TREES Corp (Colorado) Releases Q2 2023 10-Q Report

TREES Corp (Colorado), a company operating in the cannabis industry with a focus on retail and cultivation, has released its Form 10-Q report for the second quarter of 2023. The report provides insights into the company's financial performance and operational activities during the period.

Financial Highlights

• Total Revenue: $3.69 million, reflecting a decrease of 28% compared to the same period last year due to the reversal of the acquisition of a portion of the Green Tree assets.
• Operating Loss: $(477,348), an improvement from $(1,171,117) in the prior year, indicating better cost management and efficiency.
• Net Loss: $(1.39 million), a reduction from $(1.89 million) in the previous year, primarily due to decreased costs and expenses.
• Net Loss Attributable to Common Stockholders Per Share: $(0.01), compared to $(0.02) in the prior year, showing a slight improvement in per-share performance.

Business Highlights

• Revenue Segments: The company operates in two main segments: Retail and Cultivation. The Retail segment generated $3,685,881 in revenue, while the Cultivation segment contributed $248,642. However, intercompany eliminations resulted in a net revenue of $3,685,881 for the period.
• Geographical Performance: TREES Corporation operates six cannabis dispensaries across Colorado and Oregon, with three locations in Oregon and three in Colorado. The company also manages two cultivation facilities in Colorado.
• Sales Units: The company reported a decrease in cultivation revenue due to the closure of three cultivation facilities during Q2 2023 and a reduction in operations at one remaining facility.
• Future Outlook: TREES Corporation anticipates continued operating losses as it executes its acquisition and growth strategy. The company is focused on acquiring, integrating, and optimizing cannabis companies within the retail and cultivation segments.

SEC Filing: TREES Corp (Colorado) Releases Q2 2023 [ OTC:CANN ] - 10-Q - May. 14, 2024