It was Veterans Day this week and we salute all those who served. Markets remained open for the holiday.
We are in the thick of earnings season with almost 20 different cannabis companies reporting third-quarter earnings this week.
But before we cover some of the top names cannabis retail tech firm Springbig announced it was going public through the Tuatara SPAC. The post transaction valuation is listed as $500 million and it is being suggested the company will have $200 million in cash after the closing. It is worth noting that springbig is only on track to report $24 million in revenue in 2021.
Curaleaf Holdings, Inc. (OTCQX: CURLF) is buying western state operator Tryke Companies known for its Reef Dispensaries in a deal valued at approximately $286 million. The acquisition is expected to close in the second half of 2021. Curaleaf said it will be immediately accretive. Tryke is expected to deliver nearly $110 million in full year 2021 revenue.
Turning in one of the best earnings reports this week was Green Thumb Industries Inc. (GTI) (CSE: GTII) (OTCQX: GTBIF) Third quarter revenue at Green Thumb increased 48.7% to $233.7 million. GTI’s same-store sales growth was 14% on a base of 48 stores, driven primarily by increased transactions.
GrowGeneration Corp. (NASDAQ: GRWG) reported third-quarter 2021 revenues of $116.0 million and the company said it is on track for full year revenue of $435 to $440 million in 2021.” GrowGen also delivered a net income of $4.0 million.
Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) announced its revenue grew 2.6% sequentially to $215.5 million, and an increase of 40.6% year-over-year. Still, Cresco recorded a non-cash impairment charge of $291 million in the quarter as a result of the strategic shift in California operations. That resulted in a net loss for the quarter of $263 million. Cresco reaffirmed its guidance for revenue in the fourth quarter between $235 million and $245 million.
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), announced its results for the first quarter of 2022 and total cannabis net revenue was $60.1 million, a 10% sequential increase from the prior quarter. Still, the revenue missed estimates and the company also reported a net loss of $12 million.
As a reminder the weekly newsletter will go out Monday morning with a run down of what to look for during the week.