earnings Archives - Green Market Report

Debra BorchardtApril 6, 2022


Tilray Brands, Inc. (Nasdaq: TLRY) reported financial results for the third fiscal quarter ending February 28, 2022. Tilray‘s ret revenue increased 23% to $152 million during the third quarter from $124 million in the prior-year quarter. However, it fell sequentially from the second quarter’s revenue of $155 million and slightly missed the revenue estimates by roughly $4.7 million. The increase was driven by a 32% growth in cannabis revenue to $55 million, 64% growth in beverage alcohol revenue to $20 million, and wellness revenue of $15 million.

The company also reported a net income of $52 million. and earnings per share of $0.09, which beat estimates by $0.17. However, this net income improvement was almost entirely from a $76M non-cash adjustment to the company’s warrant liability and the future value of convertible debentures(which occurs due to the share price falling). Thus, the $54.7 million of operating losses turned into $5.8M in positive net income.

“Our third quarter results reflect progress and momentum across all of our key business segments and geographies, setting the stage to achieve our target for $4B in revenue by the end of fiscal 2024,” said CEO Irwin D. Simon. “Tilray Medical – which now operates under a cohesive strategy and mission – has a near 20% share in Germany, providing clear benefits in its own right as well as a first-mover advantage that we will leverage as Germany and the EU move towards broader adult-use and medical use legalization. In Canada, we maintained our leading market share position amid intense competition – and believe that our strong capital position, operational excellence and pricing and marketing adjustments will work in concert to help ensure we reclaim share in the coming quarters. This effort will gain further support from the fundamental appeal of our brands and product innovation which, as stores continue re-opening, will resonate powerfully with consumers. In the U.S., our SweetWater Brewing, Breckenridge Distillery, and Manitoba Harvest businesses are profitable, growing and emerging as nationwide, iconic brands with loyal followings that will be home to THC-based products upon U.S. federal legalization.”

Tilray said it maintained its number one leadership position in Canada with a 10.2% cannabis market share driven by its portfolio of adult-use brands, and growth in pre-roll and vape product categories. Cost synergies from Aphria-Tilray combination has achieved on a run-rate basis to date $76 million. The company said it expects to reach the $80 million synergy target by May 31, 2022, five months ahead of schedule, and to generate an additional $20 million in synergies in fiscal 2023.

Mr. Simon continued, “We also continued sourcing and executing strategic and shareholder-friendly transactions that provide value with notable upside. Our most recent example is the proposed agreement to purchase the HEXO senior secured convertible notes, which provides a path for meaningful future equity ownership of HEXO as it executes on its transformation. The proposed HEXO transaction is also expected to facilitate complementary commercial and product innovation and drive production and operating efficiencies. As the global economy re-opens, we are confident that the global cannabis powerhouse at the heart of the Tilray Brands’ value proposition will deliver sustained and tangible shareholder value.”

Debra BorchardtApril 6, 2022


Long after the markets closed on the east coast, The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (OTC: TGODF) delivered its financial results for the fourth quarter ending December 31, 2021, and for the full-year 2021. The Green Organic Dutchman reported revenues rose 46% to $11 million in the quarter over last year’s $3.4 million for the same time period. It was a sequential increase of 27%.

The Adjusted EBITDA loss was $3.31 million for the quarter, representing a 40% improvement compared to the third quarter, and was $22.60 million for the Fiscal Year being a 35% improvement of $11.93 million over 2020. The loss from operations for TGOD in the quarter was $5.67 million, an improvement of $3.48 million over the third quarter. Losses from operations were $28.74 million for the Fiscal Year 2021, compared to $40.96 million for the same period in the prior year primarily due to the improvement in revenues and reduction of G&A expenses.

Full-Year Results

For the full year of 2021, TGOD reported revenue rose 146% to $39 million versus 2020’s $15.7 million. The net loss for the year was $43.5 million.

“We closed 2021 with strong momentum as we saw significant growth quarter-over-quarter, reflecting continued execution of our strategic plan as we remain focused on quality, consistency and transparency. We are seeing the early benefit of our enhanced sales strategy which has accelerated sell-through. Our two-prong approach of onboarding key retail chains while having boots on the ground with our dedicated sales force is starting to bear fruit,” said Sean Bovingdon, CEO of TGOD. “We are on track to hit our positive Adjusted EBITDA target in Q2 2022, with continued monthly sales progression from the strong month of December,” added Bovingdon.

