The Cannabist Co. Q3 Revenue Declines 8%, Completes $5M Asset Sale, Exits Florida Market Amid Restructuring
The Cannabist Company Holdings Inc. (OTCQX:CBSTF), former Columbia Care, announced its Q3 2024 financial results, reflecting the impact of recent divestitures and a focus on reshaping its operational footprint.
The quarter’s results for this leading U.S. cannabis cultivator, manufacturer and retailer were affected by adjustments from asset sales, notably in Arizona and Virginia and efforts to enhance profitability in core markets.
Third Quarter 2024 Financial Overview
- Revenue: $114.8 million, an 8% decline from Q2, primarily due to the sale of Arizona and Eastern Virginia assets. Revenue excluding divestitures held steady.
- Gross Profit: $43.8 million, an improvement from $37.1 million in Q3 2023, with an adjusted gross margin of 38.2%.
- Adjusted EBITDA: $14.8 million, with a 12.9% margin, down from 14% in Q2 due to asset sales.
- Cash Position: Closed Q3 with $31.5 million in cash, up from $22 million in Q2.
“The results in the third …