Staff, Author at Green Market Report

StaffMay 14, 2021
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5min8370

On Thursday, Minnesota’s House of Representatives voted in favor (72-61) of HF 600, a bill that would legalize cannabis for adults 21 and over. So it wasn’t an overwhelming vote to approve. Unfortunately for the state’s residents, the next step for the bill is getting Senate approval and Majority Leader Paul Gazelka (R) has said the Republican caucus is strongly opposed.

This is despite the fact that a polling shows Minnesotans support legalization is growing. 70% said they were in favor of legal cannabis, which has grown from just 30% in 2014. 85% of Democrats want legal marijuana, while only 37% of Republicans say yes. 38% of Republicans in the state have just said no.

Karen O’Keefe, director of state policies at the Marijuana Policy Project said, “Minnesotans have suffered far too long under prohibition. Rather than continuing to waste resources on enforcing this failed policy, the Senate should heed the will of the voters and pass legislation to legalize cannabis for adults. Legalization would create thousands of jobs and hundreds of millions in tax revenue, and it would reduce unnecessary stops, searches, and arrests that unfairly and unequally target Black Minnesotans.”

The legislation was sponsored by House Majority Leader Ryan Winkler and it would legalize possession and cultivation of limited amounts of cannabis, while setting up an equitable, regulated system for cannabis sales. It includes funding for community renewal along with cannabis industry training and start-up funding. The grants would focus on individuals facing barriers to education or​ employment, areas with elevated rates of poverty, workers with less than three years of experience, and farmers.

For Minnesotans, this is the first time any cannabis legislation for adult use has been approved. The Democrat-controlled House chamber voted to approve the measure, thus sending the bill to the Republican-majority Senate for further consideration. Still, the bill had received approval from twelve separate legislative committees.

“It’s time for Minnesota to become a leader in the midwest when it comes to sensible marijuana policy,” said NORML State Policies Manager Carly Wolf. “Not only would the passage of this bill allow police and courts to reprioritize their limited resources toward fighting serious crime rather than interacting with otherwise law-abiding Minnesotans over low-level possession offenses, but it would also provide relief to thousands suffering the collateral consequences of a marijuana arrest and conviction. I strongly encourage members of the Senate to follow the will of their constituents, a majority of whom support this policy change, and consider this common-sense remedy to the failed policy of prohibition.”

 

 


StaffMay 13, 2021
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3min4530

COMPASS Pathways plc (Nasdaq: CMPS) reported its financial results for the first quarter of 2021. The net loss was $12.7 million, or $0.35 loss per share (after including non-cash share-based compensation expense of $1.7 million), versus $8.6 million, or $0.93 loss per share, during the same period in 2020 (after including non-cash share-based compensation expense of $1.7 million)

Research & development (R&D) expenses were $6.9 million versus $5.2 million during the same period in 2020. Compass said that $1.4 million reflected increased development activities, including hiring additional staff, as COMPASS progresses its COMP360 psilocybin therapy in TRD, and continues to explore additional indications and therapeutic approaches

George Goldsmith, Chairman, CEO and Co-founder, COMPASS Pathways, said, “Our recent financing gives us additional resources to work even faster and to expand our efforts, grow our team, and focus on developing new indications, new compounds and new technologies, building on our leadership position in psilocybin therapy and mental health care. Far too many people are suffering with mental health challenges today. We are focused on developing evidence-based therapies that can make a difference and be accessible to as many patients as possible who might benefit. The COMP360 data published in the New England Journal of Medicine showed promising signals in a small investigator-initiated study. We are approaching the completion of our phase IIb trial of COMP360 psilocybin therapy for treatment-resistant depression, and on track to report data by the end of the year.”

The company still has plenty of cushion as it develops its products. Pro-forma cash and cash equivalents were $179.5 million as of March 31, 2021, compared with $190.3 million on December 31, 2020. On May 4, 2021, following the end of the reporting period, COMPASS completed a public offering of 4,000,000 American Depositary Shares at a price of $36.00 per ADS for total gross proceeds of $144 million.

