Earnings season is in full swing, and this past week a large group of cannabis operators gave investors a glimpse behind the curtain into their finances.

Also this week, a Canadian retailer entered the US market for the first time, and an investment operator received a substantial amount of capital from a recognized player.


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

 

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Earnings season provides closer look at cannabis operations

Investors have been busy keeping up with the barrage of recent financial reports from a vast collection of cannabis companies in the public markets.

These reports offer a look at the progress for cannabis operators and where some may be ahead while others struggle. The following list shows some of the companies that released figures this past week:

US companies

Cresco Labs (CSE:CL,OTCQX:CRLBF): This operator reported net income of US$2.7 million thanks to a revenue line of US$210 million, which means the company confirmed its guidance of an “annualized revenue run-rate of US$1 billion by the end of 2021.”

Curaleaf Holdings (CSE:CURA,OTCQX:CURLF): The Massachusetts-based cannabis company reported a net loss of US$7 million for the Q2 period, mostly attributed to higher stock-based compensation and the expenses of its expansion plan into Europe. Executive Chairman Boris Jordan said the company is encouraged by the progress of federal cannabis policy in the US.

Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF): Amid its continued operational growth during the Q2 period, the company highlighted its expansion into Massachusetts and West Virginia.

Charlotte’s Web Holdings (TSX:CWEB,OTCQX:CWBHF): This CBD manufacturer reported a revenue increase of 11.4 percent to US$24.2 million for Q2. “We believe we are best positioned to take advantage of the return to brick and mortar retail as we hold the number one share position in the food/drug/mass and natural specialty retail channels in the US,” Deanie Elsner, CEO of Charlotte’s Web, said.

Canadian companies

Village Farms International (NASDAQ:VFF,TSX:VFF): This company manages the licensed producer Pure Sunfarms and reported a banner Q2 with sequential growth for the cannabis brand. “Our continued market share, leadership and growth … gives us even more confidence that we will achieve our stated goal of 20 percent market share in dried flower in Canada,” Village Farms CEO Michael DeGiglio said.

 

Cannabis Market Could Reach $5.5B By End Of Year

 
Experts Weigh In On Our Exclusive FREE Report. Can You Afford To Miss Out?
 

Sundial Growers (NASDAQ:SNDL): This Alberta-based cannabis producer reported a net loss of C$52.3 million for Q2 despite an increase of 8 percent in its gross cannabis revenue from the previous quarter. “Our second quarter performance continued to be impacted by the liquidation of discounted inventory and our refusal to push sub-optimal product into the market,” Sundial CEO Zach George said.

Neptune Wellness Solutions (NASDAQ:NEPT,TSX:NEPT): This cannabis company posted a net loss of C$23 million, which represents a higher loss from the same period last year. President and CEO Michael Cammarata said his team needs to do more to bring the company into profit and deliver for investors; he also highlighted that revenue for the company exceeded expectations.

Cannabis company news

  • The Valens Company (TSX:VLNS,OTCQX:VLNCF) announced the launch of three new novel cannabis products in the Canadian market, done in collaboration with its partner Verse Cannabis. These include two new vape cartridges and the brand’s first cannabis-infused beverage.
  • Fire & Flower Holdings (TSX:FAF,OTCQX:FFLWF) gave an update on its US market aspirations as it opened its first store in Palm Springs, California, through its partner American Acres Managers, which has also changed its operational name to “Fire & Flower US Holdings.”
  • RIV Capital (TSX:RIV,OTC Pink:CNPOF) secured a US$150 million strategic investment from the Hawthorne Collective, a brand new cannabis subsidiary of Scotts Miracle-Gro Company (NYSE:SMG). “The Investment opens opportunities for considerable value creation and growth for RIV Capital, including potential access to additional capital that will accelerate our platform’s growth,” Narbé Alexandrian, president and CEO of RIV Capital, said.
  • BevCanna Enterprises (CSE:BEV,OTCQB:BVNNF) told investors it expects to see its products available in the Ontario Cannabis Store system by the month of September after it obtained purchase orders from the provincial retailer.

