Acreage Holdings, a U.S.-based cannabis cultivation and retailing company, released its Q1 2024 financial results. The company reported a consolidated revenue of $45.3 million, a year-over-year drop of 19% from Q1 2023. Gross margin was -3%, impacted by non-cash inventory adjustments; without these, the adjusted gross margin was 31%. The net loss for the quarter was $33.3 million, with an adjusted EBITDA of $2.0 million, down 81% from Q1 2023. Key operational highlights include the company's entry into New York's adult-use wholesale market, the launch of adult-use sales in Connecticut, and record-breaking production in New Jersey. Despite these operational successes, Acreage faced competitive pricing pressures and increased costs due to inflation.
Acreage Holdings, Inc. reported positive Q4 2023 results with $52.8 million in revenue and $4.3 million in Adjusted EBITDA. The company reduced operating expenses by 72% YoY and expanded its product offerings in several states. Canopy USA reorganization was approved, marking progress towards acquisition. Acreage's CEO highlighted strategic initiatives and expansion into new markets.
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