Origin House Announces Record Preliminary Unaudited Revenue of Approximately $21 Million for the Second Quarter of 2019
Over 88% sequential growth in Q2 2019 preliminary unaudited revenue (compared to Q1 2019), primarily driven by focused execution in expanding California market.
Ottawa, Canada – July 18, 2019 – CannaRoyalty Corp. d/b/a Origin House (CSE: OH) (OTCQX: ORHOF) (“Origin House” or the “Company”), a North American cannabis products and brands company today announced preliminary unaudited revenue of approximately $21 million1 for the second quarter ended June 30, 2019, at an approximate gross margin, excluding fair value items, of 17%1. All figures are reported in Canadian dollars, unless otherwise indicated.
The California market has grown in 2019, with an increase in the number of licensed dispensaries since December 2018[²] and a more stable regulatory environment than in 2018. Origin House’s progress during the first six months of the year has primarily been driven by its focused strategy to capitalize on the statewide California platform it established over the past two years.
Origin House has continued to gain momentum as our team leveraged the California-focused platform we have built over the past two years to drive another quarter of record revenue along with steady progress on gross margin. As expressed previously, we strongly believe that 2019 will mark an inflection point both for the California market and Origin House as a whole and the numbers are proving this out.
Marc Lustig, Chairman and CEO of Origin House
Origin House plans to release its full financial results for the second quarter ended June 30, 2019 during the second half of August and will be coordinating its financial results release with the release of Cresco Labs’ financial results.
About Origin House
Origin House is a growing cannabis brands and distribution company operating across key markets in the U.S. and Canada, with a strategic focus on becoming a preeminent global house of cannabis brands. Origin House’s California brand development platform is operated out of five licensed facilities located across California, and provides distribution, manufacturing, cultivation and marketing services for its brand partners. Origin House is actively developing infrastructure to support the proliferation of its brands internationally, initially through its acquisition of Canadian retailer 180 Smoke. Origin House’s shares trade on the CSE under the symbol “OH” and on the OTCQX under the symbol “ORHOF”. Origin House is the registered business name of CannaRoyalty Corp. For more information, visit www.originhouse.com.
For further inquiries, please contact:
Jonathan Ross, CFA
LodeRock Advisors Inc.
Communications Manager, Origin House
The financial information presented in this news release is based on preliminary, unaudited financial statements prepared by management, for the second quarter ended June 30, 2019, and is fully qualified by the section in this press release entitled “Disclaimer Regarding Financial Information”. Gross margin figures exclude fair value items related to biological asset accounting as the Company is still in the process of completing its valuation of biological assets under IAS 41.
California Bureau of Cannabis Control statistics