Cannabis Weekly Round-Up: Canopy Reports Revenue Increase

Shares of a top Canadian cannabis producer reacted this week after its latest financial results.

Also this week, Organigram Holdings (NASDAQ:OGI,TSX:OGI) announced it has found a new CEO in a former cannabis executive.

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

Canopy posts latest results

Canopy Growth (NASDAQ:CGC,TSX:WEED) shared its financial results for its first fiscal quarter on Friday (August 6). The producer reported revenue of C$136 million for the period ended June 30, 2021.

When it comes to net earnings for Q1, the Ontario-based producer reported C$392.4 million for the latest quarter, attributed to an unidentified C$581 million in “other income”

After tumbling in early trading, shares of Canopy recovered for the day. As of 2:00 p.m. EDT on Friday, the company was up a marginal 0.47 percent at a price per share of US$19.23 on the NASDAQ.

In terms of the US market, Canopy told investors it is continuing to scale its current business opportunities. But as of this moment, Canopy still can’t sell recreational products in the US market.

“While we’re encouraged by regulatory advancement in the U.S., Canopy is not waiting as we continue to scale our business on both sides of the border with an exciting product pipeline planned for the coming quarters,” David Klein, CEO of Canopy Growth, said.

Organigram gets a new CEO

Beena Goldenberg, who most recently was CEO of The Supreme Cannabis Company, has been appointed CEO of Organigram Holdings.

“I have watched the evolution of Organigram into a national and international leader in the cannabis industry and am looking forward to working with and continuing to build a team known for its high-quality products, strong brands and a commitment to industry leading innovation,” Goldenberg said.

Supreme Cannabis was acquired by Canopy Growth in June of this year.

In May, the company announced Greg Engel would step down as leader of the company after serving there for four years years.

Goldenberg joins a cannabis company with a critical strategic investment with British American Tobacco (NYSE:BTI,LSE:BATS). As part of the investment, a collaboration plan has been set in motion for the development of novel cannabis product formulations as the company prepares for a US market entry.

Cannabis company news

• Tilray (NASDAQ:TLRY,TSX:TLRY)confirmed the launch of a new line of cannabis-infused chocolates and soft-chew gummies in the Canadian market. These new products are designated to serve the medical market in the country.

• The Valens Company (TSX:VLNS,OTCQX:VLNCF)announced the launch of two new flavors for its Summit 10 beverage line done in partnership with A1 Cannabis. The new flavors for these drinks are raspberry lemonade and peach lemonade.

• Fire & Flower Holdings (TSX:FAF,OTCQX:FFLWF)told investors about the acquisition of assets from Wikileaf Technologies (CSE:WIKI) by its subsidiary. “Hifyre’s expanded digital strategy offers a significant opportunity to expand the Company’s e-commerce revenue channels through an asset-light and highly scalable model both in Canada and the US,” Trevor Fencott, CEO of Fire & Flower, told investors.

• PharmaCielo (TSXV:PCLO,OTCQX:PCLOF)signed a sales agreement with a Brazilian company. The deal will see PharmaCielo offer a selection of products from its medical line, and shipment is expected to begin in Q4 2021.

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