Advertisement
U.S. markets open in 5 hours 53 minutes
  • S&P Futures

    5,209.50
    -5.25 (-0.10%)
     
  • Dow Futures

    39,225.00
    +2.00 (+0.01%)
     
  • Nasdaq Futures

    18,187.75
    -43.75 (-0.24%)
     
  • Russell 2000 Futures

    2,047.80
    -2.00 (-0.10%)
     
  • Crude Oil

    82.65
    -0.07 (-0.08%)
     
  • Gold

    2,158.00
    -6.30 (-0.29%)
     
  • Silver

    25.14
    -0.12 (-0.49%)
     
  • EUR/USD

    1.0866
    -0.0011 (-0.10%)
     
  • 10-Yr Bond

    4.3400
    0.0000 (0.00%)
     
  • Vix

    14.51
    +0.18 (+1.26%)
     
  • GBP/USD

    1.2706
    -0.0023 (-0.18%)
     
  • USD/JPY

    150.1750
    +1.0770 (+0.72%)
     
  • Bitcoin USD

    64,411.31
    -3,855.06 (-5.65%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,722.55
    -4.87 (-0.06%)
     
  • Nikkei 225

    40,003.60
    +263.20 (+0.66%)
     

Origin House Reports Higher California Sales In Q1

CannaRoyalty Corp (OTC: ORHOF), a Canadian cannabis company that operates under the Origin House brand name, reported first-quarter results Wednesday that showed substantial revenue growth — and expenses that grew proportionately higher.

What Happened

The company's revenue of CA$11.2 million ($8.29 million) was significantly higher than CA$600,000 a year earlier and grew by 41 percent sequentially.

Origin House's gross margin amounted to C$A1.7 million in the quarter versus a flat figure in the same period of 2018.

Operating expenses surged from CA$4.5 million a year ago to CA$18.2 million, and the adjusted EBITDA loss widened from CA$900,000 to CA$12.7 million.

Why It's Important

Origin House has operations both in Canada and California. The company's revenue growth was helped by a substantial increase in California sales.

During the first quarter, Origin House saw CA$9.25 million in product sales in California versus CA$1.55 million in Canada.

View more earnings on ORHOF

The company is in the process of being acquired by Cresco Labs Inc (OTC: CRLBF), which at the beginning of April agreed to acquire Origin for around $1.1 billion in an all-stock deal.

Related Links:

Trulieve Falls Despite Another Record Quarter

Acreage Holdings Reports 487% Year-Over-Year Jump In Revenue, Says Canopy Growth Deal Will Accelerate Growth

Photo courtesy of Origin House.

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Advertisement