Valentine’s Day is now the fourth biggest holiday for dispensaries. Flowhub reported that sales in the weekend leading up to Valentine’s day increased 22% over last year’s weekend before the holiday. There are more and more products being created specifically for women as the end target, so consumers are shopping for less traditional gifts. Plus, it seems celebrating is being expanded beyond wine and champagne.
Canopy Growth (TWMJF) reported results for its fiscal year third quarter with revenue rising 123% to $21.7 million over last year’s $9.8 million. Net earnings were $11 million or one cent per share. Gross margins fell from last year as new subsidiaries are not yet cultivating or selling cannabis.
In terms of cost, the weighted average cost per gram to point of harvest fell by 18% to $0.59 per gram, making it the sixth consecutive quarter under $1 per gram. Likewise, the weighted average cost per gram before shipping and fulfillment also fell by 18% to just $1.03 per gram. Going forward, this will become the most important statistic for any cultivator.
The company has approximately $400 million in cash on hand to fund domestic and global expansion.
MedReleaf (MEDFF) delivered mixed results for its third quarter as sales increased but so did the losses. The company reported sales of $11.4 million, an increase of 9% over last year and a sequential increase of 16%. Still, MedReleaf had a loss of $5 million over last year’s net income of $1.7 million.
Earnings also slipped as the adjusted EBITDA for the quarter was ($0.2) million, a decrease of $4.3 million from $4.1 million for the prior year period. The drop in earnings was attributed to “overhead costs to support the Bradford Facility; increased expenditures related to professional fees; business development; increased patient support costs to support patient demand; investments in sales, marketing, and brand development;
Not to worry, the company is sitting on a mountain of cash. Also, not to mention, this company gives a discount to veterans.
Six cannabis companies announced today that they have signed a letter of intent to provide the province of Quebec with cannabis. They include Aphria (APHQF), Canopy Growth, Hydropothecary (HYYDF), MedReleaf, Aurora Cannabis (ACBFF) and Tilray.
Kush Bottles (KSHB) got $6 million from Merida Capital as it looks to expand its east coast presence.
Sunniva Inc. (SNNVF) and SinglePoint (SING) were both upgraded from the pink sheets at the OTC Marketplace to the OTCQX exchange.