Fire & Flower Archives - Green Market Report

Video StaffVideo StaffOctober 4, 2019
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7min3800

Green Market Report thanks the ArcView Group for allowing us to tape Marijuana Money from their event this week. 

Constellation Brands (NYSE: STZ) wrote down its Canopy Brands (NYSE: CGC) investment to the tune of almost half a billion dollars. Constellation, which also owns Modelo beer and Robert Mondavi wines, said its share of equity losses from its roughly $4 billion investment came to $484.4 million. 

 Canopy Growth Corporation  (TSX: WEED) (NYSE: CGC)  has completed an all-cash transaction to purchase a majority stake in sports nutrition company BioSteel Sports Nutrition Inc. The amount of the acquisition was not disclosed. The deal gives Canopy a significant entry into the sports nutrition and hydration category and lays the groundwork for cannabidiol (CBD) products to be sold in the U.S.

Venture capital firm Canopy Rivers Inc.  (TSX: RIV)(OTC: CNPOF) completed a $10 million investment ( in TerrAscend Canada Inc., a subsidiary of its portfolio company.

Gotham Green Partners has invested an additional $20 million in iAnthus Capital Holdings, Inc. (CSE: IAN)(OTCQX: ITHUF) through the purchase of senior secured convertible notes. Green Gotham said it was part of a broader $100 million financing plan to support the buildout of all existing markets in which iAnthus currently operatesTerrAscend Corp. 

TILT Holdings Inc.  (CSE: TILT) (OTCQB: TLLTF) has negotiated an agreement with six of its remaining founders regarding the immediate forfeiture of all 60,217,088 stock options granted at the time of the merger. Adjusting for the subsequent forfeiture, TILT’s Q2 2019 net loss of $48.9 million would have been almost entirely reduced, bringing the Company close to break-even.

Fire & Flower Holdings Corp. (TSX: FAF) its financial results for the second fiscal quarter ending August 3, 2019, with total revenue of $11.1 million versus $9.5 million for the same time period in 2018. The net loss for the quarter was $6.4 million.

High Tide Inc. (CSE:HITI) (OTCQB:HITIF) announced financial results for the third fiscal quarter of 2019 ending July 31. Revenue in the third quarter increased by 281%, to C$8 million from C$2 million last year. 

48North Cannabis Corp. (TSXV: NRTH) delivered net revenue of $4.8 million marking 48North’s first full year of revenue, but a net loss of $8.1 million. In fiscal 2019, the company raised over $48 million and at the end of the year had $52.7 million in cash and cash equivalents on hand.

Arizona-based DNA testing technology company PathogenDx, Inc. announced $7.5 million in Series B funding. 

And finally HeavenlyRx Ltd. Acquired CBD company PureKana. 


Debra BorchardtDebra BorchardtOctober 1, 2019
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3min2400

Fire & Flower Holdings Corp. (TSX: FAF) its financial results for the second fiscal quarter ending August 3, 2019, with total revenue of $11.1 million versus $9.5 million for the same time period in 2018. The net loss for the quarter was $6.4 million versus last year’s net loss of $4.2 million for the same quarter. The net loss per share remained flat at ($0.06). 

Fire & Flower‘s financial and operational results for the quarter demonstrate that the company is continuing to build the infrastructure required to support the rapid growth of our retail network and deliver on our objectives,” shared Trevor Fencott, Fire & Flower’s, Chief Executive Officer. “Our strategic partnership with Alimentation Couche-Tard is transformative for the Company and the Hifyre digital retail platform continues to showcase Fire & Flower as a leading data-driven, ‘retail 2.0’ company.”

Breaking Down The Revenue

$9.7 million of $11.1 million in revenue was cannabis-related accessory sales with wholesale sales accounting for $0.9 million and digital development revenue of $0.5 million. During the first quarter, cannabis-related accessory sales were $7.7 million, wholesale sales of $1.3 million and digital development revenue of $0.5 million. The company said that revenues were expected to continue to increase as it acquires new licenses, opens additional retail cannabis stores, and continues to commercialize the HifyreT digital retail and analytics platform.

Here Come The Convenience Stores

In August, Fire & Flower closed a strategic investment by Alimentation Couche-Tard, a company known for its convenience stores like Circle K. The company noted in its statement that this transaction allows for Couche-Tard to obtain a controlling interest and provides more than $380 million of growth capital for global expansion. It provides significant, new possible commercialization and innovation leadership opportunities for Fire & Flower’s proprietary Hifyre digital platform and access to Couche-Tard’s leadership team.

The Hifyre platform provides real-time reporting and analysis to the Company’s marketing, retail experience, and merchandising teams and is supplied to Licensed Producers to assist in demand forecasting, product development and sales reporting. This platform is integral to Fire & Flower operating as a data-driven “retail 2.0” company.

 


William SumnerWilliam SumnerJune 4, 2019
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4min3330

It’s time for your Daily Hit of cannabis financial news for June 4, 2019.

