Vireo Health has announced the company’s first quarter 2020 financial results ended on March 31, 2020. The total revenue of the company increased with 110% YoY to $12.1 Million in the Q1 2020 as compared to the previous quarter of $5.8 million.
The retail revenue of the company reached approximately $8.2 million in the Q1 2020 as compared to the $5.2 million of the previous quarter of 2019. The wholesale revenue of the company increased by $3.3 million in the Q1 2020 as compared to the $610,771 in the previous quarter of 2019.
The gross profit of the company reaches at $3.4 million in the Q1 2020 as compared to the $2.1 million in the previous quarter of 2019. The total operating expenses of the company reached $9.7 million in the Q1 2020 as compared to the previous quarter of $3.7 million. Total other expenses of the company reached at $995,005 in the Q1 2020 as compared to the $4.6 million in the previous quarter of 2019.
Chief Executive Officer and Founder of Company, Kyle Kingsley said, “Our first-quarter results demonstrate the improving trajectory of our business, with sequential revenue growth of 34 percent representing the strongest quarter of growth in Vireo’s history.”
“As we continue to focus on optimizing our core medical markets, we believe there is significant untapped potential for Vireo to improve revenue growth and profitability as we increase scale in these attractive, limited-license jurisdictions,” Kyle Kingsley further added in his statement.
“We have many opportunities to continue growing our business organically through new product introductions, by expanding our footprint of operational dispensaries, and by continuing to improve our overall product and sales channel mix as compared to prior quarters,” Kyle added.
“We’re also cautiously optimistic that recent enhancements to point-of-sale protocols in response to COVID-19 like telemedicine consultations and curbside pick-up may become permanent in several of our markets, and we continue to believe that each of our core medical markets has the potential to enact adult-use legislation over the near- to medium-term future,” Kyle Kingsley concluded.