Acreage Holdings, the New York-based multistate operator, on Tuesday reported net quarterly revenue of $17.7 million for the three months ended June 30, up more than five times from the same period last year.
Net loss for the company, which is due to be acquired by Canadian cannabis giant Canopy Growth for approximately $3.4 billion when marijuana becomes federally legal in the U.S., totaled $33.9 million.
That compares with net income of almost $6 million in the same period last year.
Acreage is listed on the Canadian Securities Exchange under the ticker ACRG.
Shares rose over 9% in trading following the results release.
More details on the quarterly results can be found here.
Written by Nick Thomas
Marijuana Business Daily