You are probably aware that California has been subjected to some of the largest fires ever in the past couple of weeks and several farms have been destroyed. We are so sorry to hear about this and our hearts go out to you.
Democratic Gov. Tom Wolf of Pennsylvania announced today that regulating the adult-use cannabis market and “restoring justice” to those with past marijuana convictions are among his fall legislative priorities. Wolf said: “I’m calling on the legislature to legalize recreational marijuana, with the revenue going to small business grant funding [and] restorative justice programs. At the same time, we must pursue policies that restore justice for individuals convicted of marijuana-related offenses.”
Columbia Care Inc. is planning to buy The Green Solution (TGS) in an all-stock deal that is expected to close on September 1, 2020. Colorado-based TGS is said to have unaudited revenue through July 2020 of $52.7 million, Columbia Care said that the deal would be immediately accretive
(MindMed) announced that it is working with the University Hospital Basel’s Liechti Lab on a combination of MDMA and LSD in the Phase 1 clinical trial. The Phase 1 MDMA-LSD trial is scheduled to start in Q4 of this year in Basel, Switzerland. They are studying whether MDMA will reduce the potential effect of a “bad trip” experienced by someone during an LSD treatment.
There were numerous earnings announcements this week.
TILT Holdings Inc. (OTCQB: TLLTF) reported that its revenue fell 9% sequentially to $38.6 million and dropped 1% from last year’s second quarter in 2019. The company blamed the decline on “COVID-19 related headwinds including decreased sales at the Company’s inhalation technology subsidiary, Jupiter Research, as well as lower wholesale demand in the cannabis segment due to the temporary suspension of adult-use sales in Massachusetts from March 24th to May 25th.”
Vireo Health International, Inc. (OTCQX: VREOF) reported that it generated revenue including contributions from discontinued operations, of $12.2 million. This was an increase of 70% over $7.2 million in the second quarter of 2019. Vireo reported revenue, excluding discontinued operations, increased 59% to $10.8 million, over $6.7 million in the 2019 second-quarter. The second-quarter net loss grew to $8.9 million, versus a net loss of $1.8 million in the 2019 second-quarter.
Canadian-based Inner Spirit Holdings Ltd. (CSE: ISH) (OTC:INSHF)known for its national network of Spiritleaf retail cannabis stores reported system-wide retail sales of $20.5 million in the second quarter of 2020, an increase of 343% compared with $4.6 million in the second quarter of 2019. This was a 19% increase sequentially from the first quarter’s $17.1 million.
Hollister Biosciences Inc. (CSE: HOLL), (OTC: HSTRF) reported that its revenue for the second quarter ending June 30th, 2020 was $8.47 million versus $0.2 million for the same time period last year. the company attributed the revenue growth to the sale of concentrates, pre-rolls, and contract manufacturing services.
Ayr Strategies said its revenue fell 16% to $28 million in the second quarter from $33 million. The company reported a net loss of $7.5 million which was the opposite of the net income in the first quarter of $1.6 million.