Unrivaled Brands Inc (OTCQX:UNRV) announced its second quarter financial results, showing significant year-over-year revenue and gross margin growth.
The West Coast cannabis company generated total revenue of $17.56 million in the three months ended June 30, 2022, including retail revenue of $10.95 million and revenue from cultivation/distribution of $6.61 million. That’s more than six times the $2.87 million in revenue earned during the same period of 2021, including $2.32 million in retail revenue.
Gross profit was $8.27 million, more than triple the profit of $2.72 million a year ago.
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This increase could be attributed to Unrivaled’s merger with UMBRLA and its acquisitions of People’s First Choice and SilverStreak Solutions last year. The moves, however, also brought additional costs to support the expanded facilities and employees, the company said. To that end, selling, general and administrative expenses for the quarter increased to $19.07 million from $4.70 million a year earlier.
Unrivaled said it realized an operating loss of $67.07 million in the quarter, compared to a loss of $1.97 million in the 2021 quarter, due to a charge of $55.73 million for impairment of intangible assets and goodwill related to the acquisitions of UMBRLA and People’s.
Based in Santa Ana, Calif., Unrivaled is a multi-state, vertically integrated cannabis company with operations in California and Oregon.
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