Going Concern

The company’s auditors did note that the net loss from operations was $42 million for the year and the accumulated deficit was $487 million. The filing stated, “The Company used cash in operating activities of $18 million (year ended December 31, 2020 – $35 million) resulting primarily from the loss from operations $28 million (year ended December 31, 2020 – $40 million) offset by items not affecting cash such as depreciation, amortization and share-based compensation. The company has insufficient cash on hand to fund its planned operations. The company’s ability to continue as a going concern is dependent upon its ability to generate sufficient revenues and positive cash flows from its operating activities and/or obtain sufficient funding to meet its obligations.”

As of December 31, 2021, the company said it had positive working capital of $25.72 million (December 31, 2020 – $22.0 million negative working capital) primarily due to the repayment of its senior secured first-lien credit facility, modifying its debt under its secured revolving facility to amend the maturity date to June 2023, and reducing accounts payable with the funds received from the Revolver Loan, ATM equity financings and warrant exercises in 2021. The total consolidated cash position was $4.31 million including $0.22 million of restricted cash (December 31, 2020 – $11.83 million of which $0.62 million was restricted cash).

Debra BorchardtMay 17, 2021


Columbia Care Inc.  (OTCQX: CCHWF) reported financial and operating results for the first quarter ended March 31, 2021, with revenue increasing 220% to $92.5 million year-over-year and growing by 13% over the previous quarter. Columbia Care missed the Yahoo Finance average analyst estimate for revenue of $94.1 million.

The net losses were trimmed to $15.3 million from last year’s $20.6 million for the same time period. The earnings per share also improved to ($0.05) from last year’s ($0.09.), however, it wasn’t enough to meet the average analyst estimate for ($0.04) per share. Analysts give the stock a price target of $11.65 on average. Shares have been in an overall uptrend over the past six months and were lately selling at $6.17.

“We sustained our record 2020 momentum into the first quarter of 2021, with significant growth across both the top and bottom line,” said Nicholas Vita, CEO of Columbia Care. “Our combined revenue results reflect organic growth and further integration progress on key California and Colorado acquisitions. We continue to build scale and leverage in our existing markets, leading to positive trendlines for growth and profitability. The sequential increase in combined revenue and Adjusted EBITDA more than offset expected seasonality in Colorado and recently lifted COVID restrictions in California and was driven by substantial growth in Florida, Arizona, Illinois, and Ohio. Legacy Columbia Care’s same-store sales increased 60 percent year over year.

Indeed, in Arizona, same-store sales increased approximately 70% from the same period last year, driven largely by the accelerated statewide roll-out of adult-use sales in January. In Ohio, Columbia Care said that same-store sales were up more than 3x YoY and with wholesale relationships with more than 85% of dispensaries in the state. In Florida, the company said that revenue rose 58% sequentially and experienced significant same-store sales expansion, due to dispensary-level supply chain improvements and flower availability. California also saw its sales jump towards the end of the quarter as pandemic restrictions began lifting. The company noted that there was sequential revenue growth of nearly 3x with addition of acquisitions, increasing wholesale momentum throughout the first quarter.

In Colorado, revenue improved 27% over last year, but sequential results slowed in the first quarter due to expected seasonality and decision to partially take off-line and upgrade largest indoor grow in preparation for ‘100 days of heat’ during the second quarter and third quarter leading to accelerated GM and EBITDA expansion in the second quarter and back half of 2021.

Vita added, “Recognizing the tremendous opportunity we have before us, we continue to deepen our state, regional and national footprint by adding scale to capitalize on additional upside in rapidly expanding medical programs and, in particular, in markets transitioning to adult-use across the country. Significant strategic investments in markets such as New York, New Jersey and Virginia will enable us to be the most efficient and scaled leaders in those markets and will cement our position as the industry leader on the east coast.”

In New Jersey, retail sales growth outperformed expectations year-over-year and doubled sequentially. There was a significant drag on overall gross margin due to accelerated development of cultivation and manufacturing fixed assets; however, the first significant harvest from the legacy Vineland facility expected in the third quarter. Plus, two additional dispensaries will open in 2021 and become new Cannabist stores. In New York, revenue rose +60% over last years and was due in part to the wholesale business and strong home delivery program.

