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

Third quarter revenue was $61.6 million, up 86% from the third quarter 2019 and 11% sequentially

Third quarter adjusted EBITDA was $10.5 million, compared to $4.1 million in the second quarter of 2020

2020 revenue target increased to greater than $225 million, up from $215-220 million

PHOENIX, Nov. 10, 2020 /CNW/ — Harvest Health & Recreation Inc. (“Harvest” or the “Company”) (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., today reported its financial and operating results for the third quarter 2020. All financial information is provided in U.S. dollars unless otherwise indicated.

Third Quarter 2020 Financial Results

Total revenue in the third quarter was $61.6 million, an increase of 86% from $33.2 million in the third quarter of 2019, and up 11% compared to $55.7 million in the second quarter of 2020.

Gross profit excluding biological adjustments in the third quarter was $28.7 million, compared to $11.6 million in the third quarter of 2019, and $23.4 million in the second quarter of 2020.

Gross profit margin excluding biological adjustments in the third quarter was 46.6%, compared to 35.0% in the third quarter of 2019, and

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