New Mexico became the 18th state to legalize cannabis for adults 21 and over after Gov. Michelle Lujan Grisham (D) signed the Cannabis Regulation Act (HB 2) into law on Monday. New Mexico is now the fifth state to adopt a legalization policy by passing a bill through its state legislature, joining Illinois, Vermont, New York, and Virginia. Thirteen additional states have legalized by voter initiatives.
Aphria Inc. (NASDAQ: APHA) reported that its revenue dropped versus the last quarter and reported a whopping net loss of $361 million. In addition to that, Aphria missed analysts’ estimates for earnings and revenues. revenue increasing 6.4% over last year to $153.6 million. The company said that the duration and impact of lockdowns across many of the regions in Canada, were greater than we initially anticipated.
Organigram Holdings Inc. (NASDAQ: OGI) reported that its revenue fell 29% to $19.2 million in the second fiscal quarter of 2021 and then its losses ballooned. The company attributed it to significantly lower wholesale revenue and lower average selling prices. The company went on to say that the net revenue was also lower due to missed sales opportunities, as certain employees tested positive for COVID-19 which resulted in a significant number of facility staff having to isolate.
TILT Holdings Inc. (OTCQB: TLLTF) reported Revenue for the fourth quarter increased 8.1% sequentially to $42.3 million from $39 million and increased 35.4% over last year. For the full year 2020, revenue came in at $158 million versus 2019’s revenue of $146 million.
The Scotts Miracle-Gro Company (SMG) recently announced that it now expects to report sales growth in the band of 4-6% in its U.S. Consumer segment for fiscal 2021, which suggests an increase from its earlier sales guidance of flat to -5%. The Hawthorne segment is forecast to witness a sales growth at the top-end of the guidance of 20-30%.
And finally, next week is the 420 holiday.
The weekend preceding 4/20, which lands on a Tuesday this year, is pegged by Akerna’s predictive data as the most significant sales weekend of the year. On Friday, April 16, the Flash Report anticipates a 50% growth in daily sales from its 2021 average, with a total industry sales figure of $85 million. By the time Tuesday hits, the daily retail sale of legal cannabis is expected to gross $95 million nationally, bringing total of 4/20-related sales to $370 million.
Party on my friends.