Cannabist Launch

The company recently rebranded its stores as the Cannabist. The first location to launch under the Cannabist brand is the recently opened dispensary in Springville, Utah, which had its first sale Friday, April 30. By the end of May, three existing Columbia Care locations, in Tempe, Arizona, Villa Park, Illinois, and San Diego, California, will become Cannabist branded retail locations, with a pipeline of more than 80 new and existing locations to follow over the next 24 months.

Columbia Care said it reaffirms guidance for the 2021 combined revenue of $500 – $530 million and Adjusted EBITDA guidance of $95 – $105 million as the Green Leaf Acquisition remains on track for closing at beginning of the third quarter.

Debra BorchardtMay 7, 2021


Cronos Group Inc. (NASDAQ: CRON) released its 2021 first-quarter business results with net revenue of $12.6 million versus last year’s $4.2 million for the same time period. The revenue from Cronos missed estimates by $4.81 million. It also dropped sequentially from the fourth quarter’s consolidated net revenue of $17 million.

The company said that the increase was due to continued growth in the adult-use Canadian cannabis market, sales in the Israeli medical cannabis market. In addition to that, an increase in sales in the U.S. segment driven by new U.S. hemp-derived CBD products introductions, partially offset by strategic price reductions on various adult-use cannabis products in Canada in the second half of 2020.

The Cronos first-quarter GAAP EPS of -$0.44 missed by $0.35. Cronos shares were trading down by almost 5% in early trading and were lately selling at $7.24. Traders on social media were pointing out the company has reported six consecutive quarters of negative gross margin. Gross margins for the first quarter were (23%) versus last year’s (77%) for the same time period.

Cronos also reported an adjusted EBITDA loss of $37.1 million in the first quarter which was marginally higher than last year’s loss of $5.7 million. The company attributed the increase in losses to an increase in sales and marketing costs due to brand development in the U.S. segment, and an increase in research and development costs driven by increased spending on product development and developing cannabinoid intellectual property. It was partially offset by decreases in sales and marketing spend in the ROW segment, gross loss, and general and administrative expenses.

“In the first quarter of 2021, our results in Canada were impacted by market dynamics due to the COVID-19 pandemic and ensuing stay-at-home orders and various other restrictions. Despite this, we continued to push forward our innovation pipeline and execute on our strategy, which was a true testament to the strength of our team,” said Kurt Schmidt, President and CEO, Cronos Group.

Brand Updates

It seems the marketing costs will probably remain elevated. In April 2021, Cronos Group announced that its Lord Jones brand launched a brand campaign entitled, “A Higher Order”. The campaign features new creative assets along with a mix of market activations including out-of-home advertising and television spots in select U.S. test markets. In April 2021, Lord Jones also launched a new product, the Lord Jones CBD Bump & Smooth Body Serum, which is designed to deliver non-abrasive chemical exfoliation that reduces bumpiness to reveal smoother, brighter-looking skin. The product is available on the Lord Jones website and is expected to be on Sephora’s website and in their retail outlets in the coming weeks.

In the coming weeks, Cronos said it intends to launch Spiniach edibles, a new product category in the Canadian adult-use market. The company is late to enter the edibles market in Canada but explained this by saying it aims to be the best, not necessarily the first.

In the first quarter of 2021, Cronos Israel successfully launched PEACE NATURALS branded pre-rolls into the Israeli medical cannabis market. This launch follows the successful launch of dried flower and oils to the Israeli medical cannabis market in 2020. Cronos Israel continues to execute in Israel’s rapidly growing market.

Debra BorchardtMay 5, 2021


The Scotts Miracle-Gro Company (NYSE: SMG)  announced company-wide sales increased 32% in its fiscal second quarter to $1.83 billion versus $1.38 billion a year earlier. This beat the analyst estimates on Yahoo Finance which were $1.73 billion. Sales for the hydroponic segment known as Hawthorne increased 66% to $363.8 million. Scotts said that due to its fiscal calendar, the second quarter of 2021 ended six days later than the second quarter of fiscal 2020. The shift had a sales impact of approximately $122.5 million within the lawn and garden business, impacting the U.S. Consumer and Other segments.

