California-based cannabis company Hollister Biosciences Inc.(OTC: HSTRF) gave an update on its third-quarter 2020 performance sales figures. The company said that for the quarter ending September 30, 2020, it generated record quarterly revenue of C$ 12.5 million and C$ 1.265 million in EBITDA from its product line of pre-rolls, concentrates, distillates, solvent-free bubble hash, pre-packaged flower, tinctures, and vape products. Hollister was clear that the revenue and EBITDA figures had not yet been audited and are based on reports prepared by management.
“We are very pleased with our ability to deliver record quarterly revenue in such a challenging market environment. We attribute our revenue growth to further penetration of the California and Arizona dispensary networks and successful new product launches with our joint venture partners. We hope to continue this positive momentum into year-end” stated Carl Saling, CEO.
The company did not state whether there was any net loss or profits for the third quarter. These figures would be a sequential increase over the revenue from the second quarter ending June 30th, 2020, which was $8.47 million. In the second quarter, the company attributed the revenue growth to the sale of concentrates, pre-rolls, and contract manufacturing services. The company also delivered a net income of $0.3 million compared to a net loss of $2.1 million in the first quarter of 2020.
“Our second-quarter results are encouraging and in line with our objective to increase revenue and profitability,” said Alex Somjen, President of Hollister Biosciences Inc. at the time. “These financial results are a product of increased brand awareness, strategic M&A, and strategic partnerships put in place over the previous six months.”
The bulk of the company’s revenue in the second quarter came from Arizona’s total revenue which over the last six months ending June was $8.7 million. The state was also turning in positive results with a net income for the last six months (ending June) of $709,239. California generated revenue of $651,862 for the last six months (ending June) but had a net loss of $856,087.