The Cannabist Company Reports Second Quarter 2024 Results
NEW YORK–(BUSINESS WIRE)–Aug. 8, 2024– The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQX: CBSTF) (FSE: 3LP) (“The Cannabist Company” or the “Company”), one of the most experienced cultivators, manufacturers and retailers of cannabis products in the U.S., today reported its financial and operating results for the second quarter ended June 30, 2024. All financial information presented in this release is in U.S. GAAP and in thousands of U.S. dollars, unless otherwise noted.
Second Quarter 2024 Financial Highlights (in $ thousands, excl. margin items):
“Our second quarter results show continued progress in our efforts to build a better business, as we transform our operations and reshape our footprint, all in the process of targeting enhanced profitability. We saw sequential improvement in revenue, gross profit, Adj. EBITDA and Adj. EBITDA margin, and the green shoots that we referenced last quarter continued to flourish. We’ve announced several transactions that will have a marked impact on the business in aggregate, enabling us to reduce costs, de-risk the balance sheet, and progress towards free cash flow generation,” said David Hart, CEO of The Cannabist Company.
He continued, “The expansion of successful brand partnerships, a growing wholesale business, and increased shift toward finished goods have all contributed to another sequential improvement in gross margin for the wholesale segment. As we look ahead for the second half of 2024, we are pleased with the pace of the transition to adult use in Ohio, and are encouraged by continued growth in our mid-Atlantic markets such as Maryland, New Jersey and Virginia. The first half of 2024 has proven to be transformative for The Cannabist Company, and we look forward to further progress as we strive to build a better business.”
