Goodness Growth Holdings Announces Second Quarter 2021 Financial Results

Goodness Growth Holdings, Inc. ("Goodness Growth" or the "Company") (CSE: GDNS; OTCQX: GDNSF), a physician-led, science-focused cannabis company and IP incubator, today reported financial results for its second quarter ended June 30, 2021 . All currency figures referenced in this press release reflect U.S. dollar amounts.

Goodness Growth Holdings (CSE: GDNS; OTCQX: GDNSF) is the new parent company of Vireo Health and Green Goods. (PRNewsfoto/Goodness Growth Holdings)

"Our second quarter performance was in line with our expectations, and we were pleased to see increased scale and efficiency of operations contribute to record gross margin performance during the quarter," said Chairman and Chief Executive Officer, Kyle Kingsley , M.D. "As we discussed on last quarter's call, our wholesale performance in Maryland was temporarily impacted by the move to our recently completed state-of-the-art manufacturing facility, and we expect to see that facility reach normalized production levels during the third quarter of this year. Additionally, our expansion projects in New Mexico and Arizona will help strengthen revenue and profitability in the second half of this year, especially in the fourth quarter when the expansion projects are operating at full capacity."

Dr. Kingsley continued, "Our operating teams are focused on flower production, strain variety and quality in all of our markets, and we're continuing to make progress on our expansion plans in New York and we will share updates on these plans throughout the year. As a reminder, the recent passage of adult-use legislation in New York and New Mexico and the inclusion of flower to Minnesota's medical program have substantially improved our long-term outlook in each of these markets."

Summary of Key Financial Metrics













Three Months Ended


Six Months Ended

US $ in millions

June 30,


June 30,


2021


2020


Variance


2021


2020


Variance













GAAP Revenue

$14.2


$12.2


16.5%


$27.4


$24.3


12.7%

Revenue (excl. former PA and OH subsidiaries)

$14.2


$9.8


44.5%


$27.4


$19.8


38.0%

GAAP Gross Profit

$6.9


$3.6


92.5%


$12.5


$6.9


82.4%

Gross Profit Margin

48.6%


29.4%


1,920 bps


45.7%


28.2%


1,750 bps

SG&A Expenses

$8.3


$6.3


32.1%


$16.3


$13.2


24.1%

SG&A Expenses (% of Sales)

58.3%


51.4%


690 bps


59.6%


54.1%


550 bps

Adjusted EBITDA (non-GAAP)

($1.0)


($1.8)


NM


($2.7)


($4.9)


NM

Adjusted EBITDA Margin (non-GAAP)

(6.8%)


(14.5%)


770 bps


(10.0%)


(20.1%)


1,010 bps

Second Quarter Business Highlights

  • Total revenue of $14.2 million increased 16.5 percent year-over-year. Excluding results from the Company's former subsidiaries in Pennsylvania , revenue increased 44.5 percent compared to Q2 2020.
  • Gross profit increased by $3.3 million to $6.9 million , or 48.6 percent of sales as compared to $3.6 million , or 29.4 percent of sales in Q2 2020.
  • During the quarter, the Company completed the planned expansion of its cultivation and processing facility in New Mexico , which is now fully operational. The Company now has four operating dispensaries and 13,000 sq. ft. of cultivation capacity in the New Mexico market, which is expected to transition to adult-use sales in the spring of calendar year 2022, pending development of operating regulations.
  • During the quarter, the Company announced the launch of its ground medical cannabis flower products in the state of New York . The ground flower line is being sold in 3.5-gram and 7-gram jars and will be expanded to feature indica, sativa, and hybrid strains such as Killer Kush, Wedding Cake, and a Kosher-approved Tangie Kush . These products will be available at all four of the Company's dispensaries in New York and via home delivery.
  • On June 8-9, 2021 , the Company hosted its inaugural Investor Day events, during which the Company discussed the long-term outlook for its various state markets and also announced that its subsidiary, Resurgent Biosciences, plans to expand its research into psychedelics. Resurgent is a non-plant/fungus touching-entity and does not intend to engage directly in the cultivation, manufacture, or distribution of any psychedelics. For more information regarding the Company's Investor Day events and disclosures, please visit https://goodnessgrowth2021.q4ir.com .