Granted Patents

Two new patents were granted by the US Patent and Trademark Office for Compass. The patents cover oral formulations of COMPASS’s synthetic psilocybin in the treatment of MDD and Compass’s high-purity crystalline psilocybin (including the form used in COMP360), pharmaceutical formulations containing crystalline psilocybin, and methods of treating MDD with crystalline psilocybin. Compass’s innovation has now been recognized with six granted patents, including three in the US, two in the UK, and one in Germany


StaffMay 13, 2021
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3min10990

ETF Managers Group has launched its latest cannabis ETF (exchange-traded fund) that will once again focus on the cannabis U.S. stocks. The ETFMG U.S. Alternative Harvest ETF (NYSE Arca: MJUS) will begin trading today on the New York Stock Exchange. The company said that the MJUS offers investors exposure to cannabis companies operating in the United States, including multi-state operators (MSOs) directly involved in the cultivation, production, marketing, and distribution of cannabis or cannabis-related products.

 U.S. cannabis single and multi-state operators are currently only available to investors through second-tier, foreign exchanges, which are not widely accessible through U.S. brokerages. This is why U.S.-focused ETFs have proven to be so popular. The ETFMG Alternative Harvest ETF (NYSE Arca: MJ), which debuted in December 2017, has nearly $1.7 Billion assets under management. MJUS seeks to achieve its investment objective by investing in cannabis companies within the Prime U.S. Alternative Harvest Index that derive at least 50% of their net revenue in the United States and in derivatives that have economic characteristics similar to such securities.

 “We are especially proud to be bringing yet another cannabis product to investors, specifically an ETF that captures one of the greatest untapped areas of growth potential in the industry,” says Sam Masucci, founder, and CEO of ETFMG.

As the largest cannabis market globally, legal cannabis sales in the U.S. exceeded $17.5 billion in 2020, representing a 46% increase over 2019’s $12.1 billion of sales. With several factors driving growth in the U.S., including more states legalizing cannabis and more consumers entering the market in existing legal markets, the rapid expansion of the U.S. cannabis industry is expected to continue and ultimately generate $85 billion in sales by 2030.

“With voter support for federal legalization initiatives at an all-time high, combined with the positive economic impact cannabis legalization would provide through job creation and increased tax revenues, it is widely anticipated that the current administration will pass federal legislation providing meaningful cannabis reform, which would greatly benefit existing U.S. cannabis-related businesses,” says Jason Wilson, ETFMG Cannabis Research and Banking Expert.


StaffMay 12, 2021
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5min4640

It’s time for your Daily Hit of cannabis financial news for May 12, 2021.

On The Site

GTI

Green Thumb Industries Inc.  (OTCQX: GTBIF) continues to show its strength as an industry leader after reporting solid financial results for the first quarter ended March 31, 2021. GTI delivered total revenue of $194.4 million, up 9.7% sequentially and up 89.5% from $102.6 million in the prior-year period. this beat the Yahoo Finance average analyst estimate for revenue of $187 million. The company also delivered a net income of $10.4 million or $0.05 per basic and diluted share, compared to a net loss of $4.2 million, or a loss of $0.02 per basic and diluted share in the prior year. This was lower than the Yahoo Finance analyst estimates for $0.08 per share.

GrowGen

GrowGeneration Corp. (NASDAQ: GRWG) reported record first-quarter 2021 revenues rose 173% to $90 million, versus $33 million in the same period last year. This beat the analyst estimate for revenues of $87 million. GrowGen said same-store sales at 22 locations open for the same period in 2020 and 2021 were $43.0 million in first-quarter 2021 versus $28.5 million for first quarter 2020, a 51% increase year over year. Net income was $6.1 million, or $0.10 per share based on a fully diluted weighted average share count of 60.3 million. This beat the Yahoo Finance analyst estimate for $0.07.

Zynerba

Zynerba Pharmaceuticals, Inc. (Nasdaq: ZYNE) reported financial results for the first quarter ended March 31, 2021. As an emerging biotech company, Zynerba does not have revenue at this time as it develops drugs. Research and development expenses were $4.6 million for the first quarter of 2021, including stock-based compensation of $0.6 million. General and administrative expenses were $3.3 million in the first quarter of 2021, including stock-based compensation expense of $0.6 million. The net loss for the first quarter of 2021 was $8.0 million with a basic and diluted loss per share of $(0.20). Zynerba beat the Estimize EPS Consensus by $0.01 by reporting a net loss per share of ($0.20).

Col-Care

Columbia Care Inc. (OTCQX: CCHWF) launched its new retail brand, Cannabist. The company said that Cannabist will serve as the intersection for medical and recreational cannabis users to provide a higher experience built on one of the largest customer data repositories, passion, technology innovation, community commitment and product standards.

