Vertically integrated cannabis company Harborside Inc. HBOR HBORF reported Monday that it expects to generate over $18.5 million in gross revenue for the third quarter.
The Oakland, California-based company attributes the revenue growth to improved harvest yields as well as the production of flower varieties.
Sales volumes also increased, causing revenue to spike over the quarter, the company revealed in a preliminary unaudited third-quarter earnings report. Adjusted EBITDA will remain positive in the quarter, which ended Sept. 30.
Harboside CEO Peter Bilodeau is "thrilled with the ongoing performance" of the business, adding that the company is "well positioned to take advantage of the opportunities ahead" while continuing to enhance shareholder value.
Harborside recently qualified to trade on the OTCQX. It began trading on Tuesday, Sept. 25, under the symbol "HSDEF."
Last week, the company reported changing its ticker symbol from "HSDEF" to "HBORF" on the OTCQX market.
Besides debut on the OTCQX, Harborside deepened its bench in late August by welcoming Peter Kampian to its board.
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