Marijuana Money Archives - Green Market Report

Video StaffMay 14, 2021

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It was a big week for Trulieve Cannabis Corp.  (OTC: TCNNF). The florida-based company said it was buying  Harvest Health & Recreation Inc.  (OTCQX: HRVSF) in a deal valued at approximately $2.1 billion. The combined businesses will have operations in 11 states with 126 dispensaries serving both the medical and adult-use recreational cannabis markets. Right after that Harvest Health reported its first-quarter revenue rose 101% to $88.8 million. The company said in its earnings that it has a cash position of $106 million, but the company’s total liabilities are $554 million.

Then on Thursday Trulieve said its revenues increased 102% to $193.8 million and beat the Yahoo Finance average analyst estimate for revenues of $189 million.

GrowGeneration Corp. (NASDAQ: GRWG) reported its first-quarter 2021 revenues rose 173% to $90 million. GrowGen said same-store sales increased 51% year over year. Net income was $6.1 million, or $0.10 per share which beat the estimate for $0.07.

Green Thumb Industries Inc.  (OTCQX: GTBIF) continues to show its strength delivering total revenue of $194.4 million in the first quarter up 89% from last year beating analyst estimates. The company also delivered a net income of $10.4 million versus last year’s net loss. 

Charlotte’s Web Holdings, Inc. (OTCQX: CWBHF) reported revenue increased 9.1% to $23.4 million, but net losses grew to $13 million.

In the not so great column:

MedMen Enterprises Inc. (OTCQX: MMNFF) reported its revenue fell to $32 million, from last year’s $44.1 million. This also missed the average analyst estimates of $37.3 million.

The Green Organic Dutchman (TSX: TGOD) (US: TGODF) reported its unaudited revenue increased 194% year over year to $8.98 million but decreased 18% sequentially abd blamed covid store closings for the drop. 

In stock news:

ETF Managers Group has launched its latest cannabis ETF (exchange-traded fund) that will once again focus on the cannabis U.S. stocks. The ETFMG U.S. Alternative Harvest ETF (NYSE Arca: MJUS) will begin trading on the New York Stock Exchange.

Flora Growth Corp. (NASDAQ: FLGC) priced its IPO raising $16 million and will trade on the NASDAQ with the symbol “FLGC.” 

True Leaf Brands  (OTC Pink: TRLFF) has launched both a traditional private placement and an equity crowdfunding offering.


Video StaffMay 7, 2021

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This year’s New York City annual cannabis parade brought out a who’s who of New York politicians and activists. Senator Chuck Schumer told the Green Market Report that he and Senator Booker will be introducing legalization legislation in a few weeks.

Sundial Growers Inc. (NASDAQ: SNDL)  said it was buying Inner Spirit Holdings  (CSE: ISH) (OTCQB: INSHF) in a deal valued at approximately $131 million. Inner Spirit is better known as the retailer and franchisor of Spiritleaf recreational cannabis stores across Canada. The Spiritleaf network includes 86 locations and the deal is expected to close in the third quarter of 2021.

Ascend Wellness Holdings, Inc. closed its previously announced IPO raising $80 million. The shares began trading today on the Canadian Securities Exchange, under the ticker symbol “AAWH.U”. The company expects its shares to become quoted on the OTC markets in the near future.

Tilray, Inc. and Aphria Inc. have officially completed the previously announced merger. The combined company, which will be known as Tilray and the combined company had a market cap of approximately $8.2 billion. 

Jazz Pharmaceuticals plc (Nasdaq: JAZZ) closed on its acquisition of GW Pharmaceuticals and announced financial results for the first quarter of 2021 and affirmed financial guidance for 2021. Total revenues increased 14% in the first quarter of 2021 to $607 million compared to the same period in 2020 which was $534 million.

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. 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.

Cansortium Inc. (OTCQB: CNTMF) reported revenue increased 54% to $14.7 million in the fourth quarter versus $9.5 million for the same time period in 2019. Cansortium also delivered a net loss of $8.4 million in the quarter, which was an improvement over last year’s net loss of $32.8 million for the same time period. For the full year of 2020, Cansortium reported its revenue increased 84% to $52.4 million. 

