Columbia Care Inc.’s stock

is up nearly 10% after the cannabis company’s first-quarter revenue beat analyst forecasts on Monday. Columbia Care said its first-quarter loss widened to $37.34 million, or 9 cents a share, from a loss of $26.64 million, or 7 cents a share, in the year-ago quarter. Analysts were expecting a loss of 8 cents a share, according to estimates compiled by FactSet. First-quarter revenue at Columbia Care rose to $124.54 million from $123.1 million, ahead of the analyst forecast of $123.1 million. Columbia Care said it continues to work to complete the sale of the company to Cresco Labs Inc.

but did not provide a time estimate for completing the deal. Columbia Care said Virginia, Maryland and New Jersey adult use cannabis markets continue to offer “significant market growth potential.” It’s also taking aim at the New York and Delaware markets. Columbia Care also said it extended the maturity of more than $38 million of senior secured notes to May 2024 and is divesting non-core and unprofitable assets.  The company continues to carry out a plan to generate $35 million in annual cost savings.

Source link

Leave a comment

Your email address will not be published. Required fields are marked *