Michigan Cannabis Co. Gage Growth Posts Q1 Revenue OF $17.6M, Up By 219.4% YoYPosted by On


Michigan-based cannabis brand Gage Growth Corp. (CSE:GAGE) (OTC: GAEGF) posted Thursday its first-quarter financial results with revenue growth of 67.9% quarter-over-quarter and 219.4% year-over-year, respectively, reaching $17.6 million.

The increase in revenue could be attributed to new dispensaries and expanded cultivation capacity.

“After Gage’s tremendous growth this quarter with revenue of $17.6 million, we expect our first half of 2021 revenue to exceed full fiscal year 2020 revenue and more than double the first half of fiscal year 2020,” Fabian Monaco, CEO of Gage stated. “We are rapidly growing as our investments in infrastructure have started to deliver operating leverage and the team continues to meet the evolving needs of our patients, customers and communities.”

First-Quarter Earnings Highlights

  • Gross profit amounted to $4.6 million, compared to $1.8 million in the previous quarter;
  • Gage posted an adjusted EBITDA loss of $3.8 million, which compares to an adjusted EBITDA loss of $5.7 million in the fourth quarter of 2020;
  • For the first three months of 2021, the company revealed a net loss of $10.8 million, compared to a net loss of $14.5 million;
  • Gross margin was 26.1%, compared to 17.3% in one quarter earlier;
  • At the end of the reporting period, Gage held $43.6 million in cash, compared to $45.5 million at the end of the previous quarter.

Q2 2021 Guidance

  • Gage reaffirmed its second-quarter revenue projections of…

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Michigan-based cannabis brand Gage Growth Corp. (CSE:GAGE) (OTC: GAEGF) posted Thursday its first-quarter financial results with revenue growth of 67.9% quarter-over-quarter and 219.4% year-over-year, respectively, reaching $17.6 million.

The increase in revenue could be attributed to new dispensaries and expanded cultivation capacity.

“After Gage’s tremendous growth this quarter with revenue of $17.6 million, we expect our first half of 2021 revenue to exceed full fiscal year 2020 revenue and more than double the first half of fiscal year 2020,” Fabian Monaco, CEO of Gage stated. “We are rapidly growing as our investments in infrastructure have started to deliver operating leverage and the team continues to meet the evolving needs of our patients, customers and communities.”

First-Quarter Earnings Highlights

  • Gross profit amounted to $4.6 million, compared to $1.8 million in the previous quarter;
  • Gage posted an adjusted EBITDA loss of $3.8 million, which compares to an adjusted EBITDA loss of $5.7 million in the fourth quarter of 2020;
  • For the first three months of 2021, the company revealed a net loss of $10.8 million, compared to a net loss of $14.5 million;
  • Gross margin was 26.1%, compared to 17.3% in one quarter earlier;
  • At the end of the reporting period, Gage held $43.6 million in cash, compared to $45.5 million at the end of the previous quarter.

Q2 2021 Guidance

  • Gage reaffirmed its second-quarter revenue projections of…



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