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) delivered another quarter of solid results. The real estate investment trust (REIT) reported that its total revenues increased 103% to $42.9 million for the first quarter ending March 31, 2021. This beat the yahoo Finance average analyst estimate for revenues of $42.88 for the quarter.

Cannabis data firm Headset has raised $1.825M in a round led by Silverleaf Venture Partners, a private equity investment manager.

 


Video StaffApril 30, 2021

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For a company that mostly sells papers, Turning Point Brands (NYSE: TPB) is turning into a behemoth in the cannabis industry. During its recent earnings results, the company announced that it was increasing its guidance for 2021 net sales to a range of $422 million to $440 million. Results for the first quarter have net sales increasing 18.7% to $107.6 million and net income increased $7.3 million to $11.8 million.

Hydroponic company Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) has had a busy week. First things first, Hydrofarm said it expects to deliver net sales in the range of $109 million to $111 million for the quarter. The company also acquired Heavy 16 in a deal valued at $78 million. And supersized a huge offering that intends to raise $269 million.

Fire & Flower Holdings Corp. (OTCQX: FFLWF) announced its financial and operational results for the fiscal year and quarter ending January 30, 2021. In the fourth fiscal quarter, Fire & Flower reported total revenue of $43.2 million versus revenue of $16.8 million for the fourth quarter of 2019. It was an increase in revenue of 30.5% and an increase of 42.8% in total gross profit dollars compared to the third quarter of 2020.

Auxly Cannabis Group Inc. (OTCQX: CBWTF) reported total revenues for the fourth quarter were $18.8 million versus $3.1 million for the same time period in 2019. For the full year of 2020, revenue jumped 508% to $50.7 million versus 2019’s $8.3 million. 

Harborside Inc.  (OTCQX: HBORF)reported in the fourth quarter, it had gross revenues of approximately $13.1 million, which was a 12% increase versus 2019’s fourth-quarter revenues of $11.7 million. For the full year, 2020 gross revenues increased 29.4% to $63.4 million.

Michigan-based Gage Growth Corp.  (CSE: GAGE) reported that its revenue increased 615% to $10.5 million in the fourth quarter over last year. Gage also reported that its revenue increased 1,972% for the full year to $39.9 million versus $1.9 million in fiscal year 2019. The company also trimmed its net losses to $29.8 million from 2019’s net loss of $75 million.

The Valens Company Inc.  (OTCQX: VLNCF) is buying Green Roads and its majority-owned manufacturing subsidiary in a deal potentially valued at $60 million.

 

And finally,  Pennsylvania’s medical cannabis sales have escalated, and between April 2020 and March 2021, Pennsylvania’s medical markets brought in $909.4 million.


Video StaffApril 23, 2021

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What a huge week for 420. Headset said it was processing $60,000 in sales a minute. Planet 13 reported it had done over half a million in sales for one day and Ayr Wellness said it saw 14,241 transactions and $1.24 million in sales on Tuesday, for an average ticket of $87. 

Cannabis legalization advocates must be feeling a sense a deja vu. Today, the House of Representatives approved legislation (again) that would provide safe harbor for financial service providers to work with cannabis businesses that are in compliance with state laws. Called the SAFE ACT, (Secure and Fair Enforcement) Banking Act, or H.R. 1996, was reintroduced in March by Reps. Ed Perlmutter (D-CO), Steve Stivers (R-OH), Nydia Velazquez (D-NY), and Warren Davidson (R-OH), and had 177 total cosponsors by the time of the vote. The legislation was approved by a vote of 321-101, including a majority of voting Republicans.

This was a big week for  Jushi Holdings Inc. (OTCMKTS: JUSHF) bought Nature’s Remedy of Massachusetts, Inc. in a deal valued at $110 million. The acquisition is expected to close in the second half of 2021. Nature’s Remedy currently operates two retail dispensaries, in Millbury, MA and Tyngsborough, MA, and a 50,000 sq. ft. cultivation and production facility in Lakeville, MA with approximately 19,500 sq. ft. of high-quality indoor flower canopy and state-of-the-art extraction and manufacturing capabilities. OhiGrow, LLC, one of 34 licensed cultivators in Ohio, and Ohio Green Grow LLC collectively known as OhiGrow in a deal valued at $5 million in cash. 

