Earnings season got off to a strong start this week. WM Technology better known as Weedmaps (Nasdaq: MAPS) announced its total revenue for the fourth quarter increased to $54.2 million, up 22%. This beat the Yahoo Finance average estimate for sales of $51 million and was higher than the third quarter’s sales of $50 million. The outlook for 2022, is for full year revenue to be between $255 million and $265 million, which represents 32-37% growth.
Innovative Industrial Properties, Inc. (NYSE: IIPR) announced total revenues of $58.9 million for the fourth quarter. This beat the Yahoo Finance average analyst estimate of $57 million. IIP generated total revenues of approximately $204.6 million for 2021.
Turning Point Brands, Inc. (NYSE: TPB) reported its fourth-quarter sales were essentially flat at $105 million. For the full year 2021, sales increased 10 % to $445.5 million.
The big disappointment in earnings this week was Cronos Group. Cronos Group (NASDAQ: CRON) reported that its 2021 third quarter jumped by 80% over last year to $20.4 million. However, the strong increase in earnings was overshadowed by the company’s restatement of earnings from the second quarter and a whopping charge of $235 million. In addition to that, Cronos said it was restructuring the company to cut costs. The company had an operating loss of $55 million.
In brighter news for cannabis, Leafly’s (NASDAQ: LFLY) sixth annual Cannabis Jobs Report (developed in partnership with Whitney Economics) reveals that the legal cannabis industry added 107,059 new jobs in 2021 and is poised to hold on to its distinction in 2022 as the most prolific job creator in America.