Green Market Report's Marijuana Money February 28, 2020

The broader markets hit the correction zone this week as stocks sold off in a major way over corona virus fears. That certainly didn’t help cannabis companies as this industry begins its earnings season. Some companies actually had good reports, but you wouldn’t know it by the selling we saw.

Here are the good earnings releases:

GW Pharmaceuticals plc reported Total revenues of $109 million for the fourth quarter easily beating the S&P Capital IQ estimate for revenue of $80 million. the company also trimmed its net losses to $24.9 million, but it missed the estimates for losses per share.

 Valens GroWorks delivered a solid fourth quarter and fiscal year earnings report. revenue increased to $58.1 million for the fiscal year 2019. For the fourth quarter of 2019 revenue increased to $30.6 million, an 86.0% increase over the third quarter and above the high-end of the guidance range

Innovative Industrial Properties generated total revenues of approximately $17.7 million in the quarter, representing a 269% increase from the prior year’s quarter. The REIT paid a quarterly dividend of $1.00 per share a 186% increase over last year and a 28% increase sequentially.

Next are the company that had nice revenues, but they were dwarfed by the net losses.

Acreage Holdings, Inc. (ACRG-U.CN) (ACRGF) delivered fourth-quarter revenue of $21.1 million and full-year 2019 revenue of $74.1 million. The net loss was a whopping $65 million for the quarter and a staggering $195 million for the year. The company recently made a new complicated financing deal, but on the earnings call CEO Kevin Murphy said they planned to raise even more money.

MedMen Enterprises Inc. said its revenue increased to $44.1 million for the quarter, up 50% year-over-year and 11% sequentially. Still, The net loss for the quarter was a staggering $96 million versus last year’s $64 million. The company added two new board members and sold off its rights to licenses in Illinois that it received as part of the Pharmacann termination. 

AYR Strategies’ full-year total revenue increased 75% to $124.2 million, but the net loss for the year was another jaw-dropping $164 million. 

Ok, that’s enough earnings, in other news,  

Green Growth Brands Inc. announced that The BRN Group Inc. has agreed to acquire the company’s cannabidiol business.  The company also said in a statement that at least two-thirds of the independent members of the Board have determined that Green Growth Brands is in serious financial difficulty with limited alternatives. The company will just focus on the MSO business. You may recall GGB is made up of retail experts from Victoria’s Secret who said they would teach the cannabis industry how to sell. 

 Eaze said it has raised $35 million in a Series D round and could raise an additional $20 million. The company was said to be running out of money and it now pivoting to becoming a plant-touching business.

That’s it for this week. Stay healthy folks, wash your hands.

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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