We have just two weeks to go until the Green Market Summit called The Economics of Branding in Los Angeles on Sept. 11-12. Go to www.greenmarket summit.com for tickets. You’ll see CNBC’s Jane Wells interview PLUS products CEO Jake Heimark talk about the importance of creating your brand, while singer Melissa Etheridge makes an appearance on a panel about celebrity branding. You won’t want to miss this deep dive conference.
Ok, moving on to the news. There were lots of earnings this week as we close out summer and from many of the major players in the industry. We’ll hit the highlights here.
Green Thumbs Industries of GTI said its second-quarter revenue increased 228% to $44.7 million and jumped 60% sequentially. GTI also closed this week on its purchase of NY cannabis company Fiorello Pharmaceuticals. Still, GTI delivered a net loss of $22.2 million versus a net loss of $9.7 million in the first quarter.
TILT Holdings delivered revenue of $39 million in its second-quarter but also reported a whopping net loss of $48.9 million.
Curaleaf Holdings reported revenue of $35.25 million in its second-quarter as its net loss came in at $24.5 million.
iAnthus delivered second-quarter revenues of $19.2 million, an increase of 100% as the company trimmed its net losses to $9.3 million from $16.5 million in the first quarter.
Slang Worldwide delivered second-quarter revenue that increased sequentially by 44% to $7.2 million better yet, Slang reported a net income of $17.5 million in the quarter versus a net loss of $13 million for 2018 as options valuations increased.
Tilray announced it was buying the Alberta dispensary chain Four20 in a deal valued at C$110 million. Four20 has 6 licensed retail stores and an additional 16 locations available.
Hound Labs raised $30 million for a dual-purpose breathalyzer that tests for alcohol and cannabis.
This weekend is Labor Day and markets will be closed on Monday. Everyone enjoy your three day weekend.