Vireo Health Announces Third Quarter 2019 Financial Results Total revenue of $8.0 million increased 62 percent year-over-year Two Green Goods retail dispensaries now open in Pennsylvania Company welcomes Bruce Linton as Executive Chairman and Shaun Nugent as CFO
MINNEAPOLIS, Nov. 27, 2019 /PRNewswire/ — Vireo Health International, Inc. (“Vireo” or the “Company”) (CNSX: VREO; OTCQX: VREOF), a science-focused, multi-state cannabis company with operations in 10 states and the Commonwealth of Puerto Rico, today reported financial results for its third quarter ended September 30, 2019. All currency figures referenced in this release reflect U.S. dollar amounts.
We continued gaining sales momentum in our Maryland and Pennsylvania markets during the third quarter, and we also began seeing the benefits of capacity upgrades in our recently acquired Arizona business.
Founder & CEO, Kyle Kingsley, M.D.
Near-term profitability has been impacted by the under absorption of overhead costs in early-stage markets where revenues are just beginning, but we’re anticipating performance improvement in the coming quarters, especially given the positive demand trends and patient enrollment growth we’re experiencing across most of our operating footprint.
Dr. Kingsley continued, “We believe that our two recently opened Green Goods retail dispensaries in Pennsylvania will serve as an immediate catalyst for growth during the fourth quarter, and increasing sales of our branded products to third-party dispensaries should also remain an important driver of market share gains in the future. Additionally, heading into 2020, we feel we’re well positioned to benefit from potential regulatory tailwinds as most of our current operations are in medical markets that we believe are on the cusp of adult-use legalization.”
The Company generated operating revenue in seven states during the third quarter of 2019: Arizona, Maryland, Minnesota, New Mexico, New York, Ohio, and Pennsylvania. Total revenue for