The pandemic rages on with one CBD company getting a warning letter from the FDA for making unfounded claims. NeuroXPF said it could prevent COVID19 with no science to back up that claim. The FDA quickly responded and told the company to stop or risk legal action.
Despite the pandemic, there were several earnings announcements this week.
Under the cover of darkness Zenabis Global Inc. (TSX:ZENA) delivered its earnings It was 1 am when the company issued its press release reported that its 2019 net revenue was $66.5 million, while its net loss for the year was $127 million
High Tide Inc. reported that Revenue for the quarter increased by 173%, to $13.6 million and The company managed to trim its operating losses to $1.9 million.
MariMed Inc. quarterly revenues increased 50.9% to $5.19 million, For the full year total revenues grew to approximately $45.6 million. Net loss for the full year 2019 was $81.2 million due to the bankruptcy of its investment in GenCanna.
In Psychedelic News, MindMed signed a multi-year deal on LSD studies with the laboratory of Professor Dr. Matthias Liechti with the University Hospital Basel in Switzerland.
And Medicinal mushroom company Champignon Brands Inc. (CSE: SHRM) has entered into a definitive agreement to acquire Tassili Life Sciences Corp. in an all-stock deal. Tassili will receive 16 million shares, which is roughly C$7.3 million.
That’s it for this week. Everyone keep up with your physical distancing and stay safe out there.