Harborside Reports Full-Year 2020, Q4 Results: What Cannabis Stock Investors Need To Know

Vertically integrated cannabis company Harborside Inc (CSE:HBOR) (OTCQX:HBORF) reported Monday that gross revenue grew by 29.4% year-over-year to roughly $63.4 million in fiscal 2020.

Adjusted EBITDA came in positive, at $7.4 million for the same period, compared to an $8.9 million loss in 2019.

The Oakland, California-based company also revealed it generated $13.1 million in revenue in the fourth quarter and an adjusted EBITDA gain of $700,000.

Matt Hawkins, chairman of Harborside, called 2020 a "turning point year" for the company.

"We're thrilled with the progress we have made and excited for the year ahead," he added.

Full-Year Financial Highlights

• Total net revenue hit approximately $60 million, up by 28% year-over-year.
• Total gross profit amounted to $28.05 million in 2020, compared to roughly $15.9 million in 2019.
• The total gross margin was 46.8%, versus 33.8% in the year before.
• The net and comprehensive loss was roughly $12 million, compared to $49.5 million in 2019.

Fourth Quarter Financial Highlights

• Total net revenue increased by 11.3% year-over-year to $12.6 million in the fourth quarter.
• Total gross profit in the last three months of 2020 amounted to $6.29 millionm compared to $3.14 million in the same period of 2019.
• The total gross margin was 49.9%m versus 27.8% in the corresponding quarter of 2019.
• The net and comprehensive loss was $5.4 million for the period, compared to around $45 million in the same quarter of 2019.

Recent Moves

In January, Harborside opted to part ways with Steve DeAngelo, who co-founded the company in 2006.

The company also secured some CA$35.1 million (US$27.8 million) in financing through a brokered private placement of its units, ahead of backing up a California-based cannabis company LPF JV, LLC with $5 million in March.

Más contenido sobre cannabis en Español en El Planteo.

Photo by Esteban Lopez on Unsplash