In the marijuana space this week, investors in one of the big Canadian cannabis producers found out just how well the company has been performing for the past year.

In the US market, a multi-state operator (MSO) announced its entry into the New York market.


Keep reading to find out more cannabis highlights from the past five days.

 

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Aurora reports C$3.3 billion loss in fiscal year

Aurora Cannabis (NYSE:ACB,TSX:ACB) has released the results from its fourth fiscal quarter for the market to evaluate. Miguel Martin, the new CEO of the company, told investors his goal is to reposition Aurora’s products and get back to a leading position in the Canadian market.

“Through successful execution, I believe what we build in Canada will be very portable to other larger global cannabinoid markets,” Martin said.

In terms of operations, the most notorious line from Aurora’s report was a net loss of C$3.3 billion for its 2020 fiscal year, which ended on June 30.

Meanwhile, the company reported total net revenue of C$72.1 million for the last quarter of its fiscal year, indicating a small decline from the previous reporting period.

The company is now expecting to produce cannabis net revenue of C$60 million to C$64 million for the first quarter of its 2021 fiscal year, a decrease from the C$67.5 million achieved in its fourth fiscal quarter of 2020. The Aurora team is still expecting to reach positive adjusted earnings before interest, taxes, depreciation and amortization in Q2 2021.

Curaleaf makes New York entrance with Select brand

Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) launched its Select brand of products in the New York medical cannabis market. The first item launched was its Select Elite cannabis oil cartridges.

 

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As part of the product launch in the state, the company is also making two separate undisclosed financial donations to Women Grow and the Equity Organization. Curaleaf plans to let investors know sometime later this year about a full social equity plan.

This launch represents the 13th state in which the Select brand is available.

Cannabis company news

  • Canopy Growth (NYSE:CGC,TSX:WEED) and Acreage Holdings (CSE:ACRG.U) told investors that an amended arrangement between them went into effect this past week. “The amended arrangement provides Canopy the most efficient entryway into the US, once federally permissible, and we believe will continue to benefit shareholders of both companies over the long-term,” Canopy Growth CEO David Klein said.
  • The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) released its financial report for its 2020 fiscal year, which ended on June 30. “Fiscal 2020 was an important transitional year for Supreme Cannabis where we streamlined our operations, reorganized our team, and expanded our portfolio of brands and products that will drive sustainable revenue growth,” said Beena Goldenberg, president and CEO of Supreme Cannabis.
  • PharmaCielo (TSXV:PCLO,OTCQX:PCLOF) confirmed it has expanded the portfolio of offerings from its Rionegro facilities in Colombia. These products include a wide range of CBD items.
  • Harvest Health & Recreation (CSE:HARV,OTCQX:HRVSF) opened a new store in Phoenix, Arizona. The company now has 15 stores in the state.

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

 

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Avicanna Inc. (the “ Company ” or “ Avicanna ”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) is pleased to announce that all of management’s nominees listed in the Company’s management information circular dated May 25, 2021 were elected as directors of the Company at Avicanna‘s annual general meeting of shareholders held on June 24, 2021 (the ” Meeting “). The detailed results of the vote for the election of directors held at the Meeting are set out below.

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Quantum 1 Cannabis (CSE:QQ) announced its revenue for the third quarter of 2021 has increased by 672 percent and gross profit has increased by 463 percent compared with the same quarter in 2020. Quantum 1 Cannabis CEO Russ Rossi expounded on this exponential growth and what’s behind this remarkable leap. 

“We had an opportunity during our cannabis training to opt into some leases for cannabis retail. So we thought, let’s take a shot at this and see if we can use our experience with mobile location and supercharge. It paid off. It was a new game for everybody. It’s a lot of luck when opportunity meets preparation,” said Rossi. 

Quantum 1 Cannabis attributed the growth to high month-over-month sales coming from its flagship store in North Vancouver, improved demand for specialized “cottage-grown” sativa and indica products, continued training and hiring of best-of-breed staff and management to cater to consumer inquiries and expanded in-house technology for management of human resources, inventory and regulatory requirements. 

“Our plan is to have the maximum number of retail stores possible in British Columbia. We have 10 year leases on these stores, putting everything in on a solid pitch for the city council. I’m pretty confident that we’re going to have eight centers full blast in BC within six months,” explained Rossi. 

Quantum 1 Cannabis has signed a memorandum of understanding to acquire an approved municipal cannabis retail location in one of Vancouver’s most diverse neighborhoods at 41st Avenue and Cambie Street in Vancouver, British Columbia. The flagship location is expected to expand the company’s footprint in the Lower Mainland.

Watch the full interview with Quantum 1 Cannabis (CSE:QQ) CEO Russ Rossi above.

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Process leads to standardized psychedelic extracts that are reproducible, scalable, cost-effective and commercially viable

Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, is pleased to announce that its subsidiary Numinus Bioscience Inc. (“Numinus Bioscience”) has filed a provisional patent application with the United States Patent and Trademark Office (USPTO) for a process that dramatically increases the production of therapeutics for use in psychedelic-assisted psychotherapy.

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Opening Marks Company’s 107th Retail Location Nationwide

Strategic Expansion Will Help Serve the State’s Rapidly Growing Cannabis Market

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Ayurcann (CSE:AYUR) entered into a joint venture with Bazelet Group, Israel’s largest privately held medical cannabis company. Ayurcann CEO Igal Sudman shared the company’s excitement about bringing unique terpene-enriched medicinal cannabis to the Canadian marketplace. 

“Canada is a very closed-loop country, and the opportunity to bring a variety of different enhancement and technologically advanced products is very important to us. The relationship that we formed with Bazelet is going to enhance our offerings into the Canadian marketplace,” Sudman said. 

Bazelet has launched multiple lines of terpene-enriched cannabis oils; each one is specifically designed for various indications, symptoms and personal needs. The company’s terpene-enriched products are optimized for women’s health, for elderly population needs, for specific types of pains (muscle, joint, neuropathic) and for improved night sleep. 

According to Sudman, there are a lot of larger companies that have tried to do this, but none have been able to successfully bring innovation into the market. Ayurcann is rapidly forging partnerships with several companies worldwide, including Cannmart, Patient Choice and Kindred Partners.

“We’re growing the business, customer base, relationships and partnerships worldwide. We’re bringing the latest technology into Canada, and enhancing not only our company, but the investors’ value moving forward,” added Sudman. 

Watch the full interview with Ayurcann CEO Igal Sudman above.

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