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.