Origin House Announces Financial Results for the Fourth Quarter and Fiscal Year Ended December 31, 2018
CNW Group
CNW GroupApril 29, 2019, 7:30 AM EDT
On April 1, 2019 , the Company entered into a definitive agreement to be acquired by Cresco Labs for $1.1 billion , creating a North American cannabis powerhouse.
Record Q4 revenue of $7.9 million ; + 19% vs. Q3 2018 and +638% vs. Q4 2017, driven by distribution revenues and product sales across all cannabis product categories.
Acquired Kaya Manufacturing, Alta Supply, RVR Distribution, FloraCal Farms and 180 Smoke in 2018 to create a footprint today comprised of 6 licenses, 8 facilities and over 350 employees in California and Canada , with pro-forma revenue of $37.4 million . Pro-forma revenue reached $48.7 million with the acquisition of 180 Smoke in Q1 2019.
Integrated two of the largest and most important distributors in California – RVR Distribution and Alta Supply – now operating as a statewide network under the Continuum banner with more than 50 brand relationships and over 1,000 SKUs in more than 500 dispensaries and greater than 60% penetration1 in licensed dispensaries in California .
The Company's Brand Accelerator Program initiated in Q4 2018 and other strategic brand partnerships have added dynamic brands to the platform including King's Garden, Henry's Original, Utopia Cannabis, Pacific Remedy, Kurvana, Humboldt's Finest, Viola Brands and Papa's Herb.
Exited the year with a cash position of $69.2 million as of December 31, 2018 .
OTTAWA , April 29, 2019 /CNW/ - CannaRoyalty Corp. d/b/a Origin House (OH.CN) (ORHOF) ("Origin House" or the "Company"), a leading North American cannabis products and brands company, announced today the Company's financial results for the three months and year ended December 31, 2018 . All figures are reported in Canadian dollars ($), unless otherwise indicated. Origin House's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
