Green Market Report's Marijuana Money: July 10, 2020

KushCo Holdings Inc. reported that its revenue had dropped by 46% as the company shifted gears to focus on larger, more financially stable customers. The compare reported revenue of $22 million, which missed analyst estimates and was far lower than what even the company had forecast it would report. Net losses increased to $13 million, but the company’s expenses fell by 50%. The drop in expenses was partly due to the pandemic. 

Jushi Holdings Inc.  reported that its Total revenue increased 43% sequentially to $8.6 million in the first quarter, while the company delivered a net loss for the quarter of $15.8 million. The net losses were down slightly from the fourth quarter’s net losses of $17 million. Jushi said that it expects to report total revenue of $15.0 million in the second quarter, an increase of 74% sequentially. Jushi said it is also reaffirming its 2021 revenue guidance of $200 to $250 million.

A story from the Cannabis Law Report broke the news that the SEC has told High Times to stop selling its shares until it files its annual report. The two year long offering was recently extended again to September. High Times hasn’t reported any financial information since June 2019. The company requested a delay due to COVID-19.

It seems that the day that convenience stores could be selling cannabis is getting closer as Fire & Flower announced the openings of its first two cannabis retail stores adjacent to Circle K locations in the province of Alberta. Fire & Flower’s plan is that it will gain from the high traffic at these Circle K locations that will be convenient for cannabis customers. 

Cannabis tissue culture company Conception Nurseries has raised $15 million in a Series A offering.

And finally, more psilocybin companies have launched this week. CannaGlobal Wellness is a combination of CannaGlobal, Sansero Life Sciences, and Rise Wellness. The new company said it will focus on psilocybin and other natural compounds to promote emotional, mental, and physical wellness. Lorne Gertner the founder of Tokyo Smoke islisted as the Chairman. CEO Susan Chapelle has launched Havn Life which will be developing a range of standardized, quality-controlled psilocybin products to be used by researchers.

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One comment

  • Avatar
    Eric

    July 10, 2020 at 5:20 pm

    Thanks again for all you do.
    Your weekly format I think would work well for 55+ Seniors MMJ news.
    Yeah maybe there’s some around but I believe your the one that could turn seniors mmj news green. Heck even rush has got seniors cbd commercials now.

    Reply

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