The company beat analyst estimates which were $5.42 according to Yahoo Finance by delivering GAAP earnings from continuing operations of $5.44 per share. This also was much higher than last year’s $4.43 per share. Non-GAAP adjusted earnings, which exclude impairment, restructuring, and other non-recurring items, and are the basis of the company’s financial guidance, were $5.64 per share compared with $4.50 a year ago.

“The record level of consumer demand we have seen for our lawn and garden products is greater than we expected and may provide upside to the updated guidance we provided for our U.S. Consumer business in early April,” said Jim Hagedorn, chairman and chief executive officer. “Consumers told us entering the season that they intended to stay engaged with lawn and garden and, so far, that is exactly what they are doing. Retailer support for the category remains strong as we enter a period of challenging year-over-year comparisons.

“We also continue to exceed expectations at Hawthorne as we reported our fifth consecutive quarter of sales growth in excess of 60 percent and another month of strong results in April. Given the current momentum of this business, we feel comfortable once again increasing our sales guidance for Hawthorne to a range of 30 to 40 percent growth on a fiscal year basis.”

Commodity Costs Rising

“The margin pressure we are experiencing from higher commodity and distribution costs is expected again in the third quarter and should begin to moderate with year-over-year pricing that takes effect in the fourth quarter,” said Cory Miller, senior vice president and interim chief financial officer. “Given cost pressures and other investments necessary to keep pace with recent growth trends, we have communicated to our retail partners our intention to increase prices of our consumer lawn and garden products by mid-to-high-single digits effective in August. A similar price increase was implemented at Hawthorne in recent weeks.”


Scotts said it now expects Hawthorne sales to increase 30% to 40% for fiscal 2021. While it reaffirmed its sales outlook for the U.S. Consumer segment of 4% to 6% growth, the company said sales growth in the segment continues to trend above that level and believes upside to be possible on a full-year basis. The gross margin rate is now expected to decline 175 to 225 basis points with the added downward pressure due to higher commodity and distribution costs. Scotts said it expected to provide an update on its full-year expectations in early June.

“We continue to see tremendous momentum in all aspects of the business, and we are extremely optimistic in our ability to drive another year of record results,” Hagedorn said. “Obviously, consumer activity in May is extremely important, and it is historically one of the most critical months of the lawn and garden season. That said, we are encouraged by the level of consumer participation we have been seeing so far this season and are optimistic that consumers will remain engaged throughout the season.”

Debra BorchardtMarch 25, 2021


Charlotte’s Web Holdings, Inc.  (OTCQX: CWBHF) looks like it has been able to regain some ground after the pandemic caused the company a lot of disruption as retailers were closed for some time. Charlotte’s Web reported revenue increased 17.9% to $26.9 million in the fourth quarter of 2020 versus $22.8 million for the same time period in 2019. The company said DTC (direct-to-consumer) sales increased 21.2% year-over-year, contributing $17.4 million or 64.8% of the fourth-quarter revenue. While it was a positive turn of events, the company missed revenue estimates of $27.5 million according to Yahoo Finance.

For the full year, total net revenue increased to $95.2 million vs. $94.6 million in 2019. The company said DTC eCommerce sales grew 27.6% in 2020 contributing 67.0% of total revenue, substantially offsetting a decline of 29.5% in B2B sales impacted by the COVID-19 pandemic.

“We turned a challenging start to 2020 into a strong finish, taking multiple actions and outperforming much of the competitive set to extend our brand and market share leadership,” said Deanie Elsner, CEO of Charlotte’s Web. “We filled product and channel gaps with competitive offerings and advanced the science of hemp CBD through CW Labs and collaborative studies with top-tier institutions. We have now protected our intellectual property with 5 patents awarded for our proprietary cultivars and have defended our trademarked Charlotte’s Web brand through a recent judgment.”

E-Commerce Business Builds

During 2020 Charlotte’s web said it implemented a competitive pricing realignment strategy across its product portfolio resulting in increased unit sales and expanded market share in the second half offsetting some of the headwinds created by COVID-19.  B2B net sales increased 12.4% year-over-year supported by expanded topical product offerings. DTC net sales grew by 21.2% year-over-year supported by the pricing realignment and higher conversion rates through ongoing marketing and social media programs. Year-over-year new consumer acquisitions increased 52% and conversion rates increased 98%.

