The news flow has generally quieted down during the COVID crisis, but this week things ramped right back up.
MassRoots faced industry backlash after the troubled cannabis platform company announced receiving a Payroll Protection loan of $50,000 through a press release. Many pointed out that by receiving plant-touching cannabis company money, MassRoots can’t actually get this loan. While there were social media demands the company return the money, CEO Isaac Dietrich refused to back down.
Iconic publisher High Times hired its third CEO in a year. Board member Stormy Simon was promoted to CEO in January after Kraig Fox quit after being CEO for 9 months. Simon has now resigned and former Green Growth Brands CEO Peter Horvath is now the CEO. The company just announced a big acquisition of 13 pending and operation licenses from Harvest Health who is flipping the properties it bought from Interurban Capital Group.
Cannabis REIT Innovative Industrial Properties, Inc. reported its results for the first quarter ending March 31with total revenues of approximately $21.1 million. This was a 210% increase from the prior year’s first quarter. Innovative Industrial also delivered a net income of approximately $11.5 million. The company also noted that is deferring rents for some of its tenants and using deposits to pay what is due as a result of the COVID virus.
Multi-state operator Jushi Holdings Inc. (OTC:JUSHF) delivered its fourth-quarter and full-year earnings. The company’s fourth-quarter revenues increased 68% sequentially to $6.0 million but reported a net loss of $17.1 million. For 2019, the company delivered total revenue of $10.2 million with a net loss of $30.8 million. The company also said its expansion plans would be delayed due to the pandemic.
Flower One Holdings Inc. closed its previously announced non-brokered private placement. The company said it raised $7.8 million.
And finally, data analytics firm BDSA said that March sales grew in states like California, Oregon, Colorado, Maryland, and Arizona. But sales dropped in Nevada as tourists stayed away and in Massachusetts after the governor closed adult-use dispensaries.
That’s it for this week. Happy mothers day to all the canna moms out there.