medical Archives - Green Market Report

Adam JacksonApril 6, 2023

Illinois saw nearly 17% less sales from nonresidents in March versus last year.

Adam JacksonMarch 28, 2023

The merger with MediPharm Labs is expected to close within weeks.

Adam JacksonAugust 26, 2022

The final closing price serves as a loss for MedMen, who originally agreed to sell the grow facility for $83 million in February.

Adam JacksonAugust 16, 2022

InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) posted positive results despite barely missing revenue expectations, as the company looks to further its international reach and shore up it’s new-found partnerships.

The Israeli-based cannabis company — also known as Canndoc — reported its financial report card for the second quarter ending June 30, 2022.

InterCure reported approximately $37 million in revenue during the period, more than double versus the same period last year; and a gain of 9% sequentially — though missing the Yahoo Finance Average analyst estimate for revenues of $39 million.

The company also reported a second-quarter net income of $6 million, remaining flat sequentially; and a net income of $2 million in the same period last year. The earnings were a gain of $0.34 cents per share — above analyst expectation — versus a gain of $0.12 cents per share in the previous quarter, according to SEDAR filings.

“We are proud to deliver our tenth consecutive quarter of profitable growth, solidifying our operational excellency and leading position,” said CEO Alexander Rabinovitch. “We remain focused on developing and launching the highest quality pharmaceutical grade medical cannabis products as our target markets are evolving at a rapid pace. During the second quarter we have successfully ramped up our upstream and downstream operations and executed our global expansion to meet the solid demand for our high-quality branded products.”

InterCure said that it’s the tenth consecutive quarter of high growth representing an annualized run rate of $150 million. Adjusted EBITDA rose 90% year-over-year to $9 million, representing 23% of revenues and 4% sequential growth. Gross profit soared over 115% year-over-year and 16% sequentially to over $16 million.

InterCure also reported that it was the eighth consecutive quarter of positive cash flow from operations — with the company adding that it had $96 million cash on hand.

The company expects continued boosts in revenues during the third quarter of 2022 and throughout the year — especially as it bolster it’s operations at home and its springing European cannabis pharmacies in Austria and the U.K.; as well as breaking into the Australian medical cannabis market.

“Our teams delivered another strong quarter across all sectors, focusing on execution of our profitable growth strategy and fiscal discipline,” CFO Amos Cohen said. “With a strong balance sheet and over $96 million cash on hand, we are well positioned ahead of the consolidation process.”

We expect this growth to continue, while we remain focused and committed to expand our unique platform, building shareholder value and improving quality of life for patient communities,” said Rabinovitch.

William SumnerJanuary 31, 2018

Research Driven Investing (RDI) has initiated coverage on Corbus Pharmaceuticals Holdings, Inc. (CRBP) with a Neutral rating. Corbus Pharmaceuticals late-stage stage clinical pharmaceutical company that is focused on the development and commercialization of unique medicines aimed at treating inflammatory and fibrotic diseases.

Based in Norwood, Massachusetts, the company’s lead product is JBT-101, an oral endocannabinoid-mimetic drug. JBT-101 is currently in Phase 2 trials for the treatment of systemic sclerosis, cystic fibrosis, diffuse cutaneous, skin-predominant dermatomyositis, and systemic lupus erythematosus diseases.

The company’s stock took a slight tumble on Tuesday, falling 11.89% to close out the day at $8.15. The stock’s 50-day moving average is $7.83, which is slightly greater than its 200-day moving average of $7.06. The company’s stock has recorded a trading volume of 4,306,752 shares, well above its three month average of 789,806 shares. In the last year, Corbus Pharmaceuticals shares have traded between $5.30-$10.50. Overall, the company stock has gained approximately 53.77% in value from its 52 week low. In the past month, the the company’s stock has risen 14.79% in value.

Research Driven Investing is a New York based firm which provides equity reports for investors with short term and long-term growth opportunities. Specializing in Large-Cap Equity Reports, RDI provides retail investors with company and industry specific research across technology, consumer products & retail, health care, natural resources & energy, and foreign issuers. RDI also covers companies with a smaller market capitalization, usually between $20-$100 million, that other brokerage firms may be inclined to ignore.

On Jan. 30, 2018, Corbus Pharmaceuticals announced that it had received a Development Award for up to $25 million from the Cystic Fibrosis Foundation. With the Development Award, the company plans to execute its Phase 2b study of lenabasum, formerly known as anabasum, in the treatment of cystic fibrosis patients who are 12 years in age or older.

“We believe this award highlights the potential for lenabasum to serve as an important therapy for people living with CF by targeting a critical unmet need in all CF patients. We are grateful to the CF Foundation for expanding its support for our CF clinical program, including our Phase 2b clinical development program in which the event rate of pulmonary exacerbations will be the primary efficacy endpoint,” commented Yuval Cohen, Ph.D., CEO of Corbus, in a statement.