Harborside Inc (CSE: HBOR) yesterday announced positive preliminary results for its third quarter of fiscal 2020. The company expects to report revenues in excess of US$18.5 million for the period ended September 30, 2020.
The estimated revenues represent significant quarter over quarter growth of 14.6%, as well as year over year growth of 35.1%. Growth is said to have come from improved harvest yield and production of premium flower varieties at its Salinas, California cultivation and processing facility. This, in conjunction with higher sales volumes and higher average prices per pound has also contributed to this significant revenue growth.
Growth was also found via the firms retail operations. Here, initiatives including merchandising and pricing have contributed to higher revenues and an improved product mix. A higher sell through of internally produced products have also assisted in driving revenues higher.
Outside of the revenue growth put out yesterday by Harborside, the company also announced that it is expecting to post positive adjusted EBITDA in the third quarter. The company credits the strategic initiatives put into place earlier this year that resulted in operating efficiencies and a reduced headcount.
Harborside last traded at $1.36 on the CSE.
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