Extractor Valens reported the fourth straight quarter of profit, continuing to reap the reward of being one of the largest extractors in the country. Edibles, beverages and topicals mostly use extracted cannabinoids.
Newswire, MJ Biz Daily
- Valens reported $31.9M in Q1 revenue, up from last quarter’s $30.6M and last year‘s Q1 revenue of $2.2M.
- The amount of biomass extracted declined to roughly 20,000 kg from 24,426 last quarter, and 26,625 the quarter before that.
- The company warned COVID-19 would likely decrease workforces, cultivation output, and demand for extraction.
- This makes four quarters in a row of positive adjusted EBITDA for Aphria.
MJ Biz Daily
- The company reported continued improvements to revenue, with 20% increase quarter over quarter.
- Nonetheless, the company suspended its outlook for the year.
- CEO Irwin Simon said he wants LPs will be able to sell direct to consumers via the online retail and delivery businesses.