It’s time for your Daily Hit of cannabis financial news for December 1st, 2020.
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Choom Announces Results from Q1
Canadian-based retail cannabis store, Choom, has announced their first quarter results from 2021. The company reported a record revenue of $6.1 million. This is up 50%, by $2 million, from Q4 2020’s $4.1 million revenue.
In addition to increasing their revenue, Choom reported a 3.06% increase in their gross margins. Q1 2021’s gross margin totaled 36.33%, while Q4 2020 reached 33.26%. The press release reads: “Choom continues to make strides in our strategic path to profitability, increasing sales while right sizing expenditures, improving margins, and inventory efficiency through our centralized product team resulting in a positive adjusted EBITDA for the quarter of $35k.”
In addition to their financial success, Choom proudly reopened one of their stores in Q1 that closed down due to COVID-19. They also opened another one during Q2, bringing the company’s open and operating store count to 14.