Green Market Report's Marijuana Money August 21, 2020

Maine’s Office of Marijuana Policy announced that retail sales of adult-use marijuana to consumers 21 years of age or older will be permitted starting on Friday, October 9, 2020. The office, which is a part of the Maine Department of Administrative and Financial Services, intends to issue the first active licenses to recreational cannabis businesses on Tuesday, September 8, 2020.

Despite the challenges of COVID-19 in Massachusetts and Nevada, Curaleaf (OTC:CURLF) reported an impressive quarter and gave an even sunnier forecast. CEO Joe Lusardi said on the company’s earnings call that it took a $25 million hit to revenue in the quarter as a result of the pandemic. The tourist traffic in Nevada disappeared and the adult-use stores were closed in Massachusetts for weeks. Lusardi also pointed out that unlike Massachusetts’ quick recovery, Nevada’s recovery is painfully slow.

The company reported Total revenue of $117.5 million, which grew 142% year-over-year and 22% sequentially. The net loss for the second quarter of 2020 was $2.0 million, compared to a net loss of $24.5 million in the second quarter of 2019. We expect to generate Q3 managed revenue of approximately $190 million to $200 million, 

 

Golden Leaf Holdings announced second-quarter revenue of $5.5 million a 40% increase over the same period last year, with a 16% growth over the first quarter of 2020. 

We have some capital raises to go over this week

It’s one of the least known cannabis companies for people outside the industry, but e-commerce company Dutchie is quickly making a name for itself. The company just completed a $35 million Series B funding round, bringing its total funding to $53 million to date.

Sundial Growers closed on a $20 million Series A offering. 

Avicanna, announced the closing of a $2.7 million private placement. 

Mydecine Innovations Group, Inc., (CSE:MYCO) (OTC:MYCOF) announced that it is the first organization to exercise its cGMP capabilities under a special license to legally produce, transfer, sell, and export pharmaceutical-grade psilocybin, naturally derived from whole-mushroom extraction.

Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


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