It is definitely earnings season as companies begin to report their numbers.
Terra Tech (TRTCD) delayed its earnings announcement from Thursday to Friday following the market close. On Friday the stock closed $3.77, but then on Monday after the investors digested the news, the stock fell to a close of $3.24 and was down to $3.11.
Full-year revenues for 2017 increased 41% to $35.80 million over 2016’s $25.33 million. But Terra Tech delivered a net loss of $32.68 for 2017, which was an increase over last year’s loss of $26.72 million.
CanniMed Therapeutics (CMMDF) reported that its sales rose 41% to $4.8 million from last year’s $3.4 million for the same time period. The company said that rising demand for dried medical cannabis caused those sales to jump 33% to 455kg with an average selling price of $10.56. as you know Aurora Cannabis is acquiring CanniMed.
AXIM Biotechnologies (AXIM) reported fiscal 2017 full-year results, with CEO Dr. George Anastassov highlighting “solid progress” the company is making on its clinical pipeline, including it getting a mass-market chewing gum to help cancer patients with nausea and vomiting.The company lost 8 cents a share, compared to a loss of 17 cents in fiscal 2016. In addition to the chewing gum.
Two of the largest cannabis companies in the world are joining forces to form a first of its kind venture. On March 19, 2018, Cronos Group Inc. and MedMen announced that they have entered into an agreement to form a cross-border joint venture.
MedMen has 18 production facilities operating in 3 states and owns the largest dispensary chain in California, Most recently, Cronos became the first pure-play cannabis company to become listed on the NASDAQ Exchange (NDAQ).
Cronos also announced $100 million bought deal selling 10,420,000 shares at a price of $9.60 each. The money will be used for expansion, general working purposes, and new investment opportunities.
Online vaporizer site Greenlane formerly known as VapeWorld, acquired its competitor, VaporNation. Greenlane is now one of the world’s largest vaporizer distributors. With this recent acquisition, the company will expand its footprint to include eight US Cites, six automated distribution centers, and approximately 200 hundred employees.
Gene Simmons, best known for being the bassist and co-lead singer of the rock band Kiss and a reality TV star, is finally getting his own marijuana company – albeit with a catch. Invictus Md Strategies announced on Tuesday that Simmons will be the company’s Chief Evangelist Officer. And the new ticker symbol is now GENE. The company’s previous ticker symbol was IMH.
Simmons owns a significant percentage of the company and will also make appearances for the company, specifically at the annual general meeting, investor meetings, trade shows, as well as serving as the company’s spokesperson.