ALEAF - Aleafia Health trades in red on Q3 widening loss

Aleafia Health ([[ALEAF]] -6.9%) plunged in trade after reporting a Q3 net loss of $19.8M vs. $1.86M net income in year ago quarter; adj. EBITDA stood at -$5.65M vs. -$2.5M earlier.Net revenue was relatively flat at $4.97M vs. $4.96M in year ago quarter."With respect to the most recent quarter, the successful sale of our entire 2019 outdoor crop was completed earlier in the year, which led to a significant sequential decline in cannabis revenue, due to lack of available product. This was coupled with a number of significant product launches that only began generating revenue following the end of the reporting period,"  CEO Geoffrey Benic commented.The company has contracted sales, that will, upon completion of  shipments, generate net revenue of $16M; majority of the domestic wholesale shipments will be completed in Q4, with the remainder shipping to customers early in 1Q21.In Q3, the company reported 32% sequential increase in active,

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Aleafia Health trades in red on Q3 widening loss