It’s time for your Daily Hit of cannabis financial news for April 12, 2021.
On The Site
Aphria Inc. (NASDAQ: APHA) stock was getting slammed in early trading after the company reported that revenue dropped versus the last quarter and reported a whopping net loss of $361 million. In addition to that, Aphria missed analysts’ estimates for earnings and revenues. Shares slid over 9% to sell at $14.70.
Aphria delivered its financial results for the third quarter ending February 28, 2021 in Canadian dollars with net revenue increasing 6.4% to $153.6 million versus $144.4 million for the same period last year. However, revenue fell sequentially by 4.3% versus the second-quarter net revenue of $160.5 million. It also missed estimates by roughly $9 million. The company blamed the decline on a decrease in net cannabis and distribution revenue, which was partially offset by an increase in net beverage alcohol revenue from the acquisition of SweetWater.
Real estate is one of the more difficult aspects of the cannabis industry. Securing a license is tough but getting your location is even tougher. Each state has different regulations and restrictions, which combined with unique real estate markets makes finding and securing property essential. It’s an expensive endeavor and one in which traditional mortgages aren’t typically an option.
This presentation will focus on the New England and New York area cannabis real estate markets. It will cover the following states: Maine, Vermont, New Hampshire, Connecticut, Massachusetts, New York, New Jersey, and Pennsylvania.
The infamous Rat Pack featured singers like Sammy Davis Jr., Frank Sinatra, and Dean Martin. Others like actor Peter Lawford and comedian Joey Bishop also rounded out the group that was known for its hard-drinking and partying ways. Lawford and Davis were well-known cannabis consumers at the time. So it seems fitting that a premium cannabis company like Monogram would seek to emulate the glamour days of old. The new campaign was shot at the stunning Frank Sinatra House in Palm Springs, where MONOGRAM recreated and paid homage to the photography of Slim Aarons. Aarons became famous for his highly stylized poolside vignettes from the early 1960s and his subjects were often glamourous jet setters, celebrities, and socialites.
In Other News
New Mexico is now the fifth state to adopt a legalization policy by passing a bill through its state legislature, joining Illinois, Vermont, New York, and Virginia. Thirteen additional states have legalized by voter initiative. Notably, more than 43% of Americans now live in a jurisdiction with legal cannabis.
Democratic Governor Michelle Lujan Grisham signed two separate measures into law amending the state’s marijuana policies. The first measure (House Bill 2) legalizes and regulates marijuana possession, production, and sales for adults. The second measure (Senate Bill 2) facilitates the automatic review and expungement of the records of those convicted of low-level marijuana offenses. Lawmakers approved both bills during a special legislative session demanded by Gov. Lujan Grisham, who had been a vocal proponent of the reforms.