Hollister Biosciences Q1 2021 Revenue Up By 97% QoQ, Full-Year Revenue Spikes 2960% YoY

Cannabis company Hollister Biosciences Inc. HOLL HSTRF HOB revealed its financial results for the first quarter of 2021 as well as the last three months of 2020.

The Vancouver-based company reported Tuesday having generated $23.1 million in the first quarter of this fiscal year, compared to $0.95 in the corresponding period of 2020 and $11.7 million in the previous period.

Hollister also disclosed that its net income in the first quarter amounted to $2 million, versus a net loss of $2.2 million in the first three months of last year.

Adjusted EBITDA came in positive at $2.8 million in the first three months of this fiscal year, versus a $1.1 million loss in the same period of last year.

Venom Extracts, an Arizona-based cannabis extract brand - which Hollister bought last year in an all-stock transaction worth CA$20 million - accounted for up to 30% of category sales in the Grand Canyon State.

In addition, the company disclosed Monday that its total revenue in 2020 amounted to $30.6 million, representing a year-over-year increase of 2960%. Net loss for the same period totaled $3.7 million versus a $1.9 million net loss in the prior year.

In March, Hollister confirmed it had secured some CA$7.9 million ($6.54 million) in financing through a brokered private placement of 21,635,094 special warrants at CA$0.365 per special warrant, ahead of announcing that the Dreamy Delivery – its direct-to-consumer delivery platform - was the 2021 Emerald Cup Awards’ official delivery platform.

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