In some towns in California, cannabis was deemed an essential item allowing many dispensaries to remain open. If a dispensary didn’t have a drive-thru, then several got creative with online ordering and curbside service. Delivery companies were reporting they many quarantined people were taking advantage of the service. Sales have been strong at most places as consumers stocked up on cannabis supplies.
There were some earnings this week.
Hemp CBD company CV Sciences delivered total revenue of $53.7 million for the fiscal year 2019. During the fourth quarter of 2019, sales declined 34% to $9.4 million. CV Sciences said that it expects revenue to drop sequentially to the range of $6-8 million in the first quarter of fiscal 2020.
Aleafia Health Inc. reported a 22% sequential increase in quarterly net cannabis revenue to $6 million but the net loss was $9.8 million. For the fiscal year, net revenue was $16.4 million
Acreage Holdings former president George Allen has invested in Indus Holdings. Indus said it received a $2.3 million loan with lenders that included Allen’s Geronimo Capital and Merida Capital Partners. The financing could go up to $14.5 million. It seems one of the plans for the new team is to bring the focus back to California after spreading out to Oregon and Nevada and also reducing the number of products.