Marijuana Money: January 15, 2021

On Monday, Governor Andrew Cuomo confidently stated that New York will legalize adult-use marijuana in his state of the state address.  Cuomo said in the speech. “This will raise revenue and will end the over-criminalization of this product that has left so many communities of color over-policed and over-incarcerated.”

Cresco Labs (CSE: CL) (OTCQX: CRLBF) is buying Florida-based Bluma Wellness Inc. (CSE: BWEL.U) (OTCQX: BMWLF) in an all-stock deal valued at $213 million. Bluma Wellness operates as “One Plant Florida” and has seven strategically located dispensaries with eight more locations under legal control with plans to open.

 KushCo announced financial results for its fiscal first-quarter ending November 30, 2020, with net revenue decreasing 23% from the prior-year period to $26.8 million. On a positive note, the net loss was trimmed to $4.5 million from $12.5 million in the prior-year period. 

Organigram (NASDAQ: OGI) delivered net revenue of $19.3 million for the first fiscal quarter of 2021 versus last year’s $25.2 million, which the company blamed on significantly lower wholesale revenue from licensed producers and a lower average selling price in the quarter. The company also delivered a first-quarter net loss of $34.3 million largely due to greater negative gross margin.

GW Pharma said it expects total net product sales to be approximately $148 million for the fourth quarter and approximately $526 million for the year ended December 31, 2020. 

And finally, According to data from Akerna (NASDAQ: KERN) the Christmas holiday period generated $427 million in cannabis sales. Typically, the Friday before Christmas is the biggest sales day of the holidays, but this year Christmas was on a Friday. So it was the Wednesday before Christmas that got the most significant bump in sales with a 76% increase in daily sales.

Video Staff


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