Earnings Roundup: Acreage Holdings, MedMen, Columbia Care


Acreage, MedMen, and Columbia Care Share Their Quarterly Results


Beginning a few weeks ago, we saw quarterly financial results shared from both Acreage Holdings and MedMen -- and, just today, Columbia Care published their Q4 earnings. Although we update all company profile pages - and our various visualizations - with relevant particulars, this post will serve to consolidate each company's financial information into one comprehensive resource. We'll also break out a few key financial metrics in terms of Q-over-Q percentages.


The information included in this post involves items such as the press release issued with the financials, the company's earnings deck, a link to the conference call webcast, a transcript of the conference call, the company's published MD&A and quarterly filings, alongside any other items of interest.

The Weeks Ahead


Aside from the recent reports by Acreage and MedMen - followed up this week by Columbia Care's Q4 earnings - Curaleaf, Green Thumb Industries, and iAnthus have all given notice for their forthcoming quarterly results. We expect to see more of their MSO peers begin to do the same in the coming weeks. As such, this resource will be updated on an ongoing basis as more companies share their earnings.


For reference, we maintain an Earnings Calendar that details all date, time, and details for all of these forthcoming financial releases and conference calls. If you would like to learn more about each company, please click through their company logo to be taken to their profile page where we delve into specific details such as fully diluted market cap, share count, key quarterly financial metrics, and also extrapolate on their licenses by way of a highly-detailed footprint map.

(Note: "Net Loss" is figure attributable to shareholders; "Adjusted Gross Margin" is calculated by Revenue/Gross Profit before FV adjustments)

Quarter-over-quarter financial metrics (Q3 to Q4)

  • Reported Revenue: $22.4 million -> $21.1 million [Result: -6%]

  • Pro-forma Revenue: $42.2 million -> $43.6 million [Result: +3%]

  • Adjusted EBITDA: ($12.4 million) -> ($18.3 million) [Result: +48% loss]

  • Pro-forma adjusted EBITDA: ($9.1 million) -> ($15.8 million) [Result: +74% loss]

  • Cash: $37.7 million -> $26.5 million [Result: -37.7%]

  • Net Loss: $39.9 million -> $50.6 million [Result: +27% loss]

  • Adjusted Gross Margin: 41% -> 37 [Result: -4%]

Quarter-over-quarter financial metrics (Q1 to Q2)

  • Reported Revenue: $44 million -> $44.1 million [Result: +0.3%]

  • Adjusted EBITDA: ($22.2 million) -> ($35.1 million) [Result: +58% loss]

  • Cash: $42.2 million -> $26 million [Result: -47.5%]

  • Net Loss: $31.5 million -> $40.6 million [Result: +29% loss]

  • Adjusted Gross Margin: 50% -> 10% [Result: -40%]

Quarter-over-quarter financial metrics (Q3 to Q4)

  • Reported Revenue: $22 million -> $23 million [Result: +4.5%]

  • Adjusted EBITDA: ($11.3 million) -> ($13.9 million) [Result: +23% loss]

  • Cash: $84.5 million -> $47.5 million [Result: -43.8%]

  • Net Loss: $20 million -> $26 million [Result: +30% loss]

  • Adjusted Gross Margin: 24% -> 24% [Result: No Change]

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