Columbia Care, a New York-primarily based multistate cannabis operator, reported income of $19.three million for the second quarter ended June 30, up from $9.six million in the identical period final year.
Net loss for the period was $33.7 million, compared with a loss of $four.two million in the second quarter of 2018.
The corporation stated the enhanced losses stemmed from a mixture of expansion initiatives and noncash expenditures that incorporated share-primarily based compensation plans.
Columbia Care has relied on organic development to date but is now targeting merger and acquisition possibilities, CEO Nicholas Vita stated through a conference contact.
The corporation would be searching at distribution and technologies platforms for future M&A possibilities, he added.
Columbia Care, which trades on the NEO exchange in Canada beneath the ticker symbol CCHW, has operations in 12 of its 15 jurisdictions following the opening of areas in Florida, Ohio and Puerto Rico immediately after the second quarter ended.
Much more particulars on the company’s benefits can be found right here.