Vireo Health Announces Second Quarter 2019 Financial Results
– Total revenue of $7.2 million increased 70 percent year-over-year
– Voluntary share lock-up extensions approved by management and insiders
– Christian Gonzalez promoted to Vice President of enterprise-wide manufacturing
– Company introduces new product form factors in wholesale markets
MINNEAPOLIS, Aug. 29, 2019 /PRNewswire/ — Vireo Health International, Inc. (“Vireo” or the “Company”) (CNSX: VREO; OTCQX: VREOF), a leading science-focused, multi-state cannabis company with operations in 10 states and the Commonwealth of Puerto Rico, today reported financial results for its second quarter ended June 30, 2019. All currency figures referenced in this release reflect U.S. dollar amounts, unless otherwise noted.
Increasing patient enrollment in Minnesota and New York continued contributing to organic revenue growth during the second quarter, and wholesale demand trends in Maryland and Pennsylvania have also been encouraging signs that our products can compete effectively within a broader marketplace.
Kyle Kingsley, M.D., Founder & CEO
We’re also making substantial progress on many of the development projects that we outlined earlier this year, and we remain confident that our focus on bringing the best of medicine, science, and engineering to the cannabis industry will create compelling long-term value for all of our stakeholders.
Dr. Kingsley continued, “We continue to believe that Vireo’s diverse collection of geographical licenses and strategic assets represents one of the most attractive cannabis portfolios within the United States, and we’re looking forward to showcasing the great potential of these assets as we continue expanding geographic operations during the second half of this year and begin realizing additional revenue streams from new state markets and product categories.”
The Company generated operating revenue in six states during the second quarter of 2019: Arizona, Maryland, Minnesota, New Mexico, New York, and Pennsylvania. Total revenue for Q2 2019 increased 70 percent to $7.2 millionversus Q2 2018. Net loss for Q2 2019 was approximately $1.9 million, as