Cutting Expenses

Charlotte’s Web also made headway as it cut Operating expenses by 10.4% to $23.6 million from $26.4 million. The company noted that the high operating expenses were due to its investments in capacity expansion and transition to a consumer-packaged-goods (“CPG”) operating company capable of supporting mass retail channel growth. In response to lower B2B retail sales growth during the pandemic, management said it took actions to better align operating expenses through an expense optimization program successfully achieving reductions of more than 10% of the consolidated expense run rate by the end of 2020. “This was achieved despite the addition of the CW Labs R&D division and the Abacus acquisition during the year. As a percent of revenue operating expenses improved from 136%, to 113% and 88% for Q2, Q3 and Q4, respectively in 2020.”

The company said it used $5.1 million of cash in operations during the fourth quarter of 2020 compared to $8.6 million of cash used in operations during the fourth quarter of 2019. Charlotte’s Web cash and working capital at December 31, 2020, were $52.8 million and $113.6 million, respectively, compared to $68.6 million and $116.9 million on December 31, 2019.

Elsner added, “In 2021 we are positioning for long-term growth and shareholder value creation as we evolve towards establishing Charlotte’s Web as a leading global botanicals wellness company by expanding into cannabis wellness where federally permissible. To support our international growth we have an exclusive agreement with one of Israel’s largest medical cannabis producers, and in the U.S. we secured future optionality through a strategic option to acquire Stanley Brothers cannabis business pending US federal legalization of cannabis.”

Debra BorchardtMarch 23, 2021


TerrAscend Corp.  (OTCQX: TRSSF) reported financial results for its fourth quarter and year ending December 31, 2020. Net sales for TerrAscend increased 152% to $65 million in the fourth quarter of 2020, as compared to $26 million in the fourth quarter of 2019. Net sales increased 28% sequentially. The net loss for the fourth quarter of 2020 was $109 million, largely impacted by a net increase in fair value of warrant and derivative liability of $124 million and a revaluation of contingent consideration of $5 million.

For the full year of 2020, the company reported net sales of %198.3 million versus 2019’s net income of $84.9 million. The net loss was trimmed to $154 million for 2020 versus 2019’s net loss of $219 million. TerrAscend said it continued to expand organically through an increase in cultivation capacity in Pennsylvania and California, the first sales into the New Jersey market, the continued growth and ramp-up at its three retail stores in Pennsylvania as well as two new store locations in California.

“In Q4, we drove strong revenue growth, margin expansion and cash generation by focusing on operational excellence, disciplined cost control, and effective allocation of capital,” said Jason Wild, Executive Chairman of TerrAscend. “I’m pleased to see how our team has executed in the quarter.”

Mr. Wild added, “Looking at our growth plans for 2021, we are well-positioned to continue our momentum.  The business is firing on all cylinders and we are only now just beginning to realize the benefits of our recently completed investments.  Sales from facility expansions in PennsylvaniaNew Jersey, and California are just starting to come to market, our acquisition in Maryland is expected to close imminently, and two additional retail stores are set to open in New Jersey .”


TerrAscend said in a statement that it is raising its full-year 2021 guidance to exceed the high end of previously communicated ranges.  Additionally, the company is converting guidance into US dollars due to the anticipated change to USD reporting currency from CAD in the first quarter of 2021. TerrAscend expects full-year 2021 net sales to exceed $290 million and Adjusted EBITDA to exceed USD $122 million. TerrAscend said its 2021 outlook is driven by the company’s emphasis on organic growth through expansion in high-quality, limited license markets while continuing to maintain tight control on costs.

New Jersey

The company has big plans for the state of New Jersey. It received a permit to dispense medical cannabis at the first New Jersey dispensary in Phillipsburg. The company completed its second phase of the New Jersey 140,000 sq ft cultivation and manufacturing facility. It received a permit in New Jersey allowing for processing, extraction and manufacturing of cannabis products.

