Business & Finance
Vireo Health International reports Q2 2019 financial results
30 August 2019 -

Vireo Health International Inc (CNSX: VREO)(OTCQX: VREOF), a science-focused, multi-state cannabis company with operations in 10 states and the Commonwealth of Puerto Rico, reported yesterday its financial results for the second quarter ended 30 June 2019.

The company reported total revenue of USD7.2m in the second quarter of 2019, an increase of 70% compared to USD4.2m in the same period in 2018.

The firm posted total operating expenses at USD5.6m in the second quarter of 2019 compared to USD2.3m in the year-ago period.

Net loss for Q2 2019 was approximately USD1.9m, as compared to net income of USD120,080 in the prior year quarter.

Founder & CEO, Kyle Kingsley, MD, said, 'Increasing patient enrolment in Minnesota and New York continued contributing to organic revenue growth during the second quarter, and wholesale demand trends in Maryland and Pennsylvania have also been encouraging signs that our products can compete effectively within a broader marketplace. We're also making substantial progress on many of the development projects that we outlined earlier this year, and we remain confident that our focus on bringing the best of medicine, science, and engineering to the cannabis industry will create compelling long-term value for all of our stakeholders.'