Yesterday, Greenrose Holding Company Inc (OTCMKTS:GNRS) was in the news after it announced its financial and operating results for the second fiscal quarter of the year which ended on June 30, 2022.
Trading Data
On Monday, GNRS stock slid 0.53% to $1.86 with more than 1.3K shares, compared to a volume of 1.8K shares. The stock moved within a range of $1.7500 – 1.8600 after opening trade at $1.86.
The Greenrose Holding Company Reports Second Quarter 2022 Results
The company operates across multiple states and is involved in growing cannabis as well as producing cannabis brands and products. In the second fiscal quarter, Greenrose managed to bring in gains of as much as $694,000 on top of $1,164,000 from its financial instruments. The latter gain was primarily realized because of the fluctuations in the stock price of the company.
In the six-month period that ended on June 30, 2022, the company, the company managed to generate gains to the tune of $1,046,000 based on contingent consideration. However, it is also necessary to keep in mind that those contingent gains had been offset by losses of as much as $811,000 on note settlement.
Mickey Harley, who is the Chief Executive Officer of Greenrose, spoke about the operational element as well. He noted that during the course of the second fiscal quarter, the company had managed to continue to boost its bases in both Arizona and Connecticut. In addition to that, he noted that revenues had also gone up 40% year on year.
Key Quote
“During the second quarter, we continued to strengthen our operational foundation in both Connecticut and Arizona,” said Mickey Harley, CEO of Greenrose. “Our revenues increased 40% year-over-year due to incremental contributions from True Harvest, where we substantially reduced our inventory backlog and generated sequential month-over-month sales improvements. At Theraplant, we continued to navigate demand headwinds within the state’s current medical market, but worked to further activate our increased cultivation capacity and build inventory ahead of Connecticut’s expected commencement of recreational cannabis sales.”
Technical Data
GNRS stock is below the 20-Day and 50-Day Moving averages of $2.23 and $2.39 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.75. The company has a total market capitalization of $33.48 million. The stock is down 56% over the past 6-month.
