I’m Debra Borchardt and this is your marijuana money minute. We took a bit of a break from our video schedule, but we are back. Green Market will be hosting its first Tech Summit in San Francisco on September 8. You can buy tickets and register on the website under the Summits tab.
This was another big week for earnings.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced its revenue rose 12% to $224 million. The company also trimmed its net losses to $10 million from last year’s net loss of $30 million.
Cresco Labs reported approximately $218 million in revenue during the period. The company also reported that it has maintained its position as the number one cannabis wholesaler in the country.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) reported its revenue rose 16.2% quarter-over-quarter and increasing 20.7% year-over-year, to $117.7 million. Ascend said its net loss dropped to $21.2 million during the quarter. The company said it helped being in the New Jersey market.
Ayr Wellness reported $110 million in revenue during the period, up 20.6% versus the same period last year. The company said it expected its revenue to grow by 10% for the rest of the year.
Not doing so well is Greenlane who delivered $39.9 million in total revenue during the quarter, falling from $46.5 million in the previous quarter. The company also said it was looking to decouple from its cannabis packaging company KushCo, which it merged with not long ago. Conspicuously absent from the company’s earnings statement was CEO Nick Kovacevich who had been the CEO at KushCo before taking on the role at Greenlane.
Also turning in a disappointing number was Jay-Z cannabis company The Parent Co. who reported approximately $27.4 million in revenue, a 27% drop from last year. The Parent Co. also reported a second-quarter net loss of $30 million versus a $33.5 million loss sequentially.
Don’t forget to register for the Tech Summit as we head to the west coast in September.