E Vireo Health Q1 Financials Show Favorable Trend

Vireo Health International, Inc. (OTCQX: VREOF), a physician-led multi-state cannabis company, and constituent in the munKNEE American Pure-Play MSO Pot Stock Index, reported its Q1 2021 financial results today.

Q1 Financial Highlights

(Unless otherwise stated, all currency is expressed in U.S. dollars and in comparison to the previous quarter.)

  • Revenue: increased 6.5% to $13.2M
  • Gross Profit: increased 5.7% to $5.6M
    • Gross Margin: declined to 42.6% from 42.7%
  • SG&A Expenses: increased 19.4% to $8.0M
    • as % of Revenue: increased to 60.9% from 53.9%
  • Adj. EBITDA: declined to $(1.8)M from $(0.1)M
  • Cash on Hand: $40.6M
    • total current liabilities are $24.1M of which $2.0M is in debt due within 12 months

Q1 Operational Highlights

  • closed on its purchase of 4 cannabis licenses in Nevada. 
  • increased its total number of operational dispensaries to 16.
  • closed on the first tranche of $23.0M of a senior secured, delayed draw term loan with Chicago Atlantic Group and another group of lenders. 
  • sold its former affiliate, Ohio Medical Solutions, Inc. for $1.15M, and was relieved of $3.6M in right of use liabilities affiliated with lease obligations.

Management Commentary

Kyle Kingsley, M.D., Chairman and Chief Executive Officer said:

  • "...Wholesale performance in Maryland was temporarily impacted by the move to our recently-completed 110,000 square foot cultivation facility in Massey, but our increased scale in this market will drive stronger revenue growth and profitability in the second half of the year...
  • We are aggressively focused on finalizing our expansion plans in New York given the recent passage of adult-use legislation in New York and New Mexico which has improved our outlook for both of these markets, and further potential for regulatory change at local and federal levels could meaningfully impact the trajectory of our performance..."
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