Aleafia Health Reports First Profitable Quarter, With Q3 Net Income Of $1.86M
Aleafia Health Inc. (TSX: ALEF) (OTC: ALEAF) reported Tuesday with third-quarter total revenue of $5.29 million, up 34% from $3.95 million in the previous quarter.
The company posted an adjusted EBITDA loss of $2.53 million versus an adjusted EBITDA loss of $4.54 million one quarter earlier.
Its quarterly net income reached $1.86 million, in contrast to a second-quarter net loss of $11.48 million.
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“Aleafia Health has now reached the next phase in our development as we report our first profitable quarter. It saw us realize substantial improvements in all critical financial metrics, as we scale our cannabis health and wellness ecosystem in Canada and globally,” CEO Geoffrey Benic said in a statement.
“Over the last year, we have overseen major cannabis facility build-outs, all of which are now substantially complete. During this industry transition period, our prudent allocation of capital and focus on sustainable growth sets us apart.”
The company said it is among the cannabis companies with the lowest cost production and the highest average net selling price per gram.
Aleafia shares were down 5.36% at 65 cents at the time of publication.
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