Earnings season is just getting underway as July winds down.
It was a big week for Turning Point Brands, Inc. (NYSE: TPB) who reported with sales increasing 16.8% to $122.6 million in the second quarter. The average analyst estimate for revenues was $106 million according to Yahoo Finance. Net income increased by 49.2% to $15.4 million. The company also announced it was buying the cigarillo company Unitabac. Cigarillos are typically short, narrow cigars so maybe the company is planning on offering baby blunts in the future.
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) is buying WSCC, Inc., also known as Sierra Well. This will add two operational dispensaries and an active cultivation and production facility in Nevada along with two real estate properties in Carson City and Reno. The acquisition is a cash and stock deal valued at $29 million.
Tilray, Inc. (Nasdaq: TLRY) reported its net revenue increased 25% to $142.2 million in the fourth quarter. Cowen & Co. had estimated revenue to be $163 million for the quarter making this a fairly large earnings miss. Investors though seemed pleased with the results as the stock was trading higher by over 10% in early trading
Red White & Bloom Brands Inc. (OTCQX: RWBYF) delivered its first-quarter financial results as revenue fell to $11.8 million from the fourth quarter’s revenue of $15.7 million. The company blamed the decrease on the manner in which it recognizes revenue under IFRS in the state of Michigan for its Platinum Vape branded product sales and the strengthening Canadian dollar over the fourth quarter.
Cannara Biotech Inc. (OTCQB: LOVFF) announced its third-quarter results with total revenue of $7.2 million, including $5.9 million in cannabis sales, net of excise tax. this was a huge gain over last year’s $763,906.
And finally, Seth Rogen’s cannabis company Houseplant and Canopy Growth Corporation (NASDAQ: CGC) have decided to end their relationship after three years. It won’t affect the company’s U.S. business and the product is expected to remain on some shelves through September 2021