The online cannabis community Weedmaps is pushing back against demands from the California Bureau of Cannabis Control that the site quit displaying ads for unlicensed cannabis dispensaries. Earlier this year, the BCC chief said the website was in violation of marijuana law.
Weedmaps sent its own letter to the BCC stating that the bureau did not have the authority to regulate them as they are an “interactive computer service,” which is covered under the Communications Decency Act.
Earnings season is firing up.
San Diego-based Arena Pharmaceuticals, Inc. (ARNA) reported fourth quarter revenues of $15.4 million versus $69 million for the same time period last year. They also recorded a net loss of $13.7 million or $0.35 per share easily beating the estimate for a loss of $0.59 per share, but worse than last year’s net income of $38 million or $1.59 per share. Still, the stock popped on the news of an earnings beat.
General Cannabis (CANN) delivered a 19% decrease in losses for 2017 reporting $8.2 million in losses versus last year’s loss of $10.1 million. The loss per share was $0.40 versus last year’s loss per share of $0.66. The company said that as of December 31, 2017, it had an accumulated deficit of $34.8 million. Revenues for 2017 increased 18% to $3.5 million from $2.9 million.
Arizona-based Zoned Properties Inc. (ZDPY) reported its fourth quarter and full year results with revenue dropping slightly in the quarter as the company sold a building in Tempe, AZ in March. Revenue fell by 2% to $533,000 versus last year’s $543,000.
High Hampton Holdings closed on a $19 million private placement deal this week.
CannaRoyalty (CNNRF) announced that it signed an agreement with a syndicate of underwriters, led by Canaccord Genuity Corp. for them to purchase, on a bought deal basis, an aggregate of 3,750,000 units of the company at a price of $4.00 per unit for aggregate gross proceeds of $15.0 million.
High Street Capital is now officially Acreage Holdings. This sleeper cannabis company is already in 11 states and is preparing to go public.
Aurora Cannabis announced that it would be added to the S&P/TSX Composite Index, effective on March 19, 2018.