Colorado Department of Revenue’s Marijuana Enforcement Division (MED) released its 2018 annual update for the fifth straight year. The adult-use market accounted for 66% of the total pounds of marijuana flower sold to consumers in 2018 and accounted for 86% of the total units of edibles sold to consumers
It was a busy week for earnings announcements from some major cannabis companies. British biotech firm GW Pharmaceuticals pls reported second-quarter net sales of $68.4 million of the company’s cannabis-related drug Epidiolex. For the first half of 2019, GW Pharmaceuticals has sold $109 million of the drug. The good news sent the stock higher by over 10% in aftermarket trading and the better news is that 12,000 patients are taking this drug and describing good results.
Columbia Care reported that its second-quarter revenue rose 102% to $19.3 million year over year and that was up 50% sequentially.
GrowGeneration reported that its revenue was up 172% year over year to $19.5 million. same-store sales were up 23% over last year as well.
CV Sciences reported revenue of $16.9 million for the second quarter of 2019, an increase of 36% over the same quarter in 2018. 14 consecutive quarters of sequential revenue growth.
Cronos Group reported that its Net revenue jumped 202% to $10.2 million in the second quarter. A gain from the revaluation of derivatives caused the company to record a net income of $250 million
In acquisition news, TerrAscend has agreed to acquire 100% of the equity of Ilera for a total consideration of between US$125-$225 million, paid in a combination of cash and TerrAscend shares.
LeafLink raised $35 in a Series B round led by Thrive Capital.
Medical marijuana is now legally available to Louisiana patients, with Baton Rouge’s Capitol Wellness Solutions recording the state’s first-ever regulated medical-cannabis sales transaction at the dispensary’s grand opening today.