Acreage Holdings Reports Annual Earnings Up 65%
March 15, 2022New York-based Acreage Holdings announced results for the quarter ended December 31, in which revenue was up 21% sequentially to $58.1 million. The company saw operating expenses grow as well to $63.2 million, making for a net operating loss of $35.6 million. For the quarter, Acreage logged a positive adjusted EBITDA of $8.5 million.
Acreage also reported results for its full year 2021, in which consolidated revenue increased 65% to $188.9 million, up from $114.5 million in 2020. The gains were primarily driven by acquisitions in Ohio, California, and Maine over the past 12 months; increased capacity due to completed expansion projects at several facilities; and growing consumer demand. The company’s acquisitions included a 70,000 square foot facility and five operating retail stores in Ohio. Acreage also nearly quadrupled production at its Egg Harbor facility in New Jersey in preparation for that market coming online.
“Our positive results throughout 2021 were the culmination of our focused efforts to drive profitability, strengthen our balance sheet, and accelerate our growth in our core markets,” said Peter Caldini, CEO of Acreage. “We have accomplished many key priorities in a short period and are well-positioned to build on this momentum throughout 2022.”—Danny Sullivan
Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.Tagged : Acreage Holdings, cannabis