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.

 

Cannabis Market Could Reach $5.5B By End Of Year

 
Experts Weigh In On Our Exclusive FREE Report. Can You Afford To Miss Out?
 

TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) (“TransCanna” or “the Company”) is pleased to announce that it is partnering with Loud Buddha Trimming to provide processing services to 3rd party growers out of its Daly Facility in Modesto, California.

TransCanna subsidiary Lyfted Farms has signed a Letter of Intent with Loud Buddha Trimming to jointly offer processing services like drying, hand trimming, curing, manicuring, machine trimming, bulk and retail packaging, pre-roll production and packaging, and storage of fresh-frozen biomass for concentrate production.

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 Spyder Cannabis Inc. (TSXV: SPDR) (“Spyder” or the “Company”), an established Canadian cannabis and vape retailer, announced today that its wholly-owned subsidiary, Spyder Cannabis Subco Inc. (“Spyder Subco”), has received Retail Store Authorization (“RSA”) from the Alcohol and Gaming Commission of Ontario (“AGCO”) for its proposed cannabis dispensary located at 767 Taunton Road in Oshawa, Ontario.

Furthermore, Spyder Subco has successfully passed a pre-authorization inspection with the AGCO and has now been placed in the queue to receive RSA on its second proposed cannabis dispensary in Niagara Falls, Ontario located at 5719 Victoria Avenue. Both retail premises will continue to operate as vape stores under the 180 Smoke banner name until the Company has finalized its new cannabis dispensary brand and banner name, which is expected to be finalized and announced in the coming weeks. The Company is exploring additional opportunities to convert other 180 Smoke retail locations – leveraging the brand’s current customer base of over 230,000 registered accounts – continuing to build and expand on Spyder’s footprint and presence in Ontario.

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Combination Therapy with Psilocybin plus NAC (N-Acetylcysteine) Is Statistically Significantly Better Than Either Agent Alone or Placebo in a Rodent Model of mTBI and PTSD

Lobe Sciences Ltd. (” Lobe ” or the ” Company “) (CSE: LOBE) (OTC Pink: GTSIF) is pleased to announce interim data from its preclinical research studies, in established rodent models of mild traumatic brain injuryconcussion (“mTBI”) and post-traumatic stress disorder (“PTSD”), using psilocybin plus N-Acetylcysteine (“NAC”). The study is being conducted in collaboration with a multidisciplinary team of scientists and physicians at the University of Miami Miller School of Medicine under the leadership of Michael E. Hoffer M.D., professor of otolaryngology and neurological surgery.

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A recently released cannabis report indicates that new formulations will be needed to satisfy changing consumer styles and demands.

The report from the EY Cannabis in Canada team outlines the rapidly changing cannabis landscape, and explains that the companies out there today need to stay active to be prepared for what’s ahead.

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NASDAQ | TSX: ACB

  • #1 Canadian LP in Global Medical Cannabis; Total Medical Cannabis Net Revenue Rose 9% Compared to Prior Year; Strong Adjusted Gross Margin before FVA of 68%
  • Business Transformation Plan on Track; Reiterates Annual Cost Savings of $60 Million to $80 Million , Providing Clear Pathway to Adjusted EBITDA Profitability
  • Balance Sheet Remains Strong with $440.9 Million of Cash at June 30, 2021 ; Working Capital Improves by $404.3 Million Compared to Prior Year
  • Adjusted EBITDA Loss, Excluding Restructuring Costs, Narrows to $13.9 Million , a $17.6 Million Improvement Compared to Prior Year
  • Total Cannabis Net Revenue, Net of Provisions, of $54.8 Million Compared to $55.2 Million in the Prior Quarter, and $67.5 Million in the Year-Ago Period

 Aurora Cannabis Inc. (the “Company” or “Aurora”) (NASDAQ: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, today announced its financial and operational results for the fourth quarter and full year fiscal 2021 ended June 30, 2021 .

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