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Harvest Health & Recreation Inc. Reports First Quarter 2021 Financial Results • First quarter revenue was $ 88.8 million , up 101 % from the first quarter 2020 and 27 % sequentially • First quarter net loss before non - controlling interest was $ 23.0 million , compared to $ 7.4 million in the fourth quarter 2020 • Adjusted EBITDA was $ 26.9 million in the first quarter , up 196 % compared to $ 9.1 million in the fourth quarter 2020 • 2021 revenue target increased to at least $ 400 million PHOENIX , May 10 , 2021 -- Harvest Health & Recreation Inc. ( “ Harvest ” or the " Company " ) ( CSE : HARV , OTCQX : HRVSF ) , a vertically integrated cannabis company and multi - state operator in the U.S. , today reported its financial and operating results for the first quarter 2021 . All financial information is provided in U.S. dollars unless otherwise indicated . First Quarter 2021 Financial Results . • • • Total revenue in the first quarter was $ 88.8 million , an increase of 101 % from $ 44.2 million in the first quarter of 2020 , and up 27 % compared to $ 69.9 million in the fourth quarter of 2020 . Gross profit in the first quarter was $ 47.9 million , compared to $ 18.1 million in the first quarter of 2020 , and $ 31.3 million in the fourth quarter of 2020 . Gross profit margin in the first quarter was 53.9 % , compared to 41.0 % in the first quarter of 2020 and 44.8 % in the fourth quarter of 2020 . Net loss before non - controlling interest was $ 23.0 million for the first quarter , compared to $ 7.4 million in the fourth quarter of 2020 . Adjusted EBITDA in the first quarter was $ 26.9 million , compared to $ 9.1 million in the fourth quarter of 2020 . Please see the supplemental information regarding the use of Non - GAAP Financial Measures , and a reconciliation of Non - GAAP Financial Measures . First Quarter 2021 Business Highlights • • • • On January 22 , 2021 , Harvest recorded the first recreational cannabis sale in the state of Arizona at its Scottsdale location . Harvest began serving adult use customers in addition to medical patients at all 15 of its dispensaries on January 22 . On January 25 , 2021 , Harvest announced the closing of a sale leaseback transaction with Innovative Industrial Properties , Inc. Harvest sold a 292,000 square foot facility for $ 23.8 million . Harvest will operate the cultivation and processing facility and expects to receive up to $ 10.8 million in tenant improvements . On February 22 , 2021 , Harvest announced the divestiture of two medical marijuana dispensaries in Bismarck and Williston , North Dakota for an immaterial amount of cash . On March 11 , 2021 , Harvest opened one new dispensary in Whitehall , Pennsylvania .