NY Cannabis Giant Cannabist’s 2023 Revenue Consistent With Prior Year At $522M, Narrows Q4 Net Loss By 76% YoY
The Cannabist Company Holdings Inc. (NEO: CBST) (OTCQX:CBSTF) (FSE: 3LP) reported its financial and operating results on Wednesday for the three months and full year ended Dec. 31, 2023, revealing a 76% year-over-year decrease in a net loss to $72.5 million in the fourth quarter. Quarter-over-quarter net loss grew by 100% in the fourth quarter.
The New York cannabis producer reported its 2023 revenue was consistent with 2022, hovering around $511 million.
“In 2023, we successfully produced topline revenue of $511 million, consistent with the prior year, and implemented significant cost reduction programs that resulted in Adjusted EBITDA and net loss improvements over 2022,” said CEO David Hart. “In addition, we further improved our capital structure through the retirement of $30.6 million of debt in the fourth quarter. It is a credit to the Cannabist team to have achieved these accomplishments during a year when we unwound the prior merger agreement.”
Q4 2023 Financial Highlights
Revenue totaled $128.4 million compared to $129.2 million in the prior quarter and $126.2 million in the prior year period.
Gross profit amounted to $43.6 million, …