ALEAF - Aleafia Health stock surges 22% on rise in cannabis revenue

Aleafia Health (OTCQX:ALEAF) is surging 22% higher after the company posted a 55% Y/Y rise in branded cannabis net revenue. Branded cannabis net revenue rose 55% to $8M in the three months ended March 31, compared to $5.2M, a year earlier. The company also reaffirmed its 2023 guidance of total net revenue between $53M and $63M. ALEAF said it had a 168% increase in international sales over the prior 12-month year with distribution agreements in place enabling delivery into three attractive countries - Germany, the U.K., and Australia. The Company, which recently cut 30% of its workforce, said it was on track towards Adjusted EBITDA profitability in the second half of fiscal year 2023. The Company announced fifth quarter and 15-month results due to changing the year end to March 31.

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Aleafia Health stock surges 22% on rise in cannabis revenue