ORHOF stock is trading slightly higher in the morning session on Friday after Origin House (CSE:OH) (OTCQX:ORHOF) announced un-audited revenue the first quarter ended March 31, 2019.
Origin House Q1 Revenue Hits $11 Million CAD
Origin House has grown steadily over the years and today the company announced preliminary un-audited revenue of $11 million CAD, an increase of 39% compared to the previous quarter. However, the company has not disclosed any bottom line figures.
Origin House also stated that April or Q2 was off to an excellent start with about C$6.5 million in un-audited revenue. Origin House’s wholly-owned distribution division, Continuum contributed almost $4.8 million of the total revenue in April, representing its highest ever monthly revenue.
In addition to that, the gross margin during the latest quarter stood at 15%. The company projects its gross margin to improve further in the current quarter.
OHROF stock is trading higher by 1% at $8.75 USD in the late morning session on the OTC market. On the other hand, OH stock is up about 0.90% and now selling at $11.77 CAD on the CSE.
What is Exciting ORHOF Stock Investors?
Origin House was in the spotlight back in April when Cresco Labs (CSE:CL) (OTCQX:CRLBF) announced the acquisition of Origin House making a powerful North American cannabis conglomerate. The deal was an all-stock transaction worth $1.1 billion CAD ($823 million USD) and helped in creating a cannabis giant that is setting itself up to dominate the market for years to come.
Origin House was already one of the biggest players in the cannabis sector on its own with over 130 different cannabis brands under its control and distributes in high-revenue, cannabis legal areas. The deal between Cresco and Origin House is going to largely focus on becoming an even bigger presence in California and to take a larger slice of the $2.5 billion cannabis sales made last year alone.
The earnings opportunities Origin House will gain from this deal are endless and investors have reacted favorably. Origin House will hold a special shareholder meeting on June 11, 2019, to discuss the statutory plan of the deal.
Both Cresco Labs and Origin House are scheduled to release their earnings on May 29.
ORHOF stock is one of the biggest gainers in the cannabis space with a jump of 80% in 2019 alone. The company has a market capital of $578.49 million USD.
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