Green Market Report's Marijuana Money May 15, 2020

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.

GrowGeneration Corp. (NASDAQ:GRWG) continued to crush it with record first-quarter sales of $33 million, but then reported a net loss of $2.1 million as it paid out shares in new executive agreements

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.

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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