iAnthus Capital Holdings, Inc. (CSE: IAN) (OTC: ITHUF) posted third-quarter revenues of $22.3 million, up by 16% from the previous quarter. Pro-forma revenues came in at $30.9 million, compared to $25.02 million in the second quarter.
The company disclosed adjusted EBITDA loss net of biological assets of $3.6 million, versus a loss of $6.9 million in the prior quarter. Before biological assets accounting, adjusted EBITDA for the quarter was positive $2.2 million, which compares to a loss of $4.7 million in the second quarter.
iAnthus had a third-quarter net loss of $15.3 million, versus a loss of $9.3 million in the previous quarter.
The company highlighted the addition of four new dispensaries in Florida, announced agreement for up to $100 million in financing with Gotham Green Partners and announced purchase of Sierra Well to reach Nevada market.
"The iAnthus team made significant progress in the third quarter. In three of our greenfield states we are now generating well over a million dollars of revenue per month, our MPX brand is commanding a #1 market share position in several states and we are executing on our operating efficiency and lean initiative plans,” CEO Hadley Ford said in a statement. “I am confident that we are well on our way to positive EBITDA in 2020 and in our ability to generate operating cash flow and grow enterprise value."
iAnthus closed Wednesday’s session at $1.44 per share.
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