Clever Leaves Reports 135% Year-Over-Year Growth in Cannabinoid Revenue
Global medicinal cannabis company, Clever Leaves Holdings Inc. (NASDAQ: CLVR), has reported its financial and operating results for the third quarter ended September 30, 2023. The company achieved 135% year-over-year growth in cannabinoid revenue and with 6% growth in non-cannabinoid revenue year-over-year.
Andres Fajardo, CEO of Clever Leaves, said, “Our third quarter results reflect our commitment to enhancing our commercial strategy and Colombian production, as well as optimizing our expenses. On the cannabinoid side of our business, demand for our extracts increased, resulting in overall year-over-year revenue growth of 135% increase in cannabinoid revenue. Moving into the remainder of 2023, we are focused on accelerating expansion in our core cannabinoid markets, reflecting a combination of high-quality extracts and increasing diversified and genetically differentiated flower, continued cost reductions via the continued streamlining of our operational infrastructure, and continued exploration of monetization of non-core assets.”
Revenue in the third quarter of 2023 increased 33% to $3.8 million compared to $2.9 million for the same period in 2022. The improvement was driven by an increase in cannabinoid segment revenues and extract sales strength in Australia and Brazil.
All-in cost per gram of dry flower was $0.75, compared to $0.52 in the prior year period.
Gross profit, including a $0.3 million inventory provision, increased 49% to $1.9 million, compared to a $1.3 million gross profit in the year-ago quarter.
Operating expenses in the third quarter of 2023 improved to $5.3 million compared to $25.6 million for the same period in 2022.
Net loss was $5.1 million compared to a net loss of $20.2 million in the prior year period.
Cash, cash equivalents and restricted cash were $6.5 million at September 30, 2023, compared to $12.9 million at December 31, 2022.
About Clever Leaves
Clever Leaves is a global medical cannabis company. Its operations in Colombia produce EU GMP cannabinoid active pharmaceutical ingredients (API) and finished products in flower and extract form to a growing base of B2B customers around the globe. Clever Leaves aims to disrupt the traditional cannabis production industry by leveraging environmentally sustainable, ESG-friendly, industrial-scale and low-cost production methods, with the world’s most stringent pharmaceutical quality certifications.