Pro-Forma Revenues of $30.9 million1, 23% Growth over Second Quarter
Reported revenues of $22.3 million, up 16% from the prior quarter Pro-forma revenues were $30.9 million1, up 23% from the prior quarter Retail revenues increased 28% from the second quarter, driven by new customer retention and acquisition programs Disciplined cost control initiatives led to an adjusted EBITDA5 loss net of biological assets4 of $3.6 million, compared to $6.9 million in the second quarter, representing a 48% improvement Continued momentum with four new dispensaries in Florida, bringing total to nine in the state and 27 system-wide as of the date of this report Announced agreement for up to $100 million in financing with Gotham Green Partners Announced Sierra Well acquisition, expanding presence in $640 million Nevada adult-use market
NEW YORK and TORONTO, Nov. 20, 2019 /PRNewswire/ – iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN,OTCQX: ITHUF), which owns, operates, and partners with best-in-class regulated cannabis operations across the United States, is pleased to report its financial results for the fiscal third quarter ended September 30, 2019. Amounts are in U.S. Dollars, unless stated otherwise.
Hadley Ford, CEO of iAnthus, provided the following statement on the Company’s third quarter results and outlook:
“The iAnthus team made significant progress in the third quarter. In three of our greenfield states we are now generating well over a million dollars of revenue per month, our MPX brand is commanding a #1 market share position in several states and we are executing on our operating efficiency and lean initiative plans. We expect that we have arranged the necessary financing to continue our growth with a proposed $100 million financing plan and our business now generates adequate cash for operating expenses and maintenance capex in our more established markets. Access to the expected capital from