Gross Profit Improved (pro forma, ex Sonoma Pacific Distribution Inc.) to $4.3MM
Adjusted EBITDA* improved to $1.9MM
SAN DIEGO, CA / ACCESSWIRE / November 24, 2021 / GABY Inc. (“ GABY ” or the “ Company “) (CSE:GABY)(OTCQB:GABLF), a California consolidator of cannabis dispensaries and the parent company of San Diego’s Mankind Dispensary (“ Mankind Dispensary “), is pleased to announce third quarter revenue of $9.5 million and gross profit of $3.7 million compared to $806.7 thousand and $22.5 thousand, respectively, the same quarter last year.
Gross margin for the period continues to expand with a Company-record 39.3% compared to 2.8% the same quarter last year. Adjusted EBITDA from continuing operations 1 improved to $0.6 million from negative $1.3 million the same quarter last year. The improvements were attributable to the higher volumes and margins generated from the acquisition of Mankind Dispensary on April 1, 2021. In addition, the improved gross margin reflects a higher percentage sale of Mankind Dispensary’s proprietary brand, Kind Republic™, which inherently has higher margins.
For the third quarter of 2021 the net loss of $4.3 million for the quarter is $2.8 million higher than the same quarter last year primarily due to an increase in non-cash items, transaction costs