Green Market Report's Marijuana Money August 14, 2020

We are back on the grid after losing power for a week due to the tropical storm. 2020 right? Thanks for sticking with us as we were operating at a diminished capacity.

This week was about earnings. We got financial reports from some of the biggest operators in the industry and it was a mixed bag with some companies crushing it while others still struggle with big losses. We will just hit the highlights here

Trulieve who reported eye-popping revenue of $120 million for the second quarter. Still, the company’s net income fell dramatically to just $6.6 million from last year’s $57 million due to adjustments.

Canopy Growth Corporation reported first-quarter fiscal 2021 net revenue increased 22% to $110 million. The net loss of $128 million was lower than last year’s net loss by $66 million, but they are still losing more than they are making. 

Harvest Health and Recreation increased their total revenue by 109% from 2019’s second quarter. This year, the company generated $55.7 million as opposed to $26.6 million in Q2 of 2019. Net loss for the second quarter was $18.3 million.

Acreage Holdings reported second-quarter revenue of $27.1 million, a 53% increase compared to the same period in 2019. Like Canopy, its eventual owner the Net loss was $37.2 million, so still losing more than making

Hydroponic store chain GrowGeneration Corp. reported revenues of $43.5 million for the second quarter and is raising its guidance for 2020 revenue between  $170 million–$175 million. Revenue guidance for  2021 is $245 million–$260 million.

Despite a tightened capital market, HEXO managed to raise almost $35 million in an at the market offering of shares. 

Cannabis tech company Fyllo raised another $10 million as it plans to expand beyond the cannabis industry. 

In psychedelics’ news Revive Therapeutics is introducing dissolvable, oral psilocybin film-strips to their portfolio.

Video Staff

Video Staff


One comment

  • Avatar
    tim stauffer

    August 24, 2020 at 3:45 pm

    Today’s date is the 24th Aug 20.
    I saw the earnings report on Grow Generations corp, Grwg.
    It happens to be one of the few Nasdaq list companies in the canabis industry I don’t own. Maybe it’s dumb luck.
    I have been keeping an eye on it it waiting for a pull back. Well it’s happening. Then I found out why. On Business wire. It’s just an investigation from a law firm “Schall” not the government but these are serious allegations.
    The good news is I still don’t own any. I do wish there would be a way to look up filings and investigations. Have a great day!

    Reply

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