Acreage Holdings (ACRG-U) (ACRGF) posted its fourth-quarter earnings after the market closed on March 12. For the quarter ending on December 31, the company posted revenues of $10.5 million—a rise of 379.7% from $2.2 million in the fourth quarter of 2017. For the quarter, the company’s pro forma revenues were $22.9 million.
During the fourth quarter, Acreage Holdings opened two dispensaries under “The Botanist” brand. The company also acquired one dispensary in Thames Valley, Connecticut. Acreage Holdings ended 2018 with 19 dispensaries. However, the company has increased its dispensary count to 24 units as of March 12.
Acreage Holdings’ net loss expanded to $217.6 million in the fourth quarter—compared to $4.7 million in the fourth quarter of 2017 due to an increase in non-cash charges and non-recurring items. Excluding certain non-cash charges and non-recurring items, the company’s pro forma adjusted net loss was $10.8 million in the fourth quarter.
So far, 2019 has been tough for Acreage Holdings. The company’s stock price has fallen 10% YTD (year-to-date) as of the closing price on March 12. During the same period, MedMen Enterprises (MMEN) (MMNFF), Curaleaf Holdings (CURA) (CURLF), and Planet 13 Holdings (PLTH) (PLNHF) have returned -6.8%, 31.4%, and 19.5%, respectively. The Horizons Marijuana Life Sciences Index ETF (HMMJ), which tracks the North American Medical Marijuana Index, has returned 54.5% YTD.