Happy Valentine’s day to everyone. Did you know that a BDS Analytics report found that in 2019, sales in the recreational cannabis markets of California, Florida, and Oregon were 3.3 percent higher on Valentine’s Day than any other day in February, while Eaze reports a 20 percent spike in orders on Valentine’s Day. So, give your special someone a different kind of flower this year!
This week, Aurora Cannabis gave a disappointing earnings report for the second quarter. total net revenue fell 26% to $56 million in the second quarter from $75 million in the first quarter of 2020. The company also reported that the adjusted EBITDA loss was $80.2 million in the second quarter versus $39.7 million in the first quarter of 2020. The interim CEO warned that the third quarter was going to show little to no growth.
Supreme Cannabis joined the layoff club this week when the company announced a 33% reduction in employee headcount at a corporate level.
Kentucky hemp farmer filed for bankruptcy. GenCanna Global USA, Inc. filed a petition for voluntary Chapter 11 reorganization
CLS Holdings USA, Inc. (OTCQB: CLSH)(CSE: CLSH) said it saw a drop in its January sales. Still, the 2020 January sales were better than in 2019. Revenue increased 49% from last year’s $0.73 million to this year’s $1.5 million.
Having said all that Neptune Wellness actually reported a solid quarter. The company reported that total revenues for were $9.1 million, a sequential increase of $2.6 million or 41% over the second quarter ended September 30, 2019. The company also delivered net income of $5.6 million for the quarter versus a net loss of $3.6 million for the same time period in 2019
Old Pal announced that Kiva Sales and Services (KSS), the states’ leading distribution operator, will be their exclusive distribution partner and the first to service the entire state of California for Old Pal. This brand took Nevada by storm and quickly became a top selling brand.
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