(This story has been updated).

Curaleaf Holdings  (CURLF) reported second-quarter revenue of $48.5 million, an increase of 231% from $14.6 million for the same quarter a year ago.

The company said "managed revenue," a non-IFRS figure, rose 219% to $55.1 million. A company spokesperson said analysts' forecasts of $49.8 million were based on managed revenue.

The Wakefield, Mass.-based cannabis operator said its net loss was $24.4 million, or 5 cents per share, in the quarter ended June 30 vs. a loss of $6.4 million, or 1 cent, per share a year ago. Analysts were expecting a loss of 2 cents.

The company said the wider loss in the most recent quarter was due to an increase of $5.8 million in depreciation and amortization and an increase of $3.8 million in share-based compensation, both of which are non-cash.

There was also an increase of $4.4 million in one-time charges, primarily acquisition-related, among other expenses.

Adjusted EBITDA was $3.4 million compared to a loss of $3.8 million for the second quarter of 2018.

Curaleaf said that it currently operates in 12 states with 48 dispensaries, 14 cultivation sites and 13 processing sites.

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