Sales from the Company’s 40,000 square foot greenhouse and 80,000 square foot indoor cultivation facilities are expected to ramp throughout 2021. TerrAscend’s Phillipsburg, New Jersey dispensary will achieve its first full quarter of sales in the first quarter of 2021 and the Company plans to open two additional dispensaries in the state in the second quarter and third quarter of 2021.

CEO Is Out

TerrAscend also announced that Jason Ackerman is stepping down from his role as CEO and Executive Chairman of the Company effective March 23Jason Wild, current Chairman of the Board, will assume the position of Executive Chairman with the senior management team reporting directly to him.  Additionally, Ed Schutter, current board member, has been appointed Lead Independent Director.

“On behalf of the entire team, I’d like to thank Jason Ackerman for his contributions as CEO and Board Member during his time with TerrAscend,” said Jason Wild, Executive Chairman. “Unfortunately, there were differences in philosophy over management style and culture, and the Board and I decided it is in the best interest of the company for us to part ways. We wish him the best in all his future endeavors.”

Richard Mavrinac, board member commented, “As the only TerrAscend Board member who pre-dates Jason Wild’s start as Chairman and lead investor in 2017, I have witnessed firsthand how he has shaped and grown TerrAscend into the innovative and profitable multi-state operator that it is today. With an extremely talented team in place and some of the best operational assets in the industry, I have every confidence that Mr. Wild will continue to lead the company to exciting new heights in his new and expanded role as Executive Chairman.”

Debra BorchardtMarch 16, 2021


Columbia Care Inc. (OTCQX: CCHWF)  reported financial and operating results for the fourth quarter and full-year ended December 31, 2020. Revenue rose 234% in the fourth quarter to $81.7 million versus $24.5 million for the same time period in 2019. The actual revenue was $76 million, which combined with the CannAscend revenue to lead to the $81 million. This beat the analyst estimates for $77.9 million in the quarter according to Yahoo Finance.

The net loss for Columbia Care in the fourth quarter was $73 million versus last year’s net loss of $28 million for the same time period. The earnings per share were for a loss of $0.21, which was much worse than the analyst expectations for a loss of $0.04 per Yahoo Finance.

Revenue for the full-year 2020 rose 151% to $197 million versus 2019’s revenue of $78.8 million. The company delivered a net loss of $133 million for 2020 versus a net loss of $102 million in 2019.

“We closed out 2020 with record results across key metrics, demonstrating the strength of our growth strategy and the potential of our expansive market portfolio,” said Nicholas Vita, CEO of Columbia Care. “We generated significant sequential and year-over-year growth across combined revenue, gross profit, and Adjusted EBITDA, as well as robust gross margin expansion. We have outperformed our 2020 outlook, solidifying our position as an industry leading MSO. Corporate profitability continued to expand as we further leverage our national scale. Including the full fourth quarter’s financial contribution of Project Cannabis, Columbia Care generated approximately $87M in Combined Revenue and $12M in Adjusted EBITDA.”

“In 2020, we expanded our footprint in the top two global cannabis markets with accretive acquisitions in California and Colorado. We generated strong organic growth in our existing markets and plan to capitalize on favorable regulatory tailwinds in medical markets that are converting to adult use across the country. With our footprint in 17 U.S. markets, three of which will become operational in 2021, we are well-positioned to take advantage of the tremendous opportunity for growth as cannabis adoption progresses.”


The company’s outlook for 2021 was a pro format outlook which suggested revenue would be in the range of $500 – $530 million. Columbia Care’s pro forma 2021 outlook assumes the pending acquisition of GLeaf closes in the third quarter but does not include any contribution from future acquisitions nor does it assume any changes in the regulatory environment in markets where Columbia Care currently operates, such as the pending adult-use program in New Jersey. The outlook also excludes markets where a conversion from medical-only to adult-use is under consideration by the Governor and/or legislatures, such as New York and Virginia.

Vita added, “Our acquisition of Green Leaf Medical (GLeaf) remains on track to close in 3Q 2021 and is expected to expand our scale and vertically integrated footprint in four key, limited license markets – Maryland, Ohio, Virginia, and Pennsylvania, where we will become one of the largest fully-integrated operators in each state. We are also on track to open the first co-located medical and adult-use dispensary in Boston in 2Q 2021, and recently launched adult-use sales in Arizona. In 2021, we will leverage our vertically integrated national platform for key branding initiatives, both at the product level and in our stores. We will be rolling out several of our nationally-recognized, trusted brands across our markets and introducing a more approachable, more curated retail experience at our dispensaries to redefine the customer journey.”

