It was no April Fool, investors of
Halo Collective Inc. (NEO: HALO, Forum) had some good news on Friday.
The cannabis company released its financial and operational results for Q4 2021, and full year ended December 31, 2021, highlighting revenue of $8.4 million (USD), up $3.2 million (USD), or 63%, compared to $5.1 million (USD) in Q4 2020.
Sales of nearly 13 million grams of cannabis products principally to dispensaries in Oregon and California, a 345% year-over-year increase compared to Q4 2020.
Further Q4 accomplishments:
- Adjusted gross margin was $0.8 million (USD), or 9.6% gross margin, compared to $0.5 million (USD), or 10.5% gross margin, in Q4 2020.
- Adjusted EBITDA loss of $7.1 million (USD) compared to a loss of $3.7 million (USD) in Q4 2020
Full year 2021 financial highlights:
- Revenue of $36.2 million (USD), up $14.5 million (USD), or 67%, compared to $21.6 million (USD) in 2020
- Sales of over 32 million grams of cannabis products principally to dispensaries in Oregon and California, a 381% year-over-year increase compared to 2020
- Adjusted gross profit1 was $7.3 million (USD), or 20.1% gross margin, compared to gross profit of $5.2 million (USD), or 24.0% gross margin, in 2020
- Adjusted EBITDA1 loss of $23.6 million (USD) compared to a loss of $6.9 million in 2020
Management commentary:
The company’s CEO Kiran Sidhu said in a news release that even while the operating conditions remain difficult in the California and Oregon markets and pressuring our near-term financial performance, the team has been building value in the company and its products.
“In our growing wholesale businesses, volumes are trending upward due to higher sales velocity and expanded market penetration, offsetting much of the downward pressure on prices and positioning us well for when pricing stabilizes. In our retail business, we've opened our first Budega dispensary in North Hollywood, California, and are seeing solid preliminary results in the first weeks of operation. Meanwhile, we have taken the necessary steps to rationalize the business to accelerate our path to profitability.”
For a full breakdown of this news, click
here.
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