In Other News

cbdMD, Inc. (NYSE: YCBD) announced its financial results and its business highlights for its second quarter and six months ended March 31, 2021. Net sales of $11.8 million for the second quarter of fiscal 2021 increased by 26% year-over-year from $9.4 million in the second quarter of fiscal 2020 for a record high for the March quarter. Net loss attributable to common shareholders for the second quarter of fiscal 2021 was approximately $13.1 million, or ($0.24) per share, as compared to net income of approximately $14.8 million, or $0.41 per share from the prior year’s second fiscal quarter. Our net loss attributable to common shareholders was principally attributable to an increase of approximately $8.9 million in the non-cash contingent liability which is associated with earnout shares which may be issued under the terms of the December 2018 acquisition of Cure Based Development (which owned the cbdMD brand).


StaffMay 12, 2021
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4min3590

GrowGeneration Corp. (NASDAQ: GRWG) reported record first-quarter 2021 revenues rose 173% to $90 million, versus $33 million in the same period last year. This beat the analyst estimate for revenues of $87 million. GrowGen said same-store sales at 22 locations open for the same period in 2020 and 2021 were $43.0 million in first-quarter 2021 versus $28.5 million for first quarter 2020, a 51% increase year over year. Net income was $6.1 million, or $0.10 per share based on a fully diluted weighted average share count of 60.3 million. This beat the Yahoo Finance analyst estimate for $0.07.

“The GrowGen team delivered an exceptionally strong start to the year, with same-store sales up 51%, demonstrating the hard work of the entire team.  For the year so far, we closed 9 acquisitions, adding 15 hydroponic retail locations, bringing our total store count to 53. The strategies implemented several quarters ago, are now positively impacting margins.  I am proud and encouraged with our 110-basis point increase in gross profit margin and 510-basis point increase in adjusted EBITDA margin. These increases were accomplished despite port delays and supply chain interruptions. In addition, we acquired Char Coir, a line of premium coco-based products, and Agron.io, a popular B2B e-commerce website. Both companies are now fully integrated and contributing to both our top and bottom-line numbers.” Darren Lampert, GrowGeneration’s co-founder and CEO stated.  “Based upon our strong performance, we are now raising the financial outlook for the year and expect 2021 revenues to be between $450 million and $470 million, more than double the Company’s sales in 2020.  Further, at these projected sales, adjusted EBITDA guidance for 2021 is now $54 million to $58 million .”

The gross profit margin for first quarter 2021 was 28.2% compared to 27.1% in the same quarter last year, an increase of 110 basis points. Income before tax was $7.7 million for the first quarter 2021 versus a loss of $2.1 million for the same period last year. Adjusted EBITDA was $11.1 million for the first quarter of 2021 versus $2.4 million for the same period last year. Private-label sales, inclusive of Power Si and Char Coir, were 6.2% of revenue compared to less than 1% for the same period last year. E-Commerce revenue was $4.4 million compared to $1.9 million for the same period in 2020, an increase of 126%. Cash and short-term securities on March 31, 2021, were $133.1 million, compared $177.9 million at year-end December 31, 2020.

 


StaffMay 12, 2021
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4min4020

Green Thumb Industries Inc.  (OTCQX: GTBIF) continues to show its strength as an industry leader after reporting solid financial results for the first quarter ended March 31, 2021. GTI delivered total revenue of $194.4 million, up 9.7% sequentially and up 89.5% from $102.6 million in the prior-year period. this beat the Yahoo Finance average analyst estimate for revenue of $187 million.

The company also delivered a net income of $10.4 million or $0.05 per basic and diluted share, compared to a net loss of $4.2 million, or a loss of $0.02 per basic and diluted share in the prior year. This was lower than the Yahoo Finance analyst estimates for $0.08 per share.

GTI said that revenue growth was primarily driven by increased scale in the Consumer Packaged Goods and Retail businesses, especially in Illinois and Pennsylvania. Overall performance was driven by the expanded distribution of Green Thumb’s branded products, 13 new store openings, and increased traffic in the company’s 56 open and operating retail stores. In the first quarter of 2021, Green Thumb generated revenue from all 12 of its markets: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio and Pennsylvania. The company continued to invest in the expansion of its cultivation and manufacturing capabilities in Illinois, Maryland, Massachusetts, New Jersey, Ohio and Pennsylvania.

