Marijuana Money: April 30, 2021

For a company that mostly sells papers, Turning Point Brands (NYSE: TPB) is turning into a behemoth in the cannabis industry. During its recent earnings results, the company announced that it was increasing its guidance for 2021 net sales to a range of $422 million to $440 million. Results for the first quarter have net sales increasing 18.7% to $107.6 million and net income increased $7.3 million to $11.8 million.

Hydroponic company Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) has had a busy week. First things first, Hydrofarm said it expects to deliver net sales in the range of $109 million to $111 million for the quarter. The company also acquired Heavy 16 in a deal valued at $78 million. And supersized a huge offering that intends to raise $269 million.

Fire & Flower Holdings Corp. (OTCQX: FFLWF) announced its financial and operational results for the fiscal year and quarter ending January 30, 2021. In the fourth fiscal quarter, Fire & Flower reported total revenue of $43.2 million versus revenue of $16.8 million for the fourth quarter of 2019. It was an increase in revenue of 30.5% and an increase of 42.8% in total gross profit dollars compared to the third quarter of 2020.

Auxly Cannabis Group Inc. (OTCQX: CBWTF) reported total revenues for the fourth quarter were $18.8 million versus $3.1 million for the same time period in 2019. For the full year of 2020, revenue jumped 508% to $50.7 million versus 2019’s $8.3 million. 

Harborside Inc.  (OTCQX: HBORF)reported in the fourth quarter, it had gross revenues of approximately $13.1 million, which was a 12% increase versus 2019’s fourth-quarter revenues of $11.7 million. For the full year, 2020 gross revenues increased 29.4% to $63.4 million.

Michigan-based Gage Growth Corp.  (CSE: GAGE) reported that its revenue increased 615% to $10.5 million in the fourth quarter over last year. Gage also reported that its revenue increased 1,972% for the full year to $39.9 million versus $1.9 million in fiscal year 2019. The company also trimmed its net losses to $29.8 million from 2019’s net loss of $75 million.

The Valens Company Inc.  (OTCQX: VLNCF) is buying Green Roads and its majority-owned manufacturing subsidiary in a deal potentially valued at $60 million.

 

And finally,  Pennsylvania’s medical cannabis sales have escalated, and between April 2020 and March 2021, Pennsylvania’s medical markets brought in $909.4 million.

Video Staff

Video Staff


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