Jushi was not able to finish its audited fourth-quarter and full-year results by the April 30 deadline. Instead, Jushi delivered unaudited results said it expected to deliver the official numbers by May 24, 2021.  Despite the numbers being unaudited, revenues increased 30% sequentially in the fourth quarter to $32.3 million and easily tops last year’s revenue of $6 million for the same time period. For the full year 2020, Jushi reported revenues increased 690% to $80.8 million versus last year’s $10.2 million. 

GrowGeneration Corp . (NASDAQ: GRWG ) is continuing to expand its universe by buying Downriver Hydroponics, a Michigan -based indoor garden supply center in Wayne County. The company did not disclose the value of the deal, however, it did say  Downriver Hydro is the area’s largest hydroponics store, with annual revenues approaching $10 million. With the acquisition of Downriver Hydro, GrowGen’s portfolio of hydroponic garden centers now includes 53 stores across 12 states, with seven of those locations in Michigan.

Parallel, one of the largest privately-held multi-state cannabis operators in the United States (U.S.), today announced it will make a $25 million dollar investment in a new state-of-the art cannabis cultivation, production and retail facility in Texas. 

Turning Point Brands, Inc. (NYSE: TPB) announced a $8.7 million strategic investment in Docklight Brands, Inc., a pioneering consumer products company with celebrated brands including Marley Natural cannabis and Marley CBD. 

And finally, mark your calendars for our next virtual event The State of Psychedelic investing on May 13 at 3pm eastern. The registration link is on our website.


Video StaffApril 16, 2021

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New Mexico became the 18th state to legalize cannabis for adults 21 and over after Gov. Michelle Lujan Grisham (D) signed the Cannabis Regulation Act (HB 2) into law on Monday.  New Mexico is now the fifth state to adopt a legalization policy by passing a bill through its state legislature, joining Illinois, Vermont, New York, and Virginia. Thirteen additional states have legalized by voter initiatives.

Aphria Inc.  (NASDAQ: APHA) reported that its revenue dropped versus the last quarter and reported a whopping net loss of $361 million. In addition to that, Aphria missed analysts’ estimates for earnings and revenues. revenue increasing 6.4% over last year to $153.6 million. The company said that the duration and impact of lockdowns across many of the regions in Canada, were greater than we initially anticipated.

Organigram Holdings Inc. (NASDAQ: OGI) reported that its revenue fell 29% to $19.2 million in the second fiscal quarter of 2021 and then its losses ballooned.  The company attributed it to significantly lower wholesale revenue and lower average selling prices. The company went on to say that the net revenue was also lower due to missed sales opportunities, as certain employees tested positive for COVID-19 which resulted in a significant number of facility staff having to isolate.

TILT Holdings Inc.  (OTCQB: TLLTF)  reported Revenue for the fourth quarter increased 8.1% sequentially to $42.3 million from $39 million and increased 35.4% over last year. For the full year 2020, revenue came in at $158 million versus 2019’s revenue of $146 million. 

The Scotts Miracle-Gro Company (SMG) recently announced that it now expects to report sales growth in the band of 4-6% in its U.S. Consumer segment for fiscal 2021, which suggests an increase from its earlier sales guidance of flat to -5%. The Hawthorne segment is forecast to witness a sales growth at the top-end of the guidance of 20-30%. 

And finally, next week is the 420 holiday.

The weekend preceding 4/20, which lands on a Tuesday this year, is pegged by Akerna’s predictive data as the most significant sales weekend of the year. On Friday, April 16, the Flash Report anticipates a 50% growth in daily sales from its 2021 average, with a total industry sales figure of $85 million. By the time Tuesday hits, the daily retail sale of legal cannabis is expected to gross $95 million nationally, bringing total of 4/20-related sales to $370 million. 

Party on my friends.


Kaitlin DomangueApril 15, 2021
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Cannabis data and analytics company, Headset, announced the launch of a report highlighting a long-term forecast into the U.S. and Canadian cannabis markets! Specifically, forecasting the sales, sales volume, and market shares for 2021 and 2022 compared to 2020. 

The cannabis industry during 2020

The cannabis industry held their breath last year when COVID-19 hit. We fully expected to see a dramatic impact on businesses, and at our worst: expected to get shut down and deemed non-essential. For the most part, that didn’t happen and many local governments declared cannabis businesses to be essential. We collectively breathed a sigh of relief, but many physical storefronts were damaged in some of the riots over the summer, forcing some stores to close briefly. Despite that, the industry trudged forward and kept it moving, seeing the end of 2020 and welcoming a hopefully very different 2021. 

