Acreage reports improved cannabis revenue, net loss for quarter

Acreage Holdings, a New York-based multistate marijuana operator, on Tuesday reported net quarterly revenue of $17.7 million for the three months ended June 30, up more than five times from the same period last year.

Net loss totaled $33.9 million for the company, which is due to be acquired by Canadian cannabis giant Canopy Growth for roughly $3.4 billion when marijuana becomes federally legal in the United States.

That compares with net income of almost $6 million in the same period last year.

Acreage is listed on the Canadian Securities Exchange under the ticker symbol ACRG.

Shares rose over 9% in trading after the results release.

More details on the quarterly results can be found here.

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