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The Greenrose Holding Company reported its Q2 2022 financial results, revealing a net loss of $10.3 million compared to a profit of $3.3 million in the previous year. Revenues increased by 40% year-over-year to $9.2 million, primarily due to True Harvest's contributions. However, gross profit dropped to $2.9 million from $4.4 million, largely due to higher costs associated with inventory adjustments. The company is suspending its full-year guidance due to regulatory delays in Connecticut's recreational cannabis market but aims to enhance operational efficiency across its facilities.
The Greenrose Holding Company (OTC: GNRS, GNRSW) will conduct a conference call on August 22, 2022, at 5:00 p.m. Eastern time to discuss its second-quarter results for the period ended June 30, 2022. Management will provide financial results in a press release prior to the call, which will also feature a question-and-answer session. Interested parties can register for the call via the provided link. Greenrose is focused on becoming a leading cannabis producer through scalable cultivation methods and aims for vertical integration.
The Greenrose Holding Company (OTC: GNRS, GNRSW) announced the postponement of its conference call originally scheduled for August 15, 2022. This call was meant to discuss the company's financial results for the second quarter ended June 30, 2022. Greenrose is dedicated to providing updated details regarding the timing of the rescheduled call as soon as possible. The company emphasizes its commitment to quality cultivation and aims to be a leader in the cannabis industry through scalable growing methods.
The Greenrose Holding Company (OTC: GNRS, GNRSW) announced a conference call scheduled for August 15, 2022, at 5:00 p.m. Eastern Time. This call will discuss the company’s financial results for the second quarter ended June 30, 2022. A press release detailing these financial results is expected to be issued prior to the call. Participants are encouraged to register through the provided link and join the call 5-10 minutes early. The call will include a Q&A session and will be available for replay post-event.
The Greenrose Holding Company announced key appointments to its leadership team, enhancing its strategic direction in the cannabis industry. Bernard Wang has been appointed Chief Financial Officer, effective August 8, 2022, bringing over 25 years of financial expertise. Benjamin Rose joins the Board of Directors effective August 1, 2022, with extensive experience in capital raising for cannabis firms. These additions are expected to bolster Greenrose's operational and financial capabilities as it expands its market presence, particularly in Arizona and Connecticut.
The Greenrose Holding Company reported a net loss of $14.6 million for Q1 2022, significantly down from a $2.8 million profit in Q1 2021. Revenue increased 15% to $8.2 million, driven by contributions from True Harvest, despite operational interruptions. Gross profit fell to $1.8 million, with a gross margin of 22.4%, affected by a fair value step-up of inventory amounting to $2.1 million. The company revised its 2022 revenue outlook to $100-$120 million, anticipating the commencement of recreational cannabis sales in Connecticut by Q4 2022.
The Greenrose Holding Company (OTC: GNRS, GNRSW) will host a conference call on May 16, 2022, at 5:30 p.m. ET to discuss its first-quarter financial results ending March 31, 2022. This call will provide investors with insights into the Company’s performance and future strategies. Interested participants can join by dialing a toll-free number or through an online webcast. Greenrose, a multi-state cannabis producer, emphasizes its commitment to vertical integration and scalable cultivation methods.
Greenrose Holding Company (OTC: GNRS, GNRSW) will participate in two significant investor conferences in May 2022. The first is the Canaccord Genuity 6th Annual Virtual Cannabis Conference, where Greenrose will present on May 11 at 1:30 p.m. ET. The second event is the Wolfe Research Virtual Consumer Conference, focusing on 'Cannabis Cultivation and Capital,' slated for May 13 at 1:45 p.m. ET. Investors can schedule meetings with management through their respective conference representatives or contact the investor relations team.
The Greenrose Holding Company (OTC: GNRS, GNRSW) has acquired the assets of True Harvest, LLC for $57.6 million, comprising cash, convertible notes, assumed debt, and shares. The acquisition expands Greenrose's operations into the Southwest. True Harvest and Theraplant are projected to generate $120M-$140M in revenue for 2022, with net income expected between $8M-$14M. Adjusted EBITDA is forecasted at $75M-$85M. This strategic move enhances Greenrose's position in the cannabis market, aiming for growth in recreational markets in Connecticut and Arizona.
Greenrose Acquisition Corp. has successfully completed its business combination with Theraplant, LLC, approved by stockholders on October 27, 2021. The company will be renamed The Greenrose Holding Company Inc. and will continue trading under the ticker symbols GNRS and GNRSW on the OTC market. This acquisition, partially funded by a $105 million senior secured credit facility, positions Greenrose for further expansion, including plans to acquire additional cannabis assets. The firm aims to establish itself as a leading multi-state cannabis cultivator and producer.
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