Halo Labs Inc announced the Company’s financial results for the three months ended June 30, 2020. According to reports, Company revenues have increased quarter over quarter and Q2 2020 revenues increased by 17.8%. Gross margins show a similar improving trend from -3.9% in Q1 2020 to 19.6% in Q2 2020. In Q2 2020, the Company had a negative EBITDA of $3,962,116. At the end of the three months ended March 31, 2020 (“Q3 2019”), a decision was made by the Company to shut down bulk distillate operations at Coastal Harvest, Inc. in Cathedral City, California (“CH”) to preserve working capital and cash until market conditions improved. This decision adversely impacted revenues, but preserved cash over the past three quarters. In July 2020, the Company also re-initiated bulk distillate sales directly from CH to other California licensed distributors and manufacturers which is expected to have both a positive impact on revenues and gross margin in the quarter which will end September 30, 2020. 

Mmp News Author, Medical Marijuana Program Connection, 08/18/2020 00:04:00

Open article: https://mmpconnect.com/halo-reports-increased-revenue-operating-profits-and-decreased-operating-loss-for-three-months-ended-june-30-2020/