Harvest Health & Recreation Inc. Reports First Quarter 2020 Financial Results

– First quarter revenue was $45.0 million, up 134% from the first quarter 2019 and 19% sequentially

– Cost cutting measures expected to save $24 million annually

PHOENIX, May 20, 2020 /PRNewswire/ — Harvest Health & Recreation Inc. (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator (MSO) in the U.S., today reported its financial and operating results for the first quarter 2020. All financial information is provided in U.S. dollars unless otherwise indicated.

Harvest Health & Recreation, Inc. Logo (PRNewsfoto/Harvest Health & Recreation…)More

First Quarter 2020 Financial Results

  • Total revenue in the first quarter was $45.0 million, an increase of 134% from $19.2 million in the first quarter of 2019 and up 19% compared to $37.8 million in the fourth quarter of 2019.
  • Gross profit excluding biological adjustments in the first quarter was $18.3 million, compared to $7.9 million in the first quarter of 2019 and $16.0 million in the fourth quarter of 2019.
  • Gross profit margin excluding biological adjustments in the first quarter was 40.6% compared to 41.1% in the first quarter of 2019 and 42.3% in the fourth quarter of 2019.
  • Net loss was $20.0 million for the first quarter compared to net loss of $20.0 million in the first quarter of 2019

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