Columbia Care said it ended 2020 with $61 million in cash and raised $140 million following the end of 2020.

Debra BorchardtMarch 15, 2021


Endocannabinoid drug development company Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP)  reported financial results for the fourth quarter and year-end 2020. The company said that revenue from awards and licenses was $700,000 for the quarter ending December 31, 2020, versus $2.6 million in the same time period in 2019. Corbus delivered a net loss of approximately $8.6 million or a net loss per diluted share of $0.10, for the quarter versus a net loss of approximately $26.6 million, or a net loss per diluted share of $0.41, for the same period in 2019.

Corbus beat Yahoo Finance analyst estimates which were for a loss of $0.25.  The stock was moving higher by over 3% in early trading to sell at $2.42.

For the full year, revenue from awards and licenses was $3.9 million versus $36.1 million in 2019. Revenue for 2019 included a $27 million upfront payment received from Kaken Pharmaceutical Co., Ltd. for a license to commercialize and market lenabasum in Japan. Corbus reported a net loss of approximately $111.3 million for the year or a net loss per diluted share of $1.42, versus a net loss of approximately $71.5 million, or a net loss per diluted share of $1.12, for 2019. The company also said it has $127 million of cash on hand at March 15, 2021, which is expected to fund operations into the first quarter of 2024 based on the current planned expenditures.

Yuval Cohen, Ph.D., Chief Executive Officer said, “We are making progress on our plans to advance development of our internal compounds and expand our pipeline. We look forward to topline results from our DETERMINE Phase 3 study of lenabasum in dermatomyositis in the second quarter. Our CB1 inverse agonist program focusing on metabolic diseases and our CB2 agonist program focusing on oncology continue to progress pre-clinically, and we project to initiate clinical studies next year. We are determined to expand our pipeline and are evaluating a number of potential assets.”

The Phase 3 “DETERMINE” study is an international study of the safety and efficacy of lenabasum in adult dermatomyositis patients. This study enrolled 176 subjects, and all subjects are expected to complete Week 28 of the study this month. The primary efficacy endpoint is Total Improvement Score at Week 28, comparing lenabasum 20 mg twice per day and placebo groups. Topline data are on schedule for Q2 2021. Dermatomyositis is a rare and life-threatening autoimmune disease characterized by skin and muscle inflammation. Dermatomyositis affects approximately 80,000 people in North America, EU, and Japan. There is a significant unmet need for safer and more effective treatments in dermatomyositis because of the limitations of current treatment options.

In October 2020,  Corbus had reported that its drug, Lenabasum did not meet its primary efficacy endpoint of reducing the rate of PEx in a Cystic Fibrosis study. Lenabasum is a novel, oral, small molecule that selectively binds as an agonist to the cannabinoid receptor type 2 (CB2) and resolves inflammation and limits fibrosis in animal and human models of disease.


The company outlined the following updates for its pipeline:

  • The cannabinoid receptor type 1 (CB1) inverse agonist program is in preclinical development for the potential treatment of metabolic disorders such as obesity, diabetic nephropathy, diabetic retinopathy, and nonalcoholic steatohepatitis. Several compounds have demonstrated positive data in preclinical models of diet-induced obesity. These data were presented at the New York Academy of Sciences webinar in January 2020. Corbus is moving toward candidate selection and IND-enabling studies and intends to initiate clinical studies in 2022.
  • The cannabinoid receptor type 2 (CB2) agonist program is in preclinical development for the potential treatment of cancer, investigating single-agent activity and in combination with other cancer therapies such as checkpoint inhibitors. Several compounds have demonstrated positive data in preclinical models of solid tumors. These data were presented at the New York Academy of Sciences webinar in January 2020. The Company is moving toward candidate selection and IND-enabling studies and intends to initiate clinical studies in 2022.
  • Corbus is actively engaging with potential partners to expand its pipeline through the acquisition of external assets. The Company is focusing on biology beyond the endocannabinoid system and new indications that will still leverage its expertise and capabilities within immunology.