On the Site

FDA Holds Public Hearing on Regulating CBD

Last week, the U.S. Food and Drug Administration (FDA) held its first public hearing on regulating cannabidiol (CBD). Over the last several years, CBD has been growing in popularity as a health and wellness product. That popularity has only been amplified by the passage of the 2018 Farm Bill, which removed hemp and hemp-derived products (CBD included) from the federal government’s list of controlled substances. At stake in these hearings is a potentially billion-dollar market. According to Brightfield Group, the CBD market could grow to as high as $22 billion by 2022.

Green Growth Brands

Green Growth Brands, Inc. (GGB.CN) (GGBXF) has announced that it has executed an arm’s length definitive agreement to acquire all issued and outstanding shares of Spring Oaks Greenhouses (Spring Oaks) for approximately $54.6 million. Spring Oaks is a licensed medical cannabis provider in the state of Florida.

In Other News

DionyMed Brands

DionyMed Brands Inc. (CSE: DYME) (OTCQB: DYMEF) has announced its financial results for the quarter ending on March 31, 2019. Quarter-over-quarter, revenue rose from $5.5 million to $14.4 million. Adjusted EBITDA was a loss of $6 million, which the company attributes to increasing platform costs to support its continued growth activities. The net loss for the period was $1.03 million. “Our continued growth, both financial and operational, is a direct result of our ability to deliver today’s leading cannabis brands to consumers through the industry’s most efficient cannabis brands platform. Our first quarter financial results demonstrate the success of our efforts to scale our Direct-to-Consumer and retail distribution businesses through organic growth initiatives,” said DionyMed CEO Edward Fields.

Fire & Flower

Fire & Flower Holdings Corp. (TSXV:FAF) announced that it has entered into a letter of engagement with Eight Capital, pursuant to which Eight Capital and GMP Securities L.P. will purchase, as co-lead underwriters and joint bookrunners, 15 million convertible debenture units of the company for $15 million. A single unit consists of one $1,000 principal amount unsecured convertible debenture and 278 common share purchase warrants. Each warrant entitles the holder to purchase one common share of the company, for up to 24 months following the closing period, at a price of $1.45 per share. The company will use the proceeds from the offering for working capital and general corporate purposes.


William SumnerWilliam SumnerMay 3, 2019
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5min4570

It’s time for your Daily Hit of cannabis financial news for May 3, 2019.

On The Site

Indose

Indose, a groundbreaking precise dosage vaporizer that measures and displays exact dosage in real-time, down to the milligram, for a customized and controlled cannabis experience, announced today that it has closed a $3.5 million Series A round led by Casa Verde Capital.

Millennials Are Beginning Cannabis Careers Through Summer Internships

An increasing number of North American cannabis companies are reaching out to college students, offering summer internships as an opportunity to get their foot in the door in the growing industry. Students now are being given opportunities that students only 5 years ago could have only dreamed of!

Green Market Report’s Marijuana Money May 3, 2019

Green Market Report just learned that one of the sponsors at next week’s Green Market Summit is going to be announcing a new product at the conference. This is going to be huge news. We still have some room left, but there is a limited about of seats. Get your tickets before it’s too late.

In Other News

TerrAscend

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) has announced that its manufacturing facility in Mississauga, Ontario, Canada has been issued a Good Manufacturing Practice certificate in according with European Union (EU) laws; which will allow the company to export medical cannabis to the EU. The company also announced that it has entered into a comprehensive sales and distribution agreement with the German pharmaceutical wholesaler, iuvo Therapeutics GmbH. “Just five months ago, TerrAscend became the first North American Operator (NAO), with scale operations in both Canada and the US. Upon commencement of shipments this quarter, through our partner iuvo in Germany, TerrAscend will be the first and only global cannabis operator with sales in the three largest markets in the world,” said Dr. Michael Nashat, CEO of TerrAscend.

iAnthus

iAnthus Capital Holdings Inc. (CSE: IAN) (OTCQX: ITHUF) announced that it has completed a private placement offering of an incremental $25 million of unsecured convertible notes and corresponding warrants, as an add-on to a previously announced private placement of $35 million. The notes will mature on March 15, 2023 and will carry an annual interest of 8%.

Fire & Flower

Fire & Flower Holdings Corp. (TSXV: FAF) announced that it has entered into a definitive agreement to acquire four licensed cannabis dispensaries from Prairie Sky Cannabis Inc. for $13 million, half of which will be paid in cash and the other half in common shares of the company. The dispensaries, which are under the brand name Jimmy’s Cannabis Shop, are located in the Saskatchewan communities of Battleford, Estevan, Martensville, and Moosomin. “The acquisition of four additional retail cannabis stores in the province of Saskatchewan is the first in Fire & Flower’s aggressive acquisition strategy for 2019,” said Fire & Flower CEO Trevor Fencott. “In conjunction with our Open Fields wholesale distribution platform in the province, it cements our leadership position in this strategic market.”



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