Second Quarter Financial Summary

Total revenue was $14.2 million in the first quarter, an increase of 16.5 percent as compared to Q2 2020, including the Company's former subsidiaries in Pennsylvania and Ohio . Excluding contributions from Pennsylvania and Ohio , revenue increased 44.5 percent. Retail revenue excluding Pennsylvania increased 35.7 percent to $11.3 million in Q2 2021 and reflected growth in each of the Company's retail markets. Wholesale revenue, excluding Pennsylvania and Ohio increased by 92.1 percent to $2.9 million , driven by strong growth in Arizona and New York .

Gross profit was $6.9 million , or 48.6 percent of revenue, as compared to gross profit of $3.6 million or 29.4 percent of revenue in Q2 last year. The improvement in gross profit was driven by higher throughput across all markets resulting in decreased fixed cost per unit.

Total operating expenses in the second quarter were $10.2 million , a reduction of $5.5 million as compared to $15.6 million in the second quarter of 2020. The decrease in total expenses was attributable to a decrease in stock- based compensation expenses, partially offset by increased general and administrative expenses which was driven by operational buildouts in Arizona and Maryland , where the Company is in the process of completing large cultivation and manufacturing expansion projects.

Total other expenses were $1.3 million during Q2 2021, a reduction of $2.4 million compared to $3.7 million in Q2 2020. The decrease was primarily attributable to a gain on derivative liability of $1.5 million during the quarter.

EBITDA, as described in accompanying disclosures and footnotes, was a loss of $0.9 million during Q2 2021, compared to a loss of $13.2 million in Q2 2020. Adjusted EBITDA was a loss of $1.0 million in Q2 2021, as compared to a loss of $1.8 million in Q2 2020. Please refer to the Supplemental Information and Reconciliation of Non-GAAP Financial Measures at the end of this press release for additional information.

Net loss in Q2 2021 was $5.5 million , as compared to a net loss of $16.1 million in Q2 2020. The improvement in net loss was driven by the increase in gross profit margin and lower operating and other expenses, partially offset by increased income tax expense.

Other Events

On July 9, 2021 , the Company announced that its subsidiary has signed a definitive agreement to purchase a medical cannabis dispensary located in Baltimore . Upon closing of the transaction, which is expected to occur later this year pending regulatory approval and subject to customary closing conditions, the Company will have two dispensaries operating in the state of Maryland .

On August 13, 2021 , the Company announced in a separate news release that it had appointed Josh Rosen to its Board of Directors, expanding its number of board seats to seven. Josh Rosen is Managing Partner at Bengal Capital, and former Chief Executive Officer and Chairman of 4Front Ventures, a multi-state U.S. cannabis operator.

Balance Sheet and Liquidity

As of June 30, 2021 , the Company had 126,021,801 equity shares issued and outstanding on an as-converted basis, and 154,346,560 shares outstanding on an as-converted, fully diluted basis.

As of June 30, 2021 , total current assets were $42.0 million , including cash on hand of $20.8 million . Total current liabilities were $16.1 million , with $1.1 million in debt due within 12 months.

Horizon Strategy & Outlook

The Company's Horizon strategy was unveiled during its recent Investor Day events, and is a plan for growth through fiscal year 2022. Over this timeframe, the Company expects to open an additional 6-10 Green Goods® retail dispensaries, and a majority of the Company's markets are expected to begin to generate more substantial revenue growth as pending changes to regulatory regimes take effect.

Management has provided various outlook ranges for performance in fiscal year 2022, the achievement of which depend upon the Company's ability to achieve expected biomass production yields, the timing of completion of various development projects, the timing of commencement of adult-use sales in New Mexico and New York , and the timing of commencement of flower sales in the Minnesota medical market.

Dr. Kingsley commented, "We believe the expansion projects we have underway, combined with growth catalysts driven by changing regulatory frameworks in our markets, will result in substantial improvements in revenue growth and profitability over the next 18 months. Variability in our performance will depend on the timing of completion of projects and regulatory approvals in our markets, but we believe we're positioned for significant growth next year as we continue executing our Horizon strategy."

