The Scotts Miracle-Gro Company (NYSE: SMG) reported that company-wide sales increased 105% to a record $748.6 million in its fiscal first-quarter primarily driven by strong retailer support in the U.S. Consumer segment as well as continued momentum in Hawthorne, the company’s hydroponic subsidiary. The real shining star though is the indoor growing company Hawthorne whose sales increased 71% to $309.4 million driven by strong demand in all categories of indoor growing equipment and supplies. Hawthorne sales guidance was increased to a range of 20 to 30% from a previous range of 15 to 20%.
Jazz Pharmaceuticals plc (Nasdaq: JAZZ) is buying GW Pharmaceuticals plc (Nasdaq: GWPH) in a deal valued at $7.2 billion or $6.7 billion net of GW cash. Jazz is a global biopharmaceutical company whose focus is in neuroscience, including sleep and movement disorders, and in oncology, including hematologic malignancies and solid tumors. Everyone knows GW Pharma for its epilepsy drug Epidiolex. Beyond Epidiolex, GW has a scientific platform and deep pipeline of cannabinoid product candidates. The stock jumped over 46% on the news.
Anthus (OTC: ITHUF) stock popped over 57% to lately sell at 29 cents after the company was able to close on an $11 million bridge financing. The company has had several decisions turn in its favor lately. The Monmouth County Superior Court decided to allow iAnthus to continue construction at the Pleasantville NJ facility despite a legal battle with MPX New jersey. .Last week, the company announced that in a unanimous decision, the British Columbia Court of Appeal dismissed the appeal of shareholders on the recapitalization plan.
It seems a month doesn’t go by without GrowGeneration Corp . (NASDAQ: GRWG ) making another acquisition. February is only just starting and the hydroponic store chain has said it is buying Grow Depot, a two-store chain in Auburn and Augusta, Maine. The acquisition brings the total number of GrowGen hydroponic garden centers in Maine to five.
Power REIT (NYSE: PW) has acquired a 37,000 square foot state-of-the-art greenhouse cannabis cultivation facility located in Riverside County, California through a wholly-owned subsidiary for $7.685 million. The property is leased to luxury cannabis brand Canndescent, which has over 50% store penetration in California.
Springbig announced its acquisition of BudTender. BudTender is a customer experience platform based in Canada. The acquisition will add over 200 clients to the existing customer base at springbig and will increase their market share to over 1,900 retail partners across Canada and the United States.
While many consumers put down the bottle this month for Sober January, some have picked up a cannabis-infused beverage instead causing sales to rise in this emerging category. Several cannabis beverage companies reported increases in sales in January, beyond what they experienced during the holiday season.