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The cannabis industry was flooded with a wave of excitement last week, when Harvest Health & Recreation Inc. announced that its first-quarter revenue had doubled to $89 million, compared to $41.2 million for the same period last year. Co-founder and Chief Executive Officer Steven White attributed the growth to the company’s retail expansion, which now includes more than 30 stores across five states.
It’s been an amazing year for investors in Harvest Health and Recreation (OTC:HRVSF). In the first quarter of 2018 alone, revenue increased by over $40 million from the same period in 2017. This is no small feat for any company, but for a company that is in the marijuana business, it is truly extraordinary. With sales growing this fast, it is no surprise that a company like Harvest Health and Recreation is under constant scrutiny from the public and the press.
Harvest Health & Recreation Inc. announces financial results for the first quarter of 2021
First quarter revenue was $88.8 million, up 101% from the first quarter of 2020 and 27% from the prior quarter.
Net loss before minority interests for the first quarter was $23.0 million, compared to $7.4 million in the fourth quarter of 2020.
Adjusted EBITDA was $26.9 million in the first quarter, up 196% from $9.1 million in the fourth quarter of 2020.
Revenue target for 2021 increased to at least USD 400 million
PHOENIX, 10 YEARS OLD. May 2021. /PRNewswire/ – Harvest Health & Recreation Inc. (Harvest or the Company) (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company operating in multiple states, today announced its financial and operating results for the first quarter of 2021. All financial information is expressed in U.S. dollars unless otherwise indicated.
Financial results for the first quarter of 2021
Total revenues for the first quarter were $88.8 million, up 101% from $44.2 million in Q1 2020 and up 27% from $69.9 million in Q4 2020.
Gross profit in the first quarter was $47.9 million, compared to $18.1 million in the first quarter of 2020 and $31.3 million in the fourth quarter of 2020.
Gross margin was 53.9% in the first quarter, compared to 41.0% in the first quarter of 2020 and 44.8% in the fourth quarter of 2020.
Net loss before minority interests was $23.0 million in the first quarter, compared to $7.4 million in the fourth quarter of 2020.
Adjusted EBITDA was $26.9 million in the first quarter, compared to $9.1 million in the fourth quarter of 2020.
For more information on the use of non-GAAP measures and the reconciliation of non-GAAP measures, click here.
Key performance indicators for the first quarter of 2021
The 22nd. In January 2021, Harvest registered the first sale of recreational cannabis in the state of Arizona at its Scottsdale store. The harvest took place on the 22nd. In January, the 15 pharmacies began serving adult consumers in addition to medical patients.
The 25th. In January 2021, Harvest announced the closing of a sale and leaseback transaction with Innovative Industrial Properties, Inc. Harvest sold the 292,000 square foot facility for $23.8 million. Harvest will operate the cultivation and processing facility and expects to receive up to $10.8 million for improvements to the leasehold.
The 22nd. In February 2021, Harvest announced the sale of two medical marijuana dispensaries in Bismarck and Williston, North Dakota, for an insignificant amount of cash.
On the eleventh. In March 2021, Harvest opened a new pharmacy in Whitehall, PA.
The 15th. On March 20, 2021, Harvest announced a settlement in its dispute with Falcon International, Inc. Under the terms of the settlement, Harvest now owns 10% of Falcon and has been granted a 10-year warrant to acquire up to 20% of the company at $1.91 per share.
As of 31. As of March 2021, Harvest owned, operated or managed 37 retail stores in six states, including 15 pharmacies in Arizona.
Harvest opened on the 5th and 6th. May two new Florida medical clinics in Olympia Heights and West Palm Beach.
The seventh. In May 2021, Harvest announced that a settlement agreement had been reached with AGRiMED Industries of PA, LLC, which had obtained a cultivation/processing license.
On the 10th. In May 2021, Trulieve announced the proposed acquisition of Harvest. Each Harvest shareholder is expected to receive 0.117 Trulieve shares for each Harvest share, for total consideration of approximately $2.1 billion. The implied price per Harvest share is $4.79, representing a premium of 34% over Harvest’s closing price on the seventh day. May 2021.
Harvest is raising its 2021 revenue target to at least $400 million. Reported gross margin is expected to be at or above 50% and will likely continue to fluctuate from quarter to quarter.
First quarter results show the benefits of achieving key milestones, such as the launch of recreational sales in Arizona.
Managing Director Steve White
We are focused on our key operational and financial priorities in 2021 and will continue to build on this positive momentum.
Conference call and webcast
Harvest Health and Recreation Inc. will hold its annual meeting on Monday, the 10th. May 20, 2021 at 8:00 a.m. ET for a conference call and audio webcast with CEO Steve White.
Registration is required for this event.Use this link to register: http://www.directeventreg.com/registration/event/4832288
Once you have registered, you will receive a confirmation email with login details and unique call codes for the conference. Registration will be available during the conference call, but we encourage you to register in advance to gain access to the event.
First quarter results are available at https://investor.harvesthoc.com/financials/default.aspx.
A live webcast and recording of the conference call will be available at https://investor.harvesthoc.com/financials/default.aspx.
Use of non-GAAP measures
This press release contains certain non-GAAP financial measures as defined by the SEC. The following table provides a reconciliation of these non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with GAAP. This information should be considered in addition to, not as a substitute for, or superior to, a performance measure prepared in accordance with GAAP. Our management uses adjusted EBITDA to assess our business performance and trends and to make planning decisions. Our management believes that adjusted EBITDA helps identify important trends in our business that might otherwise be masked by the impact of the elements we exclude. Accordingly, we believe that the Restated EBITDA provides investors and others with useful information to understand and evaluate our business performance, improves the overall understanding of our past performance and future prospects, and provides greater transparency with respect to key financial measures used by our management to make financial and operational decisions.
Reconciliation of non-GAAP measures
The following table provides a reconciliation of net income to adjusted EBITDA for the periods indicated
About Harvest Health & Recreation Inc.
Harvest Health & Recreation Inc. headquartered in Tempe, Arizona, is a vertically integrated cannabis company operating in multiple states. Since 2011, Harvest has sought to expand its retail and wholesale presence in the United States by sourcing, manufacturing and selling cannabis products to patients and consumers, and providing services to retail pharmacies. Through the acquisition of organic licenses, service agreements and targeted acquisitions, Harvest has built a network of operations that spans several states. Harvest’s mission is to improve people’s lives through the beneficial effects of cannabis. We hope you will join us on this journey: https://harvesthoc.com.
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