National Access Cannabis Generates $16.2 million in Revenue in Q2 2019. Retail Cannabis Stores Generate $15.9 million in Revenue and Adjusted EBITDA[1] of $1.8 million
Press Release
- The Company has generated over $27 million in cumulative recreational cannabis sales since legalization on October 17, 2018, with an average gross margin of over 31%.
- Q2-2019 total revenue of $16.2 million represents a 328% increase versus prior quarter total revenue.
- 23 retail cannabis stores open at the end of Q2-2019.
- The Company expects to have 40 stores open and operating by the end of calendar 2019.
TORONTO, April 16, 2019 – National Access Cannabis Corp. (“NAC” or the “Company”) (TSXV: META), the largest private retailer of recreational cannabis in Canada, today announced its financial results for the second quarter ended February 28, 2019. All amounts are expressed in Canadian dollars.
“With 23 stores operating in two provinces, seven applications underway in B.C. and a focused strategy for Ontario, we are poised to continue growing our leading footprint at a national level, while driving solid financial performance for our shareholders,” said Mark Goliger, CEO of NAC. “I am very proud of our team’s operational execution, which has resulted in our retail cannabis operating business unit generating consistently strong revenue growth and positive Adjusted EBITDA. Our team is focused on accretively building our national retail footprint to 40 stores by the end of calendar 2019, while maximizing the same-store sales growth and contribution of individual store locations. As the Canadian cannabis market finds its footing, we also expect supply issues to begin to abate, which will enable us to continue offering our customers the wide selection they are used to, while optimizing our working capital and Adjusted EBITDA for the benefit of shareholders.”
This press release should be read in conjunction with the unaudited condensed interim consolidated financial statements and accompanying notes for the three and six months ended February 28, 2019 and the related Interim MD&A – Quarterly Highlights for the three and six-month period ended February 28, 2019.
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