Green Market Report's Marijuana Money August 9, 2019

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.

Henry’s Original (Henry’s) closed on an $11million Series B investment led by New York-based private equity firm Merida Capital Partners.

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.

 

Video Staff

Video Staff


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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