“2021 is off to a strong start. In the first quarter, we delivered year-over-year revenue growth of 90%, reported adjusted operating EBITDA growth of 179%, and recorded our third sequential quarter of positive net income. Our business continues to scale as the demand for cannabis swells across the country, and our team continues to rise to the occasion for our patients and customers,” said Green Thumb Chairman, Founder and Chief Executive Officer Ben Kovler.

Total selling, general and administrative expenses for the first quarter were $59.3 million or 30.5% of revenue, compared to $45.4 million or 44.3% of revenue for the first quarter 2020. Improved operating costs as a percentage of revenue reflected increased operating leverage in the Company’s Consumer Packaged Goods and Retail businesses.

“We are excited to expand our east coast footprint by signing an agreement to enter the Virginia cannabis market. This follows the recent sweep of adult use legalization measures across Virginia, New York and New Jersey where we see material untapped market potential. Our recent debt financing at industry leading rates positions us to capitalize on the opportunities ahead. A strong balance sheet, supported by a low cost of capital, is key to staying ahead in this fast-paced new industry. As the green wave continues to gain momentum, it is more important than ever to maintain our focus on strong execution and high-value capital allocation.  This is the best way for us to build long-term sustainable value for all of our stakeholders,” said

Solid Balance Sheet

The company closed the quarter with cash and cash equivalents of $275 million. Following the end of the quarter, the company closed a $216.7 million senior secured non-brokered private placement financing through the issuance of senior secured notes. GTI said it intends to use the proceeds to retire its existing $105.5 million senior secured debt and for general working capital and various growth initiatives.

 


StaffMay 12, 2021
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8min2540

Editors Note: This is a guest post. 

We live in a click-and-pick world. Putting aside some things for which you have to make a trip to the store, everything else can be ordered online. Even food is mainly delivered to our doorsteps rather than picked up at stores and restaurants.

Have you then considered ordering cannabis products online so far? If yes, this is the right place for you. If no, this text will show you why you should turn that “no” into a “yes.” First, scroll through Black Rabbit Scarborough to see how easy it is.

Ontario residents, preferably those living in Scarborough, can get a good kick out of Black Rabbit. It offers a colorful menu giving you a wide choice. Also, the key benefit is the delivery speed of your product they provide.

They’re called Black Rabbit, and your weed is, in fact, delivered at rabbit speed. Run through this text to find out why ordering weed online is better than offline shopping. Second, to find out how and where in Scarborough, you can find the highest quality marijuana.

How a Dispensary in Scarborough Can Sell and Deliver You the Best Canna Product on the Same Day

How do you buy weed in Scarborough? Going to dispensaries can cause unpleasant runs into people you may not want to know what you buy. More importantly, physical dispensaries are not that reliable for numerous reasons.

They don’t offer reviews. They sometimes try to grasp your attention with low prices of great quantity (which they achieve by adding non-genuine additives). They also have smaller warehouses, i.e., a smaller choice of products.

Therefore, switch to online weed shopping. If you live in Scarborough, you can get high-quality weed delivered to you from a reliable dispensary on the same day. You can do this in just three easy steps with Black Rabbit, and those are as follows.

Do Your Browsing

From a wide range of products at Black Rabbit, all you have to do first is scroll through. Read the reviews carefully, as well as the product descriptions, and decide what suits you best.

Proceed to Checkout

After the decision is made, add all the items to the cart and then place your order.

Wait for the Delivery

The third step doesn’t require you to do anything. Simply wait at home for your weed to be delivered. With Black Rabbit, it shouldn’t take more than 90 minutes.

What Online Dispensaries Offer That Offline Ones Don’t

When you want to choose your online dispensary, be it Black Rabbit that we have mentioned, or another reliable one, you get numerous bonuses. In Scarborough, it can be challenging to find the right one because of the considerable amount of options you may meet.

Therefore, you want to make sure that the one you have opted for offers excellent deals and a good manufacturer-customer relationship. Here’s what online ones offer and what you should first check if they’ve got.

Customer Reviews

Each site should have a lengthy list of reviews under each product for you to read. It’s essential to see what others have to say. Check if the dispensary has Google Reviews as well, based on the store’s location, and whether there are Reddit Reviews as well.

Coupons and Discounts

There should be a discount, a coupon, or a free delivery for orders over a certain amount of dollars. This is how you test the reliability of the online dispensary and how they build a relationship with the customers.

The Quality of the Products

Make sure that all the products have been tested by a third-party lab. That should be stated on the site.

