The Cannabist Reports Mixed Q2 2024 Results

LOS ANGELES- The Cannabist Company Holdings Inc. (OTC: CBSTF), formerly known as Columbia Care, delivered a mixed performance for Q2 2024. The company reported $125 million in revenue, a 2% sequential increase but a drop from last year’s $129 million. Despite the decline, revenue surpassed analysts’ expectations of $124 million. Net losses were reduced to $14 million from $35 million in the same period last year, with earnings per share improving to ($0.03), ahead of the projected ($0.05).

The company showed progress in managing cash flow, with negative $3 million in cash from operations, an improvement from the previous quarter’s negative $6.2 million. However, cash reserves declined to $22 million, down from $44 million.

CEO David Hart highlighted the impact of ongoing corporate restructuring, expected to yield $10 million in annual savings. Key developments included a 24% increase in wholesale revenue and better margins driven by strategic brand partnerships and a focus on finished goods. The company also adjusted its retail footprint, opening a store in Richmond while closing four others.

Looking forward, The Cannabist is optimistic about growth in its mid-Atlantic markets and the expansion into adult-use cannabis sales in Ohio, which could drive future revenue gains.