Vertically integrated cannabis company StateHouse Holdings Inc. (CSE:STHZ) (OTCQB:STHZF) reported its financial results for the three-month period ended June 30, 2024. The California-focused company disclosed revenue of $27.8 million, up by 10% from $25.3 million in the second quarter of last year.
"We made substantial progress throughout the quarter, with our innovative product line-ups driving growth and profitability improvements," stated CEO Ed Schmults. "Our new products are clearly hitting the mark with consumers, with a 14% increase in transactions for the second quarter compared with the same period last year. We have continued to deliver improvements to our results, with adjusted gross margin reaching 50.8%, net income of $0.2 million, and Adjusted EBITDA of $4.9 million as a result of the implementation of cost-saving measures across our operations and the launch of over 24 new high-margin products in the past twelve months."
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Q2 2024 Financial Highlight
Net income was $200,000, compared to a net loss of $2.1 million in Q2 2023.
Gross profit before adjustments for biological assets was ...