A Wide Choice of Canna Products at a Dispensary Is Important

As there is apparent convenience of online shopping, your convenience should strive for a great choice of products when weed shopping. The right dispensary should have most of the following. High-quality, very potent, and non-tampered buds are a must with an online store. 

Next, there are edibles. Edibles such as gummies, cookies, chocolates, etc., should be listed in the menu of your dispensary. They are especially good for those who want to avoid smoking or vaping.

Your online dispensary should also include concentrates such as Hash, Shatter, and Cannabis Oil. Lab-tested vapes, disposable pens, and cartridges offered as well show that the shop you chose is well-equipped. 

The Wrap Up

Scarborough residents should now have a better insight into how the best weed can be delivered to them on the same day. As we have listed out what to look for and what to avoid, you should now have weed-shopping armor.

Don’t ever be lazy to read reviews and do your research beforehand. Good prep, patience, and scrolling can ensure you get only the best products available in Scarborough. 


StaffMay 12, 2021
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3min3100

Zynerba Pharmaceuticals, Inc. (Nasdaq: ZYNE) reported financial results for the first quarter ended March 31, 2021. As an emerging biotech company, Zynerba does not have revenue at this time as it develops drugs. Research and development expenses were $4.6 million for the first quarter of 2021, including stock-based compensation of $0.6 million. General and administrative expenses were $3.3 million in the first quarter of 2021, including stock-based compensation expense of $0.6 million.

The net loss for the first quarter of 2021 was $8.0 million with a basic and diluted loss per share of $(0.20). Zynerba beat the Estimize EPS Consensus by $0.01 by reporting a net loss per share of ($0.20).

“We are committed to delivering on our important milestones in 2021 as we develop Zygel in multiple neuropsychiatric indications, including initiating a confirmatory pivotal Phase 3 trial, RECONNECT, in the third quarter of 2021, after productive dialogue and alignment with the FDA,” said Armando Anido, Chairman and Chief Executive Officer of Zynerba. “With a cash runway that takes us well into the first half of 2024, we believe that we are ideally positioned to continue our efforts to develop the first FDA-approved treatment for patients with Fragile X syndrome.”

Fragile X Update

Wither regards to Fragile X, Zynerba said it expects to initiate RECONNECT (A Randomized, Double-Blind, Placebo-Controlled, Multiple-Center, Efficacy and Safety Study of ZYN002 Administered as a Transdermal Gel to Children and Adolescents with Fragile X Syndrome), a pivotal, multi-national confirmatory Phase 3 trial of Zygel in children and adolescents with FXS, in the third quarter of 2021. The trial is designed to confirm the positive results observed in a population of responders in the company’s previously conducted CONNECT-FX trial. The RECONNECT trial will be an 18-week trial which will enroll approximately 200 children and adolescents of which approximately 160 patients will have complete (100%) methylation of their FMR1 gene and approximately 40 patients will have partial methylation of their FMR1 gene.

As of March 31, 2021, cash and cash equivalents were $93.1 million, compared to $59.2 million as of December 31, 2020. Zynerba said it believes that the company’s cash and cash equivalents as of March 31, 2021, are sufficient to fund operations and capital requirements well into the first half of 2024.


StaffMay 11, 2021
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7min6810

It’s time for your Daily Hit of cannabis financial news for May 11, 2021.

On The Site

Charlotte’s Web

Charlotte’s Web Holdings, Inc. (OTCQX: CWBHF) reported financial results for the first quarter ended March 31, 2021, as revenue increased 9.1% to $23.4 million. This missed the average analyst estimate for $27 million from Yahoo Finance. Charlotte’s Web said DTC eCommerce net sales increased 14.5% reflecting increased marketing, targeted promotions as well as incremental demand for the company’s new topical and THC-free ingestible products. The net losses increased to $13.9 million over last year’s $11.5 million for the same time period. The net loss per share was $0.10, which was also higher than the average analyst estimate for an net loss per share of ($0.05).

MedMen

MedMen Enterprises Inc. (OTCQX: MMNFF) reported its consolidated financial results for the third-quarter fiscal 2021 ending March 27, 2021. Net revenue across MedMen’s operations was $32 million, which dropped from last year’s $44.1 million. This also missed the average analyst estimates by Yahoo Finance for revenue of $37.3 million. The earnings per share for the quarter were ($0.04), which beat the estimate for ($0.05). The company said the revenues increased 3.8% from the previous quarter adjusting for removal of MedMen NY Inc. from continuing operations. Net losses were trimmed to $13.7 million from last year’s $24.9 million for the same time period.

