The Cannabist Company saw its first-quarter revenue plummet in the first quarter while also managing to slightly shrink its net loss amid some operational restructuring.
“We are reducing operating and overhead costs and have advanced ongoing initiatives to improve operating performance, as we rationalize SKUs and enhance our pricing architecture across active markets,” said CEO David Hart in a statement.
Cannabist completed its exit from the Washington, DC market, sold one dispensary in California, and closed three underperforming locations in Colorado. Hart said the focus now is on completing remaining divestitures in Florida, California and Illinois.
“As we have discussed previously, our priorities throughout 2025 will continue to be liquidity and balance sheet management alongside operational improvements to simplify, reduce costs, and optimize the business. We look forward to opening additional retail locations in Ohio and Virginia this year and are prepared for the transition to adult use in Delaware,” he said.
The company’s first-quarter revenue came in at approximately $87 million, down from about $122 million in the same quarter of 2024. At the same time, a net loss of about $32 million represented a slight improvement over the approximately $34 million lost one year ago.
