Markets were closed on Monday in the U.S. for the Memorial Day holiday, so this shortened the trading week.
The country’s leading e-commerce company Amazon (NASDAQ: AMZN) said it will no longer include marijuana in our comprehensive drug screening program for any positions not regulated by the Department of Transportation. Instead, it will treat it the same as alcohol use. The company also said it will be actively supporting The Marijuana Opportunity Reinvestment and Expungement Act of 2021 (MORE Act)—federal legislation that would legalize marijuana at the federal level, expunge criminal records, and invest in impacted communities.
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) reported that its fourth-quarter revenue increased 38% to $148 million. The net losses for the quarter were $617 million, an improvement over 2020’s net losses of $710 million. The company blamed the bloated net losses on non-cash fair value changes of $292 million and impairment and restructuring charges of $75 million primarily related to its Canadian restructuring. For the full year, net revenue increased 37% to $546 million but the fiscal year net loss was an eye-popping $1.7 billion.
Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) reported that its net revenues fell 9% to $12.4 million versus last year’s $13.7 million for the same time period. This missed the Yahoo Finance average analyst estimate for revenues of $13.65 million. The company blamed the decline on decreased store traffic due to COVID-19 restrictions, however, there were also declines in the wholesale business related to lower yields. The net losses for the quarter grew 21.9% to $2.9 million from last year’s $2.3 million.
Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) reported first-quarter revenue of $23.1 million which rose 97% sequentially from $11.7 million in the fourth quarter of 2020. The net income for Hollister in the first quarter was $2.0 million versus a net loss of $2.2 million in the first quarter of 2020. Investors seemed pleased with the results as the stock was moving higher by almost 20%.
The Scotts Miracle-Gro Company (NYSE: SMG) announced increased sales and earnings guidance for fiscal 2021 based on the continued strength of both its U.S. Consumer and Hawthorne segments. For the fiscal year, Scotts now expects company-wide sales growth of 17% to 19%. The revision is due mainly to stronger growth in the U.S. Consumer segment, where Scotts now expects sales growth of 7 to 9%, compared with its previous range of 4 to 6%. Hawthorne sales also continue to exceed expectations as the Company now expects sales growth of 40 to 45% for the full year, compared with previous guidance of 30 to 40% growth.