Conference Call and Webcast Information

Goodness Growth management will host a conference call with research analysts today, Friday, August 13, 2021 at 8:00 a.m. ET ( 7:00 a.m. CT ) to discuss its financial results for its second quarter ended June 30, 2021 . Interested parties may register to attend the conference call via the following link: https://www.directeventreg.com/registration/event/9694714 .

Upon registration, each participant will be provided with call details and a registrant ID for Goodness Growth's conference ID number 9694714. A live audio webcast of this event will also be available in the Events & Presentations section of the Company's Investor Relations website and will be archived for one year.

About Goodness Growth Holdings, Inc.

Goodness Growth Holdings, Inc., is a physician-led, science-focused holding company whose mission is to bring the power of plants to the world. The Company's operations consist primarily of its multi-state cannabis company subsidiary, Vireo Health, and its science and intellectual property incubator, Resurgent Biosciences. The Company manufactures proprietary, branded cannabis products in environmentally friendly facilities and state-of-the-art cultivation sites, and distributes its products through its growing network of Green Goods® and other retail locations and third-party dispensaries. Its team of more than 500 employees are focused on the development of differentiated products, driving scientific innovation of plant-based medicines and developing meaningful intellectual property. Today, the Company is licensed to grow, process, and/or distribute cannabis in eight markets and operates 18 dispensaries across the United States . For more information about Goodness Growth Holdings, please visit www.goodnessgrowth.com .

Additional Information

Additional information relating to the Company's second quarter 2021 results will be available on EDGAR and SEDAR later today. Goodness Growth refers to certain non-GAAP financial measures such as Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and adjusted EBITDA (defined as earnings before interest, taxes, depreciation, amortization, less certain non-cash equity compensation expense, one-time transactions, and other non-recurring non-cash items. These measures do not have any standardized meaning and may not be comparable to similar measures presented by other issuers. Please see the Supplemental Information and Reconciliation of Non-GAAP Financial Measures at the end of this news release for more detailed information regarding non-GAAP financial measures.

Contact Information




Investor Inquiries:

Media Inquiries:

Sam Gibbons

Albe Zakes

Vice President, Investor Relations

Vice President, Corporate Communications

samgibbons@goodnessgrowth.com

albezakes@goodnessgrowth.com

(612) 314-8995

(267) 221-4800

Forward-Looking Statement Disclosure

This press release contains "forward-looking information" within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes "financial outlooks" within the meaning of applicable United States or Canadian securities laws, such information is being provided as preliminary financial results and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as "expect," "plans," "strategy," "outlook," "will," "believe," "continue," "range," "subject to," and "pending," or variations of such words and phrases. These statements should not be read as guarantees of future performance or results. Forward-looking information includes both known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements or information contained in this press release. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein. Our actual financial position and results of operations may differ materially from management's current expectations and, as a result, our revenue and cash on hand may differ materially from the revenue and cash values provided in this press release. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management's experience and perception of trends, current conditions, and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, risks related to the timing of adult-use legislation in markets where the Company currently operates; current and future market conditions, including the market price of the subordinate voting shares of the Company; risks related to the COVID-19 pandemic; federal, state, local, and foreign government laws, rules, and regulations, including federal and state laws in the United States relating to cannabis operations in the United States and any changes to such laws; operational, regulatory and other risks; execution of business strategy; management of growth; difficulty to forecast; conflicts of interest; risks inherent in an agricultural business; liquidity and additional financing; and risk factors set out in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 , which is available on EDGAR with the U.S. Securities and Exchange Commission and filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com .

The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results, or otherwise, other than as required by applicable securities laws.

Supplemental Information

The financial information reported in this news release is based on audited financial statements for the fiscal year ended December 31, 2020 and unaudited condensed interim consolidated financial statements for the fiscal quarter ended June 30, 2021 . All financial information contained in this news release is qualified in its entirety with reference to such financial statements. To the extent that the financial information contained in this news release is inconsistent with the information contained in the Company's audited financial statements, the financial information contained in this news release shall be deemed to be modified or superseded by the Company's audited financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws.