Headset’s methodology for this report

Headset says: “These forecasts will include all 13 Canadian provinces and territories and 36 US states* with any level of legalization and across all markets (recreational and medical), and the data will be presented in the aggregate for each calendar year. Typically, Headset only forecasts one forward looking month at a time and in this new framework, forward looking forecasts will cover at minimum five quarters (15 months) and at maximum eight quarters (24 months).” The numbers take New Jersey, New Mexico, and New York’s new legalization into account. 

The data estimates the U.S. cannabis market to reach $23 billion in sales by 2022. Canada’s market is expected to grow twice as fast as the American market from 2020 to 2021, and nearly three times faster from 2021 to 2022. Headset predicts Canada’s annual sales to grow 54.6% in 2021 and 31.9% in 2022. The United States is predicted to see a 23% growth rate in 2021 and 24.4% growth in 2022. Canada’s cannabis market is expected to hit $4 billion in sales in 2022, so significantly lower than the U.S. market, but nonetheless on an incredibly fast-paced rate of growth. Check out the predicted (and last year’s) sales volume in both countries: 

2020

U.S.: $18,504 million 

Canada: $2,624 million 

 

2021 

U.S.: $22,751 million

Canada: $4,057 million 

 

2022

U.S.: $28,308 million 

Canada: $5,351

Per usual, flower is expected to dominate future markets and did dominate 2020’s market. 

  • Flower accounts for a majority of total annual sales, reaching $11 billion and $12 billion in 2021 and 2022 respectively. 
  • Despite flower’s consistent popularity in both markets, edibles, vapor pens, and concentrates hold more market shares than flower in 2020, 2021, and 2022
  • Edibles and concentrates are expected to have larger market shares (at the expense of flower and pre-rolls) in 2022
  • Pre-roll sales are expected to contribute to 20% of Canada’s total sales volume growth in 2022, making for a 2% increase from the prior year 

Tinctures, topicals, capsules, and beverages are consistently among the categories with the lowest sales in both markets, but still accumulating millions of dollars each year and in some cases, sharply rising. 

Category shares for both markets

The report also goes into detail about market shares by category, specifically sales and sales volume. Here are the top performing categories (roughly) in order, it changes depending on country and the year, but all five are consistently at the top:

  1. Flower
  2. Pre-rolls
  3. Vape Pens
  4. Edibles
  5. Concentrates 

Download Headset’s report here


Video StaffApril 9, 2021
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Next week Green Market Report is hosting its next virtual event on April 13 next week, The topic is cannabis Special Purpose Acquisition Companies. What was once seen as a promising path to IPO may already have peaked. Register and tune in to find out the latest on SPACs

Virginia is now the 17th state to legalize cannabis for adult use and the fourth state to do so by passing a bill through its state legislature versus going to the voters. On Wednesday, Virginia lawmakers approved a bill that will legalize, regulate, and tax cannabis sales for adults 21 and over.   It will probably be another two years before the state sees any retail sales.

Consolidation continues within the industry this week with Canopy Growth (NASDAQ: CGC) buying The Supreme Cannabis Company (OTCQX: SPRWF) in a deal valued at approximately $435 million. Supreme Cannabis’s portfolio of brands includes 7ACRES, 7ACRES Craft Collective, Blissco, sugarleaf, and Hiway. The combination of market leader Canopy Growth with Supreme Cannabis’ top position in Canada will lead to a pro forma Canadian recreational market share of 13.6% according to a company statement based on Headset data.

Florida-based Trulieve Cannabis Corp.  (OTCQX: TCNNF) is making a big move in Pennsylvania with the acquisition of Keystone Shops from Anna Holdings LLC in a deal valued at $60 million. Keystone has locations in Philadelphia, Devon, and King of Prussia. The deal consists of $40 million in Trulieve stock and $20 million in cash.

Organigram Holdings Inc. (NASDAQ: OGI) has acquired The Edibles & Infusions Corporation in a deal valued at $35 million consisting of $22.0 million, plus up to an additional $13.0 million in shares (payable upon the EIC business achieving certain earnout milestones.