Dr. Cohen added, “We are fortunate to be in a strong financial position with approximately $127M of cash on hand, which is expected to fund the Company into the first quarter of 2024.”

Kaitlin DomangueMarch 2, 2021


Canadian cannabis retailer, High Tide Inc., (TSXV: HITI) (OTCQB: HITIF), announced their Q4 earnings yesterday for 2020. Despite the curveballs 2020 threw, High Tide landed on top, and reported a 118% increase in revenue bringing the total to $24.9 million for the fourth quarter. The revenue increase accounted for a 166% year-over-year growth, and brought the year’s total earnings to $83.3 million. 

High Tide’s revenue by geographic location

  • $20.6 million of total company revenue was earned in Canada in Q4
  • $4.1 million of total revenue was earned in the United States in Q4
  • $0.2 million of total revenue was internationally in Q4


  • $68.4 million of total revenue was earned in Canada in fiscal year 2020
  • $14.3 million of total revenue was earned in the United States in fiscal year 2020
  • $0.6 million of total revenue was earned internationally in fiscal year 2020

High Tide’s gross profit increased by 112%

The company’s gross profit increased by 112% to reach $8.7 million in the fourth quarter of 2020, and 172% to $30.8 million for the year. The company’s CEO and President, Raj Grover, said 2020 was their best year yet. “Despite the global slump in retail sales associated with the pandemic, and thanks to the tireless efforts of our team, we closed the year with approximately $8 million in Adjusted EBITDA making 2020 the best year in High Tide’s history,” said Raj Grover, President and Chief Executive Officer. High Tide’s Adjusted EBITDA for the fourth quarter was $3.6 million, and the $8 million represents the fiscal year ended October 31st, 2020. 

High Tide’s cash on hand

The company reported $7.5 million cash on hand as of October 31st, 2020, and a significant cash balance increase to approximately $38 million as of today. 

Revenue segments

  • $22.6 million in total revenue was generated by retail in Q4
  • $2.2 million in total revenue was generated by wholesale in Q4 
  • An immaterial amount by corporate was generated in Q4


  • $75 million in total revenue was generated by retail in fiscal year 2020
  • $7.9 million in total revenue was generated by wholesale in fiscal year 2020
  • $0.4 million in total revenue was generated by corporate in fiscal year 2020 

These figures compare to $24 million, $6.69 million, and $0.6 million, respectively, for the previous year.

More thoughts from High Tide’s CEO 

“We continued to run our operations tightly, ending the year off with the record levels of revenue and Adjusted EBITDA.,” said Grover. “We are excited about our trajectory in the United States and continue to prioritize and look for opportunities in that market. Our integrated value chain which includes Cannabis Bricks & Mortar stores, e-commerce platforms for consumption accessories and hemp derived CBD products, along with manufacturing and distribution of licensed and proprietary consumption accessories, experienced sizable growth on all fronts. We plan to continue to further strengthen our chain through organic growth and strategic acquisitions creating even more value for our shareholders.  Since the end of the fiscal year, we have already nearly doubled our size in Canada with the closing of the META Growth acquisition. For the fiscal first quarter of 2021 we expect to report revenue in the range of $37 million to $38 million.”

Operational highlights

In addition to monetary achievements, High Tide made some operational moves last year to set the company up for success in 2021 and beyond. 

  • Canna Cabana (High Tides retailer) opens location in tourist destination Banff, Alberta in August
  • META shareholders overwhelmingly approve High Tide’s acquisition of META Growth Corp. (META. V) in October 2020
  • Over 50% of the company’s brick-and-mortar revenue came from Cabana Club members, emphasizing the brand’s value 

Additional Events

  • High Tides entered a loan agreement for $6.75 million ending on December 31st, 2024 of an undrawn balance on a $20 million credit facility, which was obtained through the acquisition of META
  • Approximately $29 million worth of company debt was converted into common shares after October 31st, 2020
  • Company common shares moved up to the TSX Venture Exchange
  • The company submitted an initial application to be listed on the NASDAQ 
  • High Tides closed on an unsubscribed bought deal equity financing, gross proceeds $23 million 
  • All branded locations have remained operational throughout the COVID-19 crisis, despite difficult issues facing Canada. 

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