Columbia Care Inc. (OTC: COLXF) reported first-quarter revenue of $12.9 million Tuesday, a 45-percent year-over-year increase.
On a pro forma basis — including proceeds from its go-public transaction on April 26 — Columbia Care said it had $169.6 million cash on hand as of March 31 with no debt.
The company posted a net loss of $25.1 million vs. $9.7 million a year ago, a figure that Columbia Care said reflects investment in growth initiatives.
The multistate cannabis operator expanded its presence in the U.S. with 13 lease signings in Florida.
Columbia Care reported additional dispensary openings in Brooklyn, New York and San Diego, California as well. A new line of hemp-based CBD products was launched in conjunction with the store openings in California and New York.
“Our strong year-over-year growth in 2018 has continued into 2019 with the launch of our state-of-the-art dispensary in Brooklyn as well as our entry into two of the largest medical cannabis markets in the United States, California and Florida,” CEO Nicholas Vita said in a statement.
Vita also spoke about the next steps for the company.
“Access to the public capital markets will allow us to accelerate growth as we expand operations in 12 of our 14 existing jurisdictions and enables us to expedite the commercialization of our hemp-based CBD brands into traditional consumer retail channels. By leveraging our extensive patient data and institutional experience, we are committed to delivering products, services and brands designed to meet the needs of consumers in markets where we believe we can have the largest impact.”
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.