Debra BorchardtSOL Global Investments Corp. (CSE: SOL) (OTCPK: SOLCF) provided its investors with unaudited financials for the third quarter ending Aug. 31, 2022, as the company shifts away from cannabis. Sol Global did not release any revenue figures but instead noted its net losses.
For the third quarter, the total loss from investments was $11.2 million versus a gain of $12.5 million for the same period in 2021. This represents an unfavorable change of ($23.7) million between periods. The net loss for the quarter was $12.5 million, an improvement over last year’s net loss of $62.4 million.
Total loss from investments for the last nine months was $190.7 million, versus a gain of $341 million for the same period in 2021. This represents an unfavorable change of ($531.7) million between periods.
The company has reduced its stake in cannabis from 18% to 14% and is instead gravitating to companies like electric motorcycle company Damon Motors and robotic delivery company Kiwi Campus.
“SOL’s solid portfolio foundation continues to show resilience despite market volatility,” stated Kevin Taylor, SOL Global’s chairman and CEO. “We continue to monitor market headwinds as we oversee and adjust our portfolio to maximize returns.”
The company noted that its net asset value has fallen from last year’s third-quarter price of $6.44 to $3.08. In addition, Sol Global stated that it has a new debt of $10 million, a nonrevolving loan term facility of $11 million, and other liabilities of $25 million.
Cannabis Updates
- Common C Holdings LP, a Michigan-based vertically integrated cannabis company and lifestyle brand, recently launched a cultivation partnership with boxing legend Mike Tyson’s premium cannabis line, California-based Tyson 2.0 (in which the company also holds a minority stake). Common Citizen will grow Tyson’s cannabis at its state-of-the-art hybrid greenhouse in Michigan and will first yield “Knockout OG” and “Pound for Pound Cake”- both favorite strains of Tyson’s. The cannabis will be sold at Common Citizen retail partners in prepackaged eighths (3.5 grams) and 1-gram pre-rolls.
- The company has an interest in Fyllo, which in June 2022 announced its expansion into the cryptocurrency vertical.
- SOL has an interest in Jones Soda, which it said experienced strong growth across all major sales channels for its core bottled soda business and subsequently launched its Mary Jones cannabis-infused soda line, with 10 milligram cannabis-infused sodas, now available in Jones’ fan-favorite root beer, berry lemonade, green apple, and orange & cream flavors in the California market.