Curaleaf Holdings, Inc. (OTCQX: CURLF) has successfully completed the previously announced acquisition of the European-based EMMAC Life Sciences Limited, a deal valued at approximately $50 million in cash and 17.5 million shares of Curaleaf.

In earnings this week:

Planet 13 Holdings Inc. (OTCQB:PLNHF) announced fourth quarter revenues were $20.1 million for the fourth quarter versus $16.5 million. For the full year, revenues were $70.5 million versus $63.6 million.The net loss for the year was $7.9 million as compared to a net loss of $6.7 million.

4Front Ventures Corp. (OTCQX: FFNTF) announced revenues of $46 million in 2020 vs. $14 million in 2019. The net loss fell considerably to $47 million from $182 million. 

 

 

 

 


Video StaffApril 2, 2021

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Markets are closed on Friday, April 2 for the Good Friday holiday.

It was an amazing week for legalization. New York became the 16th state in the country to fully legalize cannabis. The program includes home grow, expungement and consumption lounges. Sales aren’t expected to begin for another year as the rules and regulations get finalized. Existing license holders will be allowed to expand, while new entrants will be limited. Cities will be allowed to opt-out of the program.

New Mexico legislators also passed full legalization this week as well. Legal sales are expected to begin in April 2022.

Smoking accessories e-commerce site Greenlane announced it was merging with cannabis packaging company KushCo. KushCo’s CEO Nick Kovacevich will be the new CEO of the combined company, while Greenlane shareholders will have a slight majority ownership. This came following Greenlane’s earnings announcement that 2020 total revenue fell to $138.3 million versus $185.0 million for 2019.

Earlier this week, the Chicago Tribune ran a story alleging that cannabis company Green Thumb Industries Inc. (OTCQX: GTBIF) was under federal investigation for possible pay-to-play violations during its push for state licenses. The article cited an unnamed source. The story was relatively vague and stated, “It’s unclear what specific aspects of Green Thumb’s political giving, hiring or other activities are being scrutinized by federal authorities. The exact time frame and origin of the probe were not known.”

In a statement, Green Thumb said it possessed absolutely no evidence to corroborate claims that there is an open investigation by federal authorities as alleged in an article. GTI asked for a retraction and the Tribune says it is standing by the story and continuing to pursue it.

A couple of huge deals happened this week. 

Verano Holdings Corp. (CSE: VRNO) has entered into a definitive agreement to acquire The Healing Center, LLC, adding three highly productive, award-winning dispensaries in the Pittsburgh-metro area. On closing, the acquisition will enhance Verano’s presence in Pennsylvania and will further the company’s position as a U.S. market leader. The deal is valued at $110 million 

Ayr Wellness Inc. (OTCQX: AYRWF) is buying the Garden State Dispensary, officially known as GSD NJ in a deal valued at $101 million. Garden State Dispensary (GSD) is one of the state’s original six alternative treatment centers (ATCs). It has three open dispensaries and a 30,000 sq. ft. facility that houses the existing cultivation and production facilities in operation. An additional 75,000 sq. ft. is currently under construction. GSD currently employs 110 people, all of whom are expected to be retained by Ayr.

Harvest Health & Recreation (OTCQX: HRVSF) reported revenue in the fourth quarter of $69.9 million and said its full-year revenue increased 98% to $231.5 million in 2020.

Those are the big headlines for this week.

Everyone have a great Easter holiday

 


Video StaffMarch 26, 2021

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Word came out of Albany late Wednesday afternoon that legislators had reached an agreement on the language of legislation regarding the legalization of adult-use cannabis. There are two competing bills for the law – the Cannabis Regulation and Taxation Act (CRTA) and the Marijuana Regulation and Taxation Act (MRTA). The word is that the bill that was agreed upon included the contentious home grow issue, delivery, social consumption, and the removal of the license auction. However, there is no confirmation on the actual language that was included which could receive a vote next week. It is expected that it will take at least one year before sales can take place.

Earnings season is underway as some of the biggest industry reported fourth quarter and full year numbers. 

Trulieve Cannabis Corp. (OTCQX: TCNNF) announced its revenue grew 111% to $168.4 million for the fourth quarter which beat the average analyst estimate for $162 million. For the full year, Trulieve delivered revenue of $521.5 million.

