Goodness Growth Holdings Inc ( (VREOF) ) has released its Q3 earnings. Here is a breakdown of the information Goodness Growth Holdings Inc presented to its investors.
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Vireo Growth Inc., formerly known as Goodness Growth Holdings, operates in the cannabis sector and is dedicated to providing safe, high-quality cannabis products to its customers.
In its third quarter of 2024, Vireo Growth Inc. reported a revenue of $22.4 million, marking a 6.2% increase from the previous year, excluding discontinued operations. The company also highlighted its operating income of $3.9 million, attributed to strong execution in its core markets.
Key financial metrics from the report showed a GAAP gross profit of $12.3 million, though there was a noted decline in gross profit margin from 53.5% to 49.0%. Despite a decrease in operating income compared to the previous year, the company’s EBITDA margin for the nine months ended was significantly higher, at 27.7%, showing a robust improvement. Additionally, Vireo secured a $10 million convertible loan to support its strategic initiatives, including the CREAM & Fire Strategy.
Looking ahead, Vireo Growth Inc. remains focused on preparing for the launch of adult-use cannabis sales in Minnesota, while continuing to expand its product offerings and distribution networks. The company is optimistic about its future growth and operational strategies.
