Acreage Holdings, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 14, 2023 at 05:02 pm
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Acreage Holdings, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 56.5 million compared to USD 61.42 million a year ago. Net loss was USD 7.63 million compared to USD 22.21 million a year ago. Basic loss per share from continuing operations was USD 0.07 compared to USD 0.2 a year ago. Diluted loss per share from continuing operations was USD 0.07 compared to USD 0.2 a year ago.
For the nine months, revenue was USD 170.58 million compared to USD 179.65 million a year ago. Net loss was USD 38.37 million compared to USD 44.84 million a year ago. Basic loss per share from continuing operations was USD 0.34 compared to USD 0.41 a year ago. Diluted loss per share from continuing operations was USD 0.34 compared to USD 0.41 a year ago.
Acreage Holdings, Inc. is a vertically integrated, multi-state operator in the United States cannabis industry. The Companyâs 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. Its brand also includes Prime Wellness. It owns and operates eight cultivation and processing facilities, one each in Illinois, Maine, New Jersey, New York, Ohio, and Pennsylvania, respectively, and two in Massachusetts. The Company also owns 23 operational dispensaries in seven states. Its subsidiary, Universal Hemp, LLC, distributes, markets, and sells cannabidiol products.