Hollister Biosciences (OTCPK:HLIS) announced today that its revenues increased 97% from Q4 2017 to $23.1 million for the first quarter of 2018.

Cannabinoid-based companies are on another major growth spurt, and Hollister Biosciences (HBIO) is looking to continue the momentum. The only problem? The stock has remained stuck in the $1.50 range for the past six months.

Hollister Biosciences Q1 Revenue Increases 97% from Q4 to $23.1…

Hollister Biosciences Inc. announces financial results for the first quarter of 2021
  • First quarter revenue was $23.1 million, up 97% from $11.7 million in the first quarter of 2020.
  • Net income for the first quarter was $2.0 million, compared to a net loss of $2.2 million in the first quarter of 2020.
  • Adjusted EBITDA was $2.80 million in the first quarter, compared to a loss of $1.1 million in the first quarter of 2020.

VANCOUVER, British Columbia, June 1. 20, 2021 /PRNewswire/ – Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) (FRANKFURT: HOB) (the Company, Hollister Cannabis Co. or Hollister), a diversified cannabis branded company with products in more than 280 dispensaries throughout California and more than 95 dispensaries in Arizona, today announced its financial and operating results for the first quarter of 2021. All financial information is expressed in U.S. dollars unless otherwise indicated. Financial results for the first quarter of 2021

  • Total revenues for the first quarter were $23.1 million, up from $0.95 million in the first quarter of 2020 and up 97% from $11.7 million in the fourth quarter of 2020.
  • Net income for the first quarter was $2.0 million, compared to a net loss of $2.2 million in the first quarter of 2020.
  • Adjusted EBITDA was $2.80 million in the first quarter, compared to a loss of $1.1 million in the first quarter of 2020.

Key performance indicators for the first quarter of 2021

  • The second one. On March 20, 2021, Hollister announced that it had completed a private placement of 21,635,094 special warrants at a price of C$0.365 per special warrant, raising gross proceeds of C$7.9 million.
  • The eighth. In March 2021, Hollister announced that its direct-to-consumer delivery platform, Dreamy Delivery, has become the official delivery platform for the Emerald Cup 2021 awards.

The Venom Extracts (Venom) range is the market leader in Arizona and represents 30% of sales of this category nationwide. Venom is well positioned to continue its growth in Arizona, thanks to its strong brand recognition and distribution network, whose products are present in the vast majority of dispensaries in the state. Venom Extracts has an 11,000 square foot facility in Phoenix, Arizona, which in its current form can produce approximately 5 million grams of extract per year and over 15 million grams with the planned equipment and production improvements. Arizona is one of the largest medical marijuana markets in the world, with sales exceeding $1 billion by 2020. Legal sales of adult-use cannabis in Arizona began at noon on Friday, January 22, several months earlier than the industry expected and faster than any of the 15 states where recreational marijuana has been approved by voters and sales are in effect. Within 10 days of legalization, the state generated more than $2.9 million in recreational sales. Marijuana Business Daily predicts the state’s recreational market could generate $400 million in revenue in the first year and more than $700 million by 2024. Use of non-GAAP measures This press release contains certain non-GAAP financial measures as defined by the SEC. The following table provides a reconciliation of these non-GAAP measures to the most comparable financial measures calculated and presented in accordance with GAAP. This information should be considered in addition to, not in lieu of, or superior to, a performance measure prepared in accordance with GAAP. Our management uses customized EBITDA to assess operational performance and trends and to make planning decisions. Our management believes that adjusted EBITDA helps identify important trends in our business that might otherwise be masked by the impact of the elements we exclude. Accordingly, we believe that the Restated EBITDA provides investors and others with useful information to understand and evaluate our business performance, improves the overall understanding of our past performance and future prospects, and provides greater transparency with respect to key financial measures used by our management to make financial and operational decisions. Reconciliation of non-GAAP measures The following table provides a reconciliation of net income to adjusted EBITDA for the periods indicated Hollister Biosciences Q1 Revenue Increases 97% from Q4 to $23.1… About Hollister Biosciences Inc. Hollister Biosciences Inc – is a multi-state company with a portfolio of innovative, high quality cannabis consumer products, branded products and white label manufacturing. Our products are sold in 370 pharmacies in Arizona and California. Venom Extracts, owned by Hollister Biosciences, is the leading brand in the category, with sales of more than 4 million grams by 2020, accounting for 30% of category sales in Arizona. Hollister Biosciences Inc. products include HashBone, a premium craft cannabis pre-roll, as well as concentrates (Shutter, Badder, Crumble), distillates, solvent-free hash bubbles, prepackaged flowers, pre-rolls, tinctures, vaping products and CBD-rich tinctures for pets. Our wholly owned subsidiary, Hollister Cannabis Co, is the first state and locally licensed cannabis company in Hollister, California, home of America’s bikers. Website: www.hollisterbiosciences.co Original press release Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. Hollister Biosciences Q1 Revenue Increases 97% from Q4 to $23.1… Hollister Biosciences Q1 Revenue Increases 97% from Q4 to $23.1… New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.

 

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