We are still in the thick of earnings season and with so many companies delivering their numbers this week, we can only hit the notable ones here.
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced that its third-quarter revenue increased 64% year-over-year to $224.1 million, beating estimates by $2 million.
TPCO Holding Corp. also known as The Parent Company (NEO: GRAM.U) (OTCQX: GRAMF) announced its financial numbers for the third quarter with an eye-popping charge of $570 million. The Parent Company’s revenue for the quarter was $39.7 million.
TILT Holdings Inc. (NEO:TILT) (OTCQX: TLLTF) reaffirmed guidance of $205-$210 Million For 2021 and reported its revenue increasing 37% to $53.4 million driven by growth in both cannabis and inhalation and accessory revenue.
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) reported that its third quarter revenues dropped by 16% sequentially to $49.1 million from the second quarter’s $58.7 million. However, it was better than 2020’s third-quarter revenue of $38.1 million.
Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) announced its financial results with total revenue rising 13.1 sequentially to $54.0 million, and an increase of 116.7% over last year.
4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) announced its total revenues were $25.9 million, topping last year’s $12 million for the same time period for a gain of 70%. However, the company experienced a 4% sequential drop in sales from the second quarter.
SLANG Worldwide Inc. (CNSX: SLNG) (OTCQB: SLGWF) announced the departure of several top executives and a new financing deal with Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF). The company’s CEO Chris Driessen resigned and the board chair Peter Miller stepped aside. Several other board members left as the company git $17 million in financing from Trulieve.
It looks as if the MedMen Enterprises Inc. (OTC: MMNFF) trial is coming to a close. According to Law360, the lawyers for the company’s former Chief Financial Officer James Parker attorney gave his closing arguments on Tuesday. Parker claims he is owed up to $24.89 million due to his employment contract, while MedMen believes the contract isn’t enforceable because Parker negotiated it himself.
And finally this week, Republican lawmakers filed a bill today that would federally legalize and tax cannabis, the States Reform Act. Rep. Nancy Mae (R-SC) is sponsoring the bill which lowers the tax level from the Schumer legislation, which hasn’t been filed but also excludes any social equity component.