Here are the top financial cannabis news stories for the week ending August 3, 2018.
Scythian Biosciences is taking the money it received from selling its Caribbean and Latin American assets to Aphria and is entering the Florida market. It is purchasing CannCure along with two other entities in a deal valued at $136 million.
Maricann upsized its private placement to $35 million.
Earnings season is underway and we had quite a few companies deliver their numbers, so let’s jump right in.
An overproduction of cannabis in California and regulatory changes put pressure on the Hawthorne division of Scotts Miracle-Gro (SMG). At first glance, it looked like a strong quarter with sales increasing 2% for the overall company and the Hawthorne division, but the cannabis sales actually dropped had it not been for acquisitions.
CV Sciences (CVSI) popped on its overall solid second quarter. Sales rose 203% to $12.3 million and the gross profit came in at $9 million, a huge improvement over last year’s $2.8 million.
Isodiol International (ISOLF) reported a net annual loss of C$36 million, but revenue came in at C$19 million, well above last years’ $300,000 and the company recorded a gross profit of $8.8 million.
Organigram (OGRMF) stock rose when it reported sales of $3.7 million for the fiscal third quarter and earned net income of $2.8 million.
Zynerba Pharmaceuticals (ZYNE) delivered a net loss of $12 million, but the company is still sitting on $43 million in cash. The company recently completed an offering, which investors felt was unnecessary because it diluted the stock but it has set the company up with a big cash cushion.
And finally. While everyone is touting the size of the California cannabis market, the job growth in the industry out there is slowing, while cannabis job growth in the northeast is booming. A new report by Joblift noted a surge in medical marijuana job postings this year in Pennsylvania, Massachusetts and yes even here in NY.
Green Market Report is hosting its first cannabis conference on Sept. 14. Go to www.greenmarketsummit.com for more details.