Aleafia

Aleafia Health Inc. (OTCQX: ALEAF) reported its financial results for the three months ended March 31, 2021. Revenue fell 55% from last year’s $13.7 million to this year’s $6.2 million. most of the decline was due to an 84% drop in bulk wholesale cannabis sales. Aleafia also reported that its net losses increased from last year’s $6.1 million to this year’s $11.2 million.

Verano

Verano Holdings Corp. (OTCQX: VRNOF) amended its credit agreement for its senior secured term loan of $130 million. The Restated Credit Agreement which has a maturity date of May 30, 2023, now provides for additional, non-dilutive funding of $100 million, with an annual interest rate of 9.75% for the incremental amount.

Flora

Flora Growth Corp. (NASDAQ: FLGC) priced its initial public offering of 3,333,333 shares of its common stock, at the high end of the proposed price range of $5.00 per share to the public for a total of US$16,666,665 of gross proceeds to the company. The common stock is expected to begin trading on the Nasdaq Capital Market today under the symbol “FLGC.” 

True Leaf

True Leaf Brands Inc.  (OTC Pink: TRLFF) (FSE: TLAA) has launched both a traditional private placement and an equity crowdfunding offering. The company plans to use the proceeds from both offerings to execute its strategic plan to become the industry’s leading provider of seed-to-shelf solutions for micro-cultivators. 

Holistic

Privately-owned Holistic Industries raised $55 million in the form of a convertible note. The company said that the proceeds from the oversubscribed offering, would be used to drive expansion into newly licensed markets, including Missouri and West Virginia, expansion into additional markets, M&A activity the company is currently pursuing, as well as launches of new brands and product innovations.

In Other News

Hexo

HEXO Corp. (TSX: HEXO; NYSE: HEXO) is pleased to announce that it has established an at-the-market equity program that allows the Company to issue and sell up to C$150,000,000 of common shares in the capital of the Company from the treasury to the public, from time to time, at the Company’s discretion. 

urban-gro

urban-gro, Inc. (Nasdaq: UGRO) a horticulture company that engineers and designs commercial Controlled Environment Agriculture (“CEA”) facilities and integrates complex environmental equipment systems, today reported its revenue of $12.0 million compared to $4.2 million in 2020, an increase of $7.8 million, or 182%.for its first quarter ended March 31, 2021


StaffMay 11, 2021
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3min4310

MedMen Enterprises Inc. (OTCQX: MMNFF) reported its consolidated financial results for the third-quarter fiscal 2021 ending March 27, 2021. Net revenue across MedMen’s operations was $32 million, which dropped from last year’s $44.1 million. This also missed the average analyst estimates by Yahoo Finance for revenue of $37.3 million. The earnings per share for the quarter were ($0.04), which beat the estimate for ($0.05). The company said the revenues increased 3.8% from the previous quarter adjusting for removal of MedMen NY Inc. from continuing operations. Net losses were trimmed to $13.7 million from last year’s $24.9 million for the same time period.

“The past quarter was defined by the reopening of retail stores, accelerated momentum in our turnaround plan and a shift towards growth,” said Tom Lynch, Chairman and Chief Executive Officer of MedMen. “As predicted, California began to rebound strongly as capacity restrictions in California fell away, with same store sales up 2.3% quarter-over-quarter and April same store sales up 11.9% over March. Additionally, we achieved the best bottom-line result in MedMen’s history. I’m pleased with the tremendous progress we have made. MedMen’s mission is to be the best-in-class cannabis retailer, and we are positioning ourselves to achieve that goal through focus, experience, improved financials and continuing to deliver the industry’s premier in-store experience. Over the next several quarters we plan to both accelerate our growth and move closer to profitability as we leverage our national brand recognition into opening new stores in Florida, California, Massachusetts and Illinois.”

For the quarter ending in March, the company has cash of $21 million. During the third quarter, MedMen raised $18.9 million in additional gross proceeds through non-brokered private placement transactions with certain institutional investors. Also during the quarter, MedMen closed on $10 million in additional gross proceeds under its senior secured convertible debt facility led by funds affiliated with Gotham Green Partners. On February 25, 2021, the company announced an investment, subject to regulatory approval, of up to $73.0 million in MedMen NY Inc., which will predominantly be used to pay down the Company’s senior secured lender.

 


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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