GOODNESS GROWTH HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2021 AND DECEMBER 31, 2020

(Amounts Expressed in United States Dollars, Except for Share Amounts, unaudited and condensed)



June 30,


December 31,



2021


2020

Assets







Current assets:







Cash


$

20,826,356


$

25,513,180

Restricted cash



-



1,592,500

Accounts receivable, net of allowance for doubtful accounts of $257,729 and $132,490, respectively



2,444,967



696,994

Inventory



16,727,640



12,644,895

Prepayments and other current assets



1,863,841



1,552,278

Notes receivable



100,561



293,700

Deferred acquisition costs



-



28,136

Assets Held for Sale



-



4,596,445

Deferred financing costs



-



120,266

Total current assets



41,963,365



47,038,394

Property and equipment, net



42,104,121



30,566,259

Operating lease, right-of-use asset



8,762,777



8,163,844

Notes receivable, long-term



3,750,000



3,750,000

Intangible assets, net



11,181,670



8,409,419

Goodwill



3,132,491



3,132,491

Deposits



1,413,719



1,412,124

Deferred tax assets



367,000



157,000

Total assets


$

112,675,143


$

102,629,531

Liabilities







Current liabilities







Accounts Payable and Accrued liabilities



10,012,597



13,477,303

Right of use liability



1,284,248



857,294

Convertible notes, net of issuance costs



-



900,000

Long-Term debt, current portion



1,110,000



1,110,000

Liabilities held for sale



-



3,595,301

Warrant Liability



3,705,859



-

Total current liabilities



16,112,704



19,939,898

Right-of-use liability



21,787,039



20,343,063

Long-Term debt



18,533,128



-

Total liabilities


$

56,432,871


$

40,282,961








Stockholders' equity







Subordinate Voting Shares ($- par value, unlimited shares authorized; 72,660,602 shares issued and outstanding)



-



-

Multiple Voting Shares ($- par value, unlimited shares authorized; 459,950 shares issued and outstanding)



-



-

Super Voting Shares ($- par value; unlimited shares authorized; 65,411 shares issued and outstanding, respectively)



-



-

Additional Paid in Capital



170,442,492



164,079,614

Accumulated deficit



(114,200,220)



(101,733,044)

Total stockholders' equity


$

56,242,272


$

62,346,570

Total liabilities and stockholders' equity


$

112,675,143


$

102,629,531

GOODNESS GROWTH HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(Amounts Expressed in United States Dollars, Except for Share Amounts, unaudited and condensed)




Three Months Ended June 30,


Six Months Ended June 30,



2021


2020


2021


2020

Revenue


$

14,230,900


$

12,215,365


$

27,420,789


$

24,333,932

Cost of sales



-



-



-



-

Product costs



7,273,011



8,430,507



14,779,059



17,132,160

Inventory valuation adjustments



45,000



194,234



113,000



333,242

Gross profit



6,912,889



3,590,624



12,528,730



6,868,530

Operating expenses:



-



-



-



-

Selling, general and administrative



8,299,682



6,283,343



16,335,673



13,160,468

Stock-based compensation expenses



1,408,080



8,985,422



3,722,655



11,721,360

Depreciation



246,247



219,662



417,809



222,628

Amortization



206,442



154,191



412,885



308,381

Total operating expenses



10,160,451



15,642,618



20,889,022



25,412,837














Loss from operations



(3,247,562)



(12,051,994)



(8,360,292)



(18,544,307)














Other income (expense):













Gain on disposal of assets held for sale



-



-



437,107



-

Derivative gain (loss)



1,531,371



(2,292,130)



1,689,900



(966,202)

Interest expenses, net



(2,756,358)



(1,543,169)



(3,782,504)



(2,993,433)

Other income (expenses)



(98,055)



141,859



(41,387)



(327,413)

Other expenses, net



(1,323,042)



(3,693,440)



(1,696,884)



(4,287,048)

Loss before income taxes



(4,570,604)



(15,745,434)



(10,057,176)



(22,831,355)

Current income tax expenses



(885,000)



(346,900)



(2,620,000)



(852,000)

Deferred income tax recoveries


$

(25,000)


$

(23,000)


$

210,000


$

55,000

Net loss and comprehensive loss



(5,480,604)



