This week, a swathe of North America’s largest cannabis companies reported thier most recent financial results, revealing slimming but continued losses almost unanimously.
Curaleaf topped the list in terms of net revenue for the first quarter of 2023, rising by 2% year-on-year to $338.9m, but falling by 2% compared to the previous period.
The company reported an adjusted EBITDA of $76.7m, up marginally year-on-year from $74m, but down from $83 in the previous quarter, ‘primarily due to seasonally lower sales’.
Net losses fell from $57.7m in the previous quarter to $51.6, but grew year-on-year by nearly 15%.
Truelieve, meanwhile, saw revenues increase by 4% both sequentially and annually to $298m in the first quarter, ‘driven by higher retail traffic and average basket size’.
It reported an adjusted EBITDA of $106m, again up both sequentially (21%) and annually (35%), but also reported growing
The company also reported losses in the tens of millions, with net loss from continuing operations falling 32% from the previous quarter to $23m, falling from $37m a year earlier.
Next was Green Thumb Industries, which reported revenues of $275.8m in Q1, up 11% annually due to ‘increased retail sales in 15 incremental RISE dispensaries’. Compared to the previous period, revenues dipped slightly from $278.3m.
Despite this, it was the only major cannabis retailer to report a profit in Q1 this week, seeing adjusted EBITDA come in at $90.5m, down slightly from $90.8m in the previous quarter, but up significantly from the $76.2m reported a year earlier.
Finally, Verano Holdings also released its Q1 results this week, reporting a drop in revenues both sequentially (7%) and annually (3%) to $221m, which it attributed to intensified competition in New Jersey.
Adjusted EBITDA also fell to $66.6m, from $73.4m in the previous quarter and $70.6m in Q1 2023.
It was able to significantly reduce its losses however, falling from $77.2m in the previous quarter, and $9.2m in Q1 2023 to $4.8m.
