Bright Green is a cannabis company with no revenue that just began trading on the NASDAQ, despite the exchange’s insistence that it won’t list U.S. cannabis companies due to the product being federally illegal. Bright Green plans to produce cannabis for research purposes with the Drug Enforcement Agency‘s (DEA) blessing, which seems to be the reason why the NASDAQ has allowed the company to trade. It would be considered federally legal cannabis. But the DEA wouldn’t confirm the agreement. The stock was trading at $26 and moved beyond $30 a share.
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) is buying Lemurian, Inc. better known as Jetty Extracts, a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology, contingent upon federal permissibility of THC in the U.S. or earlier at Canopy Growth’s election, up to 100% of the outstanding capital stock of Jetty.
Cresco Labs Inc. ( (OTCQX: CRLBF) reported revenue fell from the fourth quarter’s $217 million to the first quarter’s $214 million. Cresco Labs did note that the revenue increased 20% over last year’s $178 million for the same time period. This also beat the Yahoo Finance average analyst estimate for sales of $213 million.
After several lackluster quarters, cannabis software company Akerna (Nasdaq: KERN) announced that it is evaluating strategic alternatives as the company. Akerna also reported that CFO John Fowle is leaving to pursue other interests and the Board has appointed Dean Ditto as Akerna’s interim CFO. Fowle recently said on the company’s earnings call, “The ability of the company to continue as a going concern is dependent on our ability to secure other sources of financing, reduce debt, and attain profitable operation.
Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) announced its financial results for the three-month period ended March 31, 2022, with revenues rising 8% to $25.7 million from last year’s $23.8 million. However, Planet 13’s revenue fell sequentially from the fourth quarter’s $29 million.
Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) reported revenue fell sequentially by 11% to $123 million from $139 million in the fourth quarter. It was a 43% increase over last year’s revenue of $86 million for the same time period.
Auxly Cannabis Group Inc. (TSX: XLY) (OTCQX: CBWTF) reported net revenues rose 147% to $22.6 million versus $9.2 million during the same period in 2021. Revenues fell sequentially from the fourth quarter’s revenue of $29 million. Auxly admitted it had lower winter yields at Auxly Leamington and hardware and packaging shortages due to supply chain disruptions.
Next week, we’ll be reporting from Davos covering the psychedelic space.