(16,115,334)



(12,467,176)



(23,628,355)

Net loss per share - basic and diluted



($0.04)



($0.16)



($0.10)



($0.25)

Weighted average shares used in computation of net loss per share - basic and diluted



125,557,734



98,871,038



120,856,801



93,695,441

GOODNESS GROWTH HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2021 AND 2020



Six Months Ended June 30,

(Amounts expressed in USD, except for share amounts, unaudited and condensed)

2021


2020

CASH FLOWS FROM OPERATING ACTIVITIES







Net loss


$

(12,467,176)


$

(23,628,355)

Adjustments to reconcile net loss to net cash used in operating activities:







Inventory valuation adjustments



113,000



333,242

Depreciation



417,809



222,628

Depreciation capitalized into inventory



986,896



1,057,849

Non-cash operating lease expense



519,176



624,625

Amortization of intangible assets



412,885



308,381

Stock-based payments



3,722,655



11,721,360

Interest Expense



886,628



Gain/loss



-



53,077

Deferred income tax



(210,000)



(1,103,100)

Accretion



195,197



348,382

Derivative (Gain) Loss



(1,689,900)



966,202

Gain on disposal of OMS



(437,107)



Change in operating assets and liabilities:







Accounts Receivable



(1,531,985)



128,106

Prepaid expenses



(292,260)



525,028

Inventory



(4,059,044)



(516,787)

Accounts payable and accrued liabilities



(4,182,954)



1,838,680

Change in assets and liabilities held for sale



124,843



(369,485)

Net cash used in operating activities


$

(17,491,337)


$

(7,490,167)








CASH FLOWS FROM INVESTING ACTIVITIES:







PP&E Additions


$

(11,028,976)


$

(1,402,085)

Proceeds from sale of OMS net of cash



1,150,000



Deposits



(1,595)



16,265

Net cash provided by (used in) investing activities


$

(9,880,571)


$

(1,385,820)








CASH FLOWS FROM FINANCING ACTIVITIES







Proceeds from issuance of shares


$

-


$

7,613,490

Deferred financing costs



(865,769)



Proceeds from long-term debt



24,028,295



Convertible debt payment



(900,000)



Proceeds from option exercises



1,075,723



Lease payments



(653,165)



(652,477)

Net cash provided by financing activities


$

22,685,084


$

6,961,013








Net change in cash and restricted cash


$

(4,686,824)


$

(1,914,974)








Cash and restricted cash, beginning of period


$

25,513,180


$

9,234,173








Cash and restricted cash, end of period


$

20,826,356


$

7,319,199

Reconciliation of Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA are non-GAAP measures and do not have standardized definitions under GAAP. The following information provides reconciliations of the supplemental non-GAAP financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company has provided the non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental non- GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented.

Reconciliation of Net Loss to EBITDA and Adjusted EBITDA



Three Months Ended


Six Months Ended



June 30,


June 30,



2021


2020


2021


2020

Net income (loss)


$

(5,480,604)


$

(16,115,334)


$

(12,467,176)


$

(23,628,355)

Interest expense, net



2,756,358



1,543,169



3,782,504



2,993,433

Income taxes



910,000



369,900



2,410,000



797,000

Depreciation & Amortization



452,689



373,853



830,694



531,009

Depreciation included in cost of goods sold



478,537



582,946



986,896



1,057,849














EBITDA (non-GAAP)


$

(883,020)


$

(13,245,466)


$

(4,457,082)


$

(18,249,064)














Derivative Gain



(1,531,371)



2,292,130



(1,689,900)



966,202

Inventory adjustment



45,000



194,234



113,000



333,242

Share-based compensation



1,408,080



8,985,422



3,722,655



11,721,360

Severance Expense



-



-



-



339,997

Gain on sale of discontinued operations



-



-



(437,107)



-














Adjusted EBITDA (non-GAAP)


$

(961,311)


$

(1,773,680)


$

(2,748,434)


$

(4,888,263)














Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/goodness-growth-holdings-announces-second-quarter-2021-financial-results-301354867.html

SOURCE Goodness Growth Holdings, Inc.