Cresco Labs Inc. (OTCQX: CRLBF) delivered Revenue for the fourth quarter of $162.3 million and reported a net loss for the fourth quarter of $23 million. The company beat the Yahoo Finance analyst estimate for revenue of $161 million. For the full year, Cresco delivered revenue of $476.3 million a 271% increase over 2019’s revenue of $128 million. 

TerrAscend Corp.  (OTCQX: TRSSF) reported Net sales increased 152% to $65 million in the fourth quarter of 2020 The net loss for the fourth quarter of 2020 was $109 million, largely impacted by a derivative liability of $124 million. For the full year of 2020, the company reported net sales of $198.3 million.

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. The company reported revenue increased 17.9% to $26.9 million in the fourth quarter of 2020. For the full year, total net revenue increased to $95.2 million vs. $94.6 million in 2019.

Aleafia Health Inc. (OTC: ALEAF) reported net revenue of $15.4 million in the fourth quarter versus $6 million for the same time period in 2019. The net loss though was a whopping $217.3 million versus last year’s net loss of $9.8 million. Aleafia wrote-down $176.0 million of goodwill associated with the acquisition of Emblem Corp., and $1.4 million of goodwill associated with the acquisition of Canabo Medical Corp.

And finally, it was reported that a Manhattan jury found two businessmen guilty of assisting in an elaborate plan to let California weed company Eaze process transactions without getting flagged by banks. Last year, the businessmen Hamid Akhavan, 42, and Ruben Weigand, 38, were each charged by the Manhattan U.S. attorney’s office for conspiring to defraud merchant banks of property rights by tricking them into processing more than $150 million of transactions on behalf of San Francisco-based Eaze. The former CEO of Eaze pleaded guilty prior to the trial, leading many to believe he cooperated with authorities. 

 


Video StaffMarch 19, 2021

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Cresco Labs (OTCQX:CRLBF) said it was buying Massachusetts-based Cultivate Licensing LLC and BL Real Estate LLC  for roughly $90 million, plus an earnout of up to $68 million. The company has two operational dispensaries in Leicester and Framingham and a third dispensary in Worcester is expected to open in the second quarter of 2021. The deal is expected to close in the fourth quarter of 2021.

 

Cannabis SPAC (special purpose acquisition company)  Greenrose Acquisition Corp. (NASDAQ: GNRSU, GNRS, GNRSW)  said it was acquiring four cannabis companies, which it has dubbed The Platform. The companies are Shango Holdings, Futureworks, Theraplant and True Harvest. The total initial transaction value is $210 Million with a maximum earnout of $110 million. Greenrose plans to initiate an offering of $150 million.

 

 Green Thumb Industries Inc.  (OTCQX: GTBIF) reported its financial results for the fourth quarter and full-year ended December 31, 2020. Revenue for Green Thumb increased 133.8% to $177.2 million for the fourth quarter over the same time period in 2019 and increased 12.8% sequentially. This beat analyst’s estimates according to Yahoo Finance for $167 million.

 

TPCO Holding Corp.  also known as The Parent Company (OTCQX: GRAMF), formerly Subversive Capital Acquisition Corp., The company’s unaudited consolidated pro forma revenues for the fourth quarter were $40.2 million, a 40% increase versus $28.7 million in the fourth quarter of 2019. The company also reported that its unaudited consolidated pro forma revenues for the year ended 2020 were $188.7 million.

 

Columbia Care Inc. (OTCQX: CCHWF)  reported Revenue rose 234% in the fourth quarter to $81.7 million versus $24.5 million for the same time period in 2019. The net loss for Columbia Care in the fourth quarter was $73 million versus last year’s net loss of $28 million.

HEXO Corp. (NYSE: HEXO) reported that its total net revenue in the second quarter increased $3.4 million to $32.8 million from $29.4 million in the first quarter due primarily to 11% growth in non-beverage adult-use cannabis sales and 11% growth in the adult-use beverage category. 

 

GrowGeneration Corp . (NASDAQ: GRWG) is buying another company. This week it said it was buying Char Coir, an RHP-certified growing medium made from coconut fiber. The chain also bought 55 Hydroponics, a hydroponic and organic fertilizer superstore located in Santa Ana, California. The company wasn’t done, it also said it was buying Aquarius Hydroponics, which is one of the largest hydroponics retailers in New England.

 


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