Acreage Holdings, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
August 07, 2022
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Acreage Holdings, Inc. reported earnings results for the second quarter and six months ended June 30, 2022. For the second quarter, the company reported sales was USD 61.05 million compared to USD 43.94 million a year ago. Revenue was USD 61.35 million compared to USD 44.22 million a year ago. Net loss was USD 9.93 million compared to USD 2.55 million a year ago. Basic loss per share from continuing operations was USD 0.09 compared to USD 0.02 a year ago. Diluted loss per share from continuing operations was USD 0.09 compared to USD 0.02 a year ago.
For the six months, sales was USD 117.64 million compared to USD 79.8 million a year ago. Revenue was USD 118.23 million compared to USD 82.61 million a year ago. Net loss was USD 22.62 million compared to USD 10.36 million a year ago. Basic loss per share from continuing operations was USD 0.21 compared to USD 0.1 a year ago. Diluted loss per share from continuing operations was USD 0.21 compared to USD 0.1 a year ago.
Acreage Holdings, Inc. is a vertically integrated, multi-state operator in the United States cannabis industry. The Company also has contractual relationships with cannabis cultivation facilities, dispensaries, and other cannabis-related companies in the United States. Its operations include cultivating and processing cannabis plants, manufacturing branded consumer products, distributing cannabis flower and manufactured products, and retailing dosable cannabis products to consumers. It is offering a range of products from its flagship brand, The Botanist, for adult-use sales in New Jersey. It has also launched Botanist Vape Cartridges and Disposables in Illinois, as well as Superflux Cured Concentrates. It owns and operates nine cultivation and processing facilities, one each in California, Illinois, Maine, New Jersey, New York, Ohio, and Pennsylvania, respectively, and two in Massachusetts. Its subsidiary, Universal Hemp, LLC, distributes, markets, and sells cannabidiol products.