New York-based vertically integrated cannabis group Acreage Holdings reported its fourth-quarter revenue nearly quadrupled last year, while its net loss for the period widened sharply after the company spent heavily in 2018 on acquisitions to expand its footprint.
Acreage reported revenue of $10.5 million for the fourth quarter ended Dec. 31 2018, up from $2.2 million for the same period in 2017. Full-year fiscal 2018 revenue totaled $21.1 million, up 173% from the same period in 2017.
The company’s net loss for the final quarter of 2018 totaled $217.6 million versus $4.7 million a year earlier. Its red ink for the year totaled $219.7 million versus $7.6 million for fiscal 2017.
The company noted it deployed $202 million in capital last year – via cash, stock and debt – “to increase our footprint,” spending $46 million in the fourth quarter alone.
Acreage, which has operating licenses in 19 states, trades on the Canadian Securities Exchange under the ticker ACRG.U. The company also trades on the U.S. over-the-counter markets and the Frankfurt Stock Exchange.