Daily Cannabis Hit: December 14, 2021

 It’s time for your Daily Hit of cannabis financial news for December 14, 2021.

On The Site

Visa

Visa (NYSE: V) could begin cracking down on the way many cannabis customers use their debit cards to make a purchase and the change could have a devastating effect on the cannabis industry. Numerous companies have been created in order to address the payments issue facing the industry since the major credit card companies like Visa Inc., Mastercard Inc. (NYSE: MA), and Discover Financial Services (NYSE: DFS) have all stated they won’t process cannabis transactions. The major banks have also taken this stance and it’s all because cannabis remains federally illegal. 

Fire & Flower

Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWD) announced its financial results for the fiscal third-quarter ending October 30, 2021, with revenue rising 37% to $45.4 million versus $33.1 million for the third quarter of 2020. The net loss reported was $1.9 million. One cautionary note was that Fire & Flower reported that same-store sales decreased 27% for fifty-four (54) stores in operation during the quarter due to increased competition as the surge in newly licensed retail cannabis stores continues across Canada. The company noted that in Ontario, 228 new stores were opened in the period. Fire & Flower also reported a decrease in same-store sales last quarter.

Hexo

Hexo Corp. (TSX: HEXO; NASDAQ: HEXO)  reported its results for the fiscal first quarter of 2022 ending October 31, 2021, with revenue rising 29% sequentially to $50.2 million. Hexo also reported a total net loss of $116 million or ($0.46) per share. In addition to the numbers, the company also updated shareholders on its new strategic plan with regard to the company debt issues. Hexo noted in its filing that “existing funds on hand, when combined with operational cash flow, would not be sufficient to fund the potential Senior Secured Convertible Note redemption payments. Additionally, the ability to fund capex budgets, convertible debt, and other commitments may be at risk due to cash payments towards the Senior Secured Convertible Note. 

In Other News

IIPR

Innovative Industrial Properties, Inc. (NYSE: IIPR) closed on the acquisition of a portfolio of 27 properties in Colorado, Pennsylvania, and North Dakota that are 100% leased for use as regulated cannabis dispensing, processing, and/or cultivation facilities. The aggregate purchase price for the portfolio was approximately $72.7 million (excluding transaction costs). The property portfolio consists of 24 properties located in Colorado, two properties located in North Dakota and one property located in Pennsylvania. 16 properties are leased to a subsidiary of Columbia Care Inc.; four properties are leased to subsidiaries of Medicine Man Technologies, Inc. (Schwazze); three properties are leased to subsidiaries of Curaleaf Holdings, Inc.; three properties are leased to subsidiaries of LivWell Holdings, Inc.; and one property is leased to a subsidiary of Southwest Alternative Care, LLC (Kaya Cannabis).

Hollister

Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) launched its previously announced rebrand to YourWay Cannabis Brands Inc.Hollister, with cannabis operations in California and Arizona, has completed an extensive rebranding to align with the Company’s strategic corporate transformation and renewed corporate vision. At the heart of the rebrand is the change of the Company’s name to YourWay Cannabis Brands. This update is tied directly to the Company’s revamped strategic commitment to creating intuitive brands, releasing thoughtful products, and working intentionally to create a ‘House of Brands’ that caters to every moment in a consumer’s life.

One comment

  • id card design

    December 15, 2021 at 1:30 am

    Thanks for sharing this beautiful information. I hope you will also share more information about cannabis. please keep sharing.

    Reply

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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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