It’s time for your Daily Hit of cannabis financial news for April 26, 2021.
On the Site
Auxly Cannabis Group Inc. (OTCQX: CBWTF) released its fourth-quarter and full-year 2020 financial results. Auxly reported total revenues for the fourth quarter were $18.8 million versus $3.1 million for the same time period in 2019. Earnings per share were ($0.04) for the quarter versus last year’s ($0.02) for the same time period. All amounts are Canadian dollars.
For the full year of 2020, revenue jumped 508% to $50.7 million versus 2019’s $8.3 million. For the year revenues were $57.2 million as compared to $2.3 million in the same period in 2019, but excise taxes cut that figure by $10 million.
Harborside Inc. (OTCQX: HBORF)reported its financial results for the fourth quarter and full-year ending December 31, 2020. In the fourth quarter, Harborside delivered total gross revenues of approximately $13.1 million, which was a 12% increase versus 2019’s fourth-quarter revenues of $11.7 million. The company beat the average analyst estimates from Yahoo Finance which was for revenues of $12.4 million. The net loss per share was $0.14 for the fourth quarter, which was worse than the analyst estimate for a loss of $0.09 per share for the quarter. The operating loss in the quarter was approximately $5.4 million versus $43.6 million in 2019 for the same time period. The net loss was approximately $5.4 million versus $45.0 million in 2019, an approximately 87.8% improvement on a year-over-year basis.
For the full year, 2020 gross revenues increased 29.4% to $63.4 million from approximately $49.0 million in 2019. The net loss for fiscal year 2020 was $11.9 million versus 2019’s net loss of $49.4 million.
In Other News
MedMen Enterprises Inc. (OTCQX: MMNFF) canceled the warrants to acquire 97,785,140 Class B Subordinate Voting Shares of the company following two consecutive quarters of positive retail cash flow for the periods ended September 26, 2020, and December 26, 2020.
“This is the first time in MedMen’s history that it has had two consecutive quarters of positive retail cash flow. Our future has never been brighter as we continue to execute our turnaround plan and continue to grow our business,” said Tom Lynch, Chairman and CEO of MedMen. “We’re pleased to be able to amplify the benefits of accomplishing multiple quarters of positive retail cash flow to our shareholders by reversing dilution through the cancellation of nearly 100 million in the money warrants.”