Acreage Holdings, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 09, 2023 at 05:16 pm EDT
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Acreage Holdings, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 58.12 million compared to USD 61.05 million a year ago. Revenue was USD 58.12 million compared to USD 61.35 million a year ago. Net loss was USD 16.16 million compared to USD 9.93 million a year ago. Basic loss per share from continuing operations was USD 0.14 compared to USD 0.09 a year ago. Diluted loss per share from continuing operations was USD 0.14 compared to USD 0.09 a year ago.
For the six months, sales was USD 113.99 million compared to USD 117.64 million a year ago. Revenue was USD 114.08 million compared to USD 118.23 million a year ago. Net loss was USD 30.75 million compared to USD 22.62 million a year ago. Basic loss per share from continuing operations was USD 0.27 compared to USD 0.21 a year ago. Diluted loss per share from continuing operations was USD 0.27 compared to USD 0.21 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.