We are in the thick of it for earnings season with a lot of big names reporting this week. Despite the raging pandemic, many of the companies reported that it wasn’t really impacting results, other things were, but not necessarily covid-19.
We’re just going to hit the high points here
GW Pharmaceuticals plc (NASDAQ:GWPH) delivered total revenue of $120.6 million for the first quarter versus last year’s $39.2 million. The net loss for the quarter was $8 million versus last year’s net loss of $50.1 million. New studies are delayed due to the virus.
Charlotte’s Web delivered revenue of $21.5 million, slightly below last year’s revenue of $21.7 million for the same time period in 2019. However, this beat the Yahoo! Finance average analyst estimate of $20.78 million. The company also reported a net loss of $11.5 million versus last year’s net income of $2.3 million for the same time period. B2B sales were down, while DTC was up.
Covalent Collective raised millions of dollars from cannabis investors and planned to buy a property called the Colorado 16 (CO16). Now the company is asking those investors for more money to fight a lawsuit over the acquisition and is accusing its former director Geoff Thompson of being a co-conspirator with the CO16 sellers. It also comes to light that there is now an FBI investigation.
Aleafia Health Inc. is doing a “bought deal” basis for gross proceeds of $13 million.
Psychedelic medicine company Champignon Brands Inc. (OTCQB: SHRMF) is acquiring California based ketamine treatment company Wellness Clinic of Orange County Inc. It is a cash and stock deal with Champignon paying $600,000, plus 1 million common shares of Champignon and 500,000 common shares of Champignon.