It’s time for your Daily Hit of cannabis financial news for December 8, 2021.
On the Site
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) announced its fourth quarter and fiscal year 2021 financial results for the ending on August 31, 2021. Cannara reported total revenue of $6.5 million for the fourth fiscal quarter, an increase of $5.9 million from $0.6 million in the fourth quarter of 2020. The company also delivered a net income of $1.1 million, an increase of $5.0 million from a net loss of $3.9 million in the fourth quarter of 2020. The adjusted EBITDA amounted to $1.4 million, an increase of $2.8 million from a negative adjusted EBITDA of $1.4 million in the fourth quarter of 2020. For the full fiscal year of 2021 Cannara reported total revenue of $17.3 million, an increase of $14.7 million while the net loss amounted to $1.5 million, a significant decrease of $11.6 million from a net loss of $13.1 million in the prior year. The operating expenses fell by $2.9 million compared to prior year and the adjusted EBITDA amounted to $1.5 million, an increase of $9.8 million from the year prior.
Tilray, Inc. (NASDAQ: TLRY) is buying Breckenridge Distillery, a leading distilled spirits platform located in Breckenridge, Colorado that is widely known for its award-winning bourbon whiskey collection and innovative craft spirits portfolio. Tilray didn’t disclose the price it paid for the company but it did say that the acquisition will be immediately accretive to EBITDA. The Breckenridge Distillery joins Tilray’s SweetWater Brewing Company as the cornerstones of the company’s beverage alcohol segment and further diversifies its net revenue mix. Breckenridge Distillery is expected to immediately margin accretive by generating adjusted EBITDA margins of approximately 25%.
Agrify Corporation (Nasdaq: AGFY) is buying extraction company PurePressure for $9 million. PurePressure engages in solventless extraction and advanced ice water hash processing in the cannabis and hemp industry. PurePressure was founded in 2015, and its annual revenue for 2021 is currently projected to be approximately $10 million. The deal is expected to close by the end of December 2021, and the acquisition is expected to be accretive in early 2022. Agrify said the acquisition will boost its rapidly expanding extraction division by adding best-in-class solutions to its product mix in two of the fastest growing subcategories in the cannabis and hemp extraction market.
December 8 is National Brownie Day and what better way to celebrate than creating the world’s largest edible – an infused brownie. MariMed, Inc. (OTCQX: MRMD) unveiled the world’s largest cannabis-infused brownie in celebration of the launch of its new brand Bubby’s Baked and National Brownie Day. To commemorate the launch of Bubby’s, MariMed’s craft confectioners in Massachusetts baked a larger-than-life version of a Bubby’s soft-baked brownie that is believed to be the world’s largest THC-infused brownie ever made. The confection measures 3 feet wide by 3 feet long and 15 inches tall, weighs a whopping 850 pounds and contains 20,000mg of THC.
In Other News
Ehave, Inc., (OTC Pink: EHVVF) a provider of digital therapeutics for the psychedelic and mental health sectors, announced today plans to spin out 30% of its Mycotopia Therapies (OTC: TPIA) shares to existing shareholders on a pro-rata basis. Mycotopia Therapies announced Tuesday it had signed an LOI with Ei.Ventures and that the two companies plan to explore a potential merger and formation of PSLY.COM, a $360 million transaction. Once the transaction is completed, the combined companies will apply to list on NASDAQ.
Chicago Atlantic Real Estate Finance, Inc., a commercial real estate finance company, announced today that it has priced its initial public offering of 6,250,000 shares of its common stock at a public offering price of $16.00 per share. Chicago Atlantic’s common stock is expected to begin trading on The NASDAQ Global Market on December 8, 2021, under the symbol “REFI.” The offering is expected to close on or about December 10, 2021.