Cannabis Weekly Round-Up: Latest Financial Results Paint Picture of US Market

Key US operators share financial results

The cannabis market continues to see players of all sizes and business focuses release their latest quarterly results. Here are recent highlights from a number of US operators:

• Cresco Labs (CSE:CL,OTCQX:CRLBF): The multi-state operator reported revenues of US$218 million for Q2, a minimal increase from the previous quarter. The company also reported a net loss of US$8.2 million. Charles Bachtell, CEO and co-founder of Cresco Labs, pointed to the macro backdrop affecting the entire industry as a reason for Cresco's challenges in the market.

• Columbia Care (NEO:CCHW,CSE:CCHW,OTCQX:CCHWF): The New York-based operator recorded US$130 million in revenue as it gears up to complete an acquisition plan with Cresco Labs. “The integration planning process has brought an overwhelming sense of excitement and momentum,” Columbia Care CEO Nicholas Vita said.

• Verano Holdings (CSE:VRNO,OTCQX:VRNOF): The company achieved revenues of US$224 million in Q2, but still reported a net loss of US$10 million. Similar to Bachtell, Verano Founder and CEO George Archos said that “ongoing macroeconomic headwinds” are plaguing the industry and challenging operations everywhere, but still celebrated the company's achievements.

• Ascend Wellness Holdings (CSE:AAWH.U,OTCQX:AAWH): This operator posted a net loss of US$21.2 million, a decrease compared to US$27.8 million during the last quarter; aside from that, the firm reported gross revenues of US$117.7 million. The company, like several others, has moved forward with strategies in New Jersey following the opening of adult-use sales in the state.

Tilray expands medical offerings in Europe

Tilray Brands (NASDAQ:TLRY,TSX:TLRY) informed shareholders that it has obtained approval to begin offering its medical products in Poland.

The company said it already has distribution partnerships with pharmaceutical companies in place, allowing it to release its medical products across the country.

Denise Faltischek, Tilray’s chief strategy officer and head of international business, said the firm advocates for patient access to medical cannabis in Europe.

“I’m extremely proud of our team in Europe for once again expanding our approved authorization for Tilray Medical products across Europe,” Faltischek said.

Cannabis company news

• The Flowr Corporation (TSXV:FLWR,OTC Pink:FLWPF) moved ahead with the sale of its Flowr Forest property for C$3.4 million as a way to pursue its efficiency transformation. “The Company is now focused on maximizing operational efficiencies, strengthening its balance sheet and levering its global commercial relationships to provide high-quality cannabis for both international and domestic markets,” Flowr CEO Darren Karasiuk said.

• Pure Sunfarms, a subsidiary of Village Farms International (NASDAQ:VFF), announced an extension to its research partnership with Simon Fraser University for the next three years.

• Avicanna (TSX:AVCN,OTCQX:AVCNF) completed an offering of nearly 8 million units at a price of C$0.35 each, resulting in gross proceeds for the company of C$2.8 million.

• Fire & Flower Holdings (TSX:FAF,OTCQX:FFLWF) confirmed the resignation of Guillaume Léger from its board of directors. The seat will now be filled by Suzanne Poirier, senior vice president of operations at Alimentation Couche-Tard (TSX:ATD,OTC Pink:ANCTF).