Harborside Inc. (OTCQX: HBORF) released preliminary unaudited third-quarter 2020 financial results for the period ending September 30, 2020 showing that gross revenue for the quarter is expected to exceed $18.5 million. Net revenue for the quarter ending in June was $15.2 million with net losses of $1.7 million.
The company did not release any information with regards to profits or losses. investors may need to be reminded that Harborside changed its ticker symbol from “HSDEF” to “HBORF” on the OTCQX market effective today October 7, 2020.
“I’m thrilled with the ongoing performance of our business and proud to have seen the whole Harborside team rally together this year,” said Peter Bilodeau, Chairman and Interim CEO of Harborside. “We have come a long way in just 9 months and today more than ever, we are well-positioned to take advantage of the opportunities ahead of us while continuing to provide our customers with the highest quality products and driving strong returns for our shareholders.”
The company said that growth in the quarter continues to be driven by improved harvest yields and production of premium flower varieties combined with higher sales volumes and higher average prices per pound of the company’s farm operation in Salinas, California combined with the strength of the company’s retail operations, where enhanced merchandising and pricing initiatives have resulted in, amongst other things, improved product mix, selected pricing changes and higher sell-through of internally produced products.