The Vermont Senate cast a final vote (23-6) in favor of S. 54 — legislation that would legalize, regulate, and tax cannabis sales. Last week, the House of Representatives approved S. 54 in a final vote of 92-56. The bill now proceeds to the desk of Gov. Phil Scott, who has not said whether he will sign it.
Aurora Cannabis Inc. (NYSE: ACB) delivered its official results for the fourth quarter but the problem was that The company suggested revenues could continue to decline in the coming first quarter. A couple of weeks ago Aurora said its Q4 net revenue fell 5% to $72.1 million. First quarter 2021 cannabis net revenue, is expected to be between $60 million and $64 million, compared to the $67.5 million in the fourth quarter.
KushCo Holdings, Inc. (OTCQX:KSHB) said it expects its fiscal fourth quarter revenue expected to be between $25.5 million and $26.0 million, versus $22.3 million in the third-quarter. The company noted that this would be an improvement from its previously disclosed guidance of between $24.0 million and $26.0 million. KushCo said that the 14% to 17% expected sequential increase in revenue is being driven primarily by an increase in sales to its top 100 customers
Akerna (Nasdaq: KERN) announced financial results for its fourth quarter and year ended June 30, 2020. The company delivered total revenue of $3 million which dropped by 17% year-over-year, due to COVID-related delays in consulting revenue during the fiscal fourth quarter. The company also reported a loss of $6.2 million versus last year’s loss of $5.9 million. For the full-year fiscal 2020 results, Total revenue was $ 12.6 million, an increase of 16% year-over-year. Still, the loss from operations was $17.3 million versus $12.5 million during fiscal 2019.
A couple of acquisitions were announced this week.
Santa Fe Farms LLC, has acquired Fathom NM, LLC’s post cultivation services as part of its overall Hemp operations in New Mexico.
Halo bought the Cannafeels app in an all stock deal valued at $6.5 million.
Psychedelic therapy company Mind Medicine has applied for an uplisting to on the NASDAQ Capital Market.