News Provided by PR Newswire via QuoteMedia

The Conversation (0)

Trulieve to Open Medical Cannabis Dispensary in Cocoa Beach, Florida

New Brevard County location will host grand opening celebration Friday, April 5 th

Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced the opening of a new medical cannabis dispensary in Cocoa Beach, Florida .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Goodness Growth Holdings Reschedules Fourth Quarter and Full Year 2023 Results Call to April 1, 2024

Goodness Growth Holdings, Inc. ("Goodness Growth" or the "Company") (CSE: GDNS; OTCQX: GDNSF), a cannabis company committed to providing safe access, quality products and great value to its customers, today announced that, due to scheduling conflicts, it has rescheduled its fourth quarter and full year results conference call for the year ended December 31, 2023 to Monday, April 1, 2024 after the market closes.

Goodness Growth management will host a conference call with the investment community that day, Monday, April 1, 2024 at 4:30 p.m. ET (3:30 p.m. CT) to discuss its results. Interested parties may attend the conference call by dialing 1-800-715-9871 (Toll-Free) (US and Canada) or 1-646-307-1963 (Toll) (International) and referencing conference ID number 3718174.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Cronos Launches Lord Jones® Chocolate Fusions

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company"), an innovative global cannabinoid company, announced today the launch of Lord Jones® Chocolate Fusions, its exciting first entry into the chocolate edibles category. Cronos' newest edible innovation was developed and designed by an expert team of culinary chefs, food scientists, and leaders in cannabis product development. The bite-sized Chocolate Fusions™ feature a dynamic, multi-texture experience, combining a soft and chewy center, crunch inclusions, and an outer layer of rich creamy chocolate that delivers a decadent sweet treat for adult cannabis consumers.

"We are thrilled to bolster the recent successful launch of the Lord Jones® brand in Canada with our first chocolate edibles," said Jeff Jacobson, Chief Growth Officer, Cronos. "These hand-crafted and artfully created chocolates demonstrate our passion for delivering a differentiated experience through an innovative cannabis product that our consumers will love. This breakthrough innovation is the result of our continuous commitment to and investment in R&D and product development, and we're excited to add Chocolate Fusions™ to our growing family of premium and THC-focused Lord Jones® products in Canada, which are designed to take adult consumers above and beyond."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
canadian finance minister chrystia freeland

Cannabis Round-Up: Canadian Finance Minister Knew About Industry's "Financial Distress"

US Vice President Kamala Harris met with recipients of President Joe Biden's Pardon for the Offense of Simple Possession of Marijuana as part of the Democrats' cross-country campaign trail. She urged the Drug Enforcement Administration (DEA) to release its findings on rescheduling cannabis "as quickly as possible."

Meanwhile, as Massachusetts pushes for broader cannabis clemency, Hawaii has passed an amended expungement bill that will institute a pilot program instead of automatic expungements for low-level cannabis convictions.

Stay up to date on the latest news, trends and policy developments in the cannabis industry with our round-up below.

Keep reading...Show less

Goodness Growth Holdings to Release Fourth Quarter and Full Year 2023 Results on March 28, 2024

Goodness Growth Holdings, Inc. ("Goodness Growth" or the "Company") (CSE: GDNS; OTCQX: GDNSF), a cannabis company committed to providing safe access, quality products and great value to its customers, today announced that it will release its financial results for its fourth quarter and full year ended December 31, 2023 on Thursday, March 28, 2024 after the market closes.

Goodness Growth management will host a conference call with the investment community that same day, Thursday, March 28, 2024 at 4:30 p.m. ET (3:30 p.m. CT) to discuss its results. Interested parties may attend the conference call by dialing 1-800-715-9871 (Toll-Free) (US and Canada) or 1-646-307-1963 (Toll) (International) and referencing conference ID number 3718174.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Cronos Group Inc. to Speak at the 36th Annual Roth Conference

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company"), an innovative global cannabinoid company, today announced that Mike Gorenstein, Chairman, President and CEO, will speak at the 36 th Annual Roth Conference on Monday, March 18, 2024, at 8:30AM PT.

A live webcast will be available on the Investors section of the Company's website at https://ir.thecronosgroup.com/events-presentations .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×