Green Growth Brands Posts 77% Quarter-Over-Quarter Revenue Increase, Higher Loss

Green Growth Brands Inc. GGB GGBXF reported first-quarter revenue of $12.7 million Monday, a 77% quarter-over-quarter increase. 

The company posted pro forma revenue for the quarter of $15.3 million, counting a full quarter of revenue from The+Source Henderson, a company Green Growth acquired at the end of August. 

Green Growth posted negative adjusted EBITDA of $15.22 million versus an adjusted EBITDA loss of $2.69 million in the first quarter of fiscal 2019.

It also posted a net loss attributable to owners of the parent of $30.2 million, a significant increase over a net loss of $2.84 million in the same period last year. 

The first-quarter net loss per common share attributable to the parent amounted to 15 cents per share. 

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"As we approach the holiday shopping season, we are confident in our growth trajectory," CEO Peter Horvath said in a statement.

"We are proud of the topline growth we accomplished in Q1 and are extremely pleased with our current results, which are an indication of future growth. In fact, the four weeks of fiscal November, retail CBD sales were two-thirds of our total CBD sales reported in all of the thirteen weeks of first quarter fiscal 2020, which we are reporting today." 

Green Growth shares were down 0.33% at 88 cents at the time of publication. 

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