GrowGen Achieves Record Revenues
GrowGeneration Corp. (NASDAQ:GRWG) reported record full-year revenues of $193 million compared to $79.7 million in 2019, representing an increase of 143%.
In 2020, adjusted EBITDA was $19.2 million versus $5.3 million in 2019.
2020 GAAP pre-tax net income amounted to roughly $8.6 million, versus pre-tax net income of $1.3 million in the same period the year before.
For the fourth quarter, revenues grew by 144% year-over-year to $62 million. The company also reported a 58% increase in same-store sales, attributable to the addition of 14 stores in 2020.
GrowGen expects to generate between $415 million and $430 million in revenue in 2021 and between $48 million and $51 million in adjusted EBITDA.
The first-quarter revenue is projected to range between $86 million and $88 million, and adjusted EBITDA between $9 million and $9.5 million.
“The company is increasing its guidance to reach over 60 garden centers and 15 states in 2021 and to reach over 100 by 2023,” Co-founder and CEO Darren Lampert noted.
Charlotte’s Web Q4 Revenue Increases 18% YoY
Charlotte’s Web Holdings Inc. (TSX:CWEB) (OTCQX:CWBHF) posted its fourth-quarter results revealing its revenue grew by 17.9% year-over-year and 7% sequentially to $26.9 million.
Gross profit was $16.8 million (excluding the impact attributable to a fourth-quarter inventory provision), accounting for 62.2% of consolidated revenue.
The company also posited a negative adjusted EBITDA of $2.1 million for the period, compared to a loss of $6.7 million in the prior quarter.
Total net revenue on a full-year basis increased to $95.2 million compared to $94.6 million in 2019.
In addition, the adjusted EBITDA loss was $20.2 million.
As of Dec. 31, the Boulder, Colorado-based company had $52.8 million of cash and $113.6 million in working capital.
“In 2021, we are positioning for long-term growth and shareholder value creation as we evolve towards establishing Charlotte’s Web as a leading global botanicals wellness company by expanding into cannabis wellness where federally permissible,” CEO Deanie Elsner disclosed Thursday.
Elser recently criticized the 2018 hemp bill, highlighting it stranded both farmers and manufacturers while leaving consumers with “no idea what’s in the product.”
Vireo 2020 Revenue Increases 64% YoY To $49.2M
Cannabis company Vireo Health International, Inc. (CSE:VREO) (OTCQX:VREOF) reported generating $49.2 million in GAAP revenue in 2020, up by 64% compared to 2019.
In addition, fourth-quarter GAAP revenue increased 38% year-over-year to $12.4 million, including its former subsidiaries in Pennsylvania.
Over the same period, the company achieved a positive adjusted EBITDA of $1.2 million versus a loss of $38.5 million in the corresponding period of 2019.
The Minneapolis-based company sold its Pennsylvania-based companies to Jushi Holdings Inc. (CSE:JUSH) (OTC:JUSHF) over the last year.
Under a $37 million deal, Vireo divested Pennsylvania Medical Solutions LLC that operated a 90,000 square-foot cultivation facility in August. It also sold Pennsylvania Dispensary Solutions LLC that held a permit to run up to three medical cannabis dispensaries in the Keystone State’s northeast region for $5 million in November.
For the full year, GAAP gross profit was $17.1 million.
Vireo ended 2020 with $25.5 million in cash on its balance sheet.
“We spent most of 2020 focused on executing our core market strategy and positioning our portfolio of early-stage medical markets for profitable growth, and we expect that performance in fiscal year 2021 will highlight the strong upside potential we see in our business,” Chairman and CEO Kyle Kingsley, M.D. commented Thursday.
Aleafia Health’s Recreational Cannabis Revenue Increases 501% QoQ
Aleafia Health Inc. (TSX:AH) (OTC:ALEAF) reported a cannabis net revenue increase of 233% on a sequential basis to $14.1 million in the fourth quarter.
Net medical cannabis revenue and net adult-use cannabis revenue increased by 42% and 501%, respectively, over the same period.
Moreover, cannabis net revenue amounted to $41 million in 2020, compared to $11.6 million in 2019.
The Toronto-based company posted an adjusted EBITDA gain of $4.3 million in the fourth quarter, compared to a $5.15 million loss in the prior period.
Net loss for the quarter amounted to $217,301, and for the full year, $247,238.
“Our expanded product portfolio is having an immediate impact, with record quarterly revenue and strong sequential growth in our priority adult-use, medical and international cannabis sales,” CEO Geoffrey Benic stated.
Aleafia recently raised $22.7 million through a bought deal offering of its 27.39 million units at 83 cents.
Cresco Reports Record Q4 And Full Year Results
Cannabis company Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) reported record fourth-quarter and full-year. The report comes on the heels of acquiring Massachusetts-based Cultivate Licensing LLC and BL Real Estate LLC for a total of $158 million.
In 2020, revenue amounted to $476.3 million, representing a year-over-year increase of 271%.
Adjusted EBITA hit $116 million in 2020, up by $108 million compared to the full year 2019 Adjusted EBITDA.
Operational gross profit as a percentage of revenue was 51.5% versus 48.2% for 2019.
The fourth-quarter revenue amounted to $162.3 million, up by 6% over the previous period.
Adjusted EBITDA for the period was $50 million, up by 8% sequentially.
Charles Bachtell, co-founder, and CEO called 2020 “remarkable.”
“We dedicated our resources to the most strategic markets, grew our leadership as the number one wholesaler of branded cannabis products, executed high-efficiency retail, and generated substantial operating leverage as we scaled,” Bachtell explained.
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