It’s time for your Daily Hit of cannabis financial news for May 30, 2019.
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The Economics of Cannabis and Women Led Businesses
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MJardin Group, Inc. (CSE: MJAR) (OTCQX: MJARF) reported its financial results for the quarter ending March 31, 2019, in Canadian dollars. The company delivered revenues of $10.9 million versus last year’s $6.7 million for the same time period. MJardin said it continued to see improvements in the sales of Cannabis from its WILL facility, recording $1.1 million in sales in the first quarter with a $0.8 million fair value adjustment to inventory.
In Other News
The Illinois State Senate has voted to approve the Cannabis Regulation and Tax Act. Under the approved measure, cannabis would be taxed and regulated like any other substance and would help communities disproportionately affected by the “War on Drugs.” This is just one step of many in ending cannabis prohibition. Even after this bill passes there will still be work to do to give adults in Illinois access to cannabis without having to purchase it from a limited amount of stores and cultivators,” said Dan Linn, Executive Director of Illinois NORML.
Green Thumb Industries
Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) today reported its first quarter financial results for the period ending on March 31, 2019. Quarter-over-quarter revenue grew by 34% to $27.9 million. Adjusted EBITDA was $4.9 million. For the quarter, the company incurred a net loss of $9.7 million, which the company attributes to the decrease in value from a variable note receivable in other income. The company currently has $151.1 million in assets and $6.7 million in outstanding debt.
Cansortium Inc. (CSE: TIUM.U) today reported its financial results for the period ending on March 31, 2019. Revenue for the quarter was $5.5 million and the experienced a consolidated net loss of $16.6 million. “We expect 2019 to be a year of expansive growth and we are reaffirming our previous full year outlook,” said Cansortium CEO Jose Hidalgo. “Our team is focused on positioning the Company and the Fluent brand to capitalize on rapidly expanding opportunities in the U.S., while laying important groundwork for future expansion in international markets.”
After the market close yesterday, Indus Holdings announced the release of their first quarter financial results. Year-over-year, revenue grew by 180% to $6.4 million. The gross margin increased from 10% in the previous quarter to 21%. “As consumer awareness and demand grows, for a company to be successful, it has to be strategic and adaptable with the capacity to scale up. We will selectively grow in a disciplined manner with smart and very accretive deals with an eye to high return – adding strategic and like-minded partners as we position ourselves as a multi-state operator,” stated Indus co-founder and CEO, Robert Weakley.