acreageholdings.com.
“We are in the midst of a transforma ve moment for the U.S. cannabis industry and we have been laying the groundwork to fully leverage our unique strategic advantages - scale, opera onal depth, and financial strength,” said Kevin Murphy, Founder, Chairman, and Chief Execu ve Officer of Acreage. “Our November public lis ng and private placement equity raise of approximately $314 million gives us the ability to con nue to expand our industry-leading footprint beyond the 18 states that we are in. These efforts have laid the founda on for us to roll out the na on’s first truly na onal brands in the industry. With our opera onal founda on now in place and the tailwinds of transforma onal pending legisla on that we an cipate will open new cannabis markets in the U.S., we believe we are in a strong posi on for the future.”
Additional Operating Highlights
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On November 28, 2018, we entered into a line of credit agreement with Pa ent Centric Martha’s Vineyard, Ltd. to establish a management services agreement.
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On November 28, 2018, we entered into an agreement to purchase a third Connec cut dispensary, giving Acreage three of nine dispensary licenses in the state.
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On November 26, 2018, we closed on the acquisi on of the real estate assets of Blue Tire Holdings, LLC to begin cul va on, processing, and dispensary opera ons in Michigan, one of the highest per capita consump on states in the U.S.
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On November 28, 2018, we entered in an agreement to acquire the intellectual property rights to what it believes is the largest, most diverse library of cannabis gene cs in the world.
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On November 21, 2018, we acquired one of 22 cul va on and processing licenses in Illinois.
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In October 2018, we were awarded a provisional cul va on and manufacturing license in Oklahoma, with opera ons expected to begin in late 2019.
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In September 2018, we were awarded the right to receive one of eight total dispensary licenses that will be granted in North Dakota, and have applied to receive addi onal licenses in North Dakota.
Earnings Call Details
Acreage Holdings will host a conference call with management on Thursday, November 29th at 5:30PM Eastern Standard Time. Please dial in at least 15 minutes ahead of me and an
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