The Daily Hit is a recap of cannabis business news for August 3, 2022.
ON THE SITE
Scott’s Miracle Grow Misses Estimates, Lowers Guidance As Hawthorne Business Dives
The Scotts Miracle-Gro Company (NYSE: SMG) saw its shares pop in early trading despite the gardening company’s downbeat earnings. The lawn care and hydroponic company released its results for the third quarter ending July 2, 2022, with sales falling by 26 % on declines in both major business segments to $1.19 billion. This missed the Yahoo Finance average analyst estimate for sales of $1.23 billion. Read more here.
Garden State Delivers For Green Thumb Industries
Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF) reported its financial results for the second quarter ending June 30, 2022. Revenue increased 4.8% sequentially and 14.6% year-over-year to $254.3 million from last year’s $221.9 million in the same time period. This easily beat the Yahoo Finance average analyst estimate for sales of $248 million. GTI said that revenue growth was primarily driven by increased retail sales in New Jersey, reflecting the legalization of adult-use cannabis; increased retail sales in Illinois; 19 additional retail locations versus the second quarter last year, and increased traffic in the Company’s 77 open and operating retail stores. Read more here.
Audacious Outlines Northeast Strategy As Revenues Rise
Australis Capital Inc. (CSE:AUSA) (OTCQB: AUSAF) also known as Audacious reported its unaudited results for its fiscal year ending March 31, 2022 on Tuesday. Australis said that revenues increased by over 1,200% to nearly $9.5 million. the company attributed the increase to a full year of ALPS revenue consolidated (51% of ALPS acquired on March 8, 2021), as well as growth in the ALPS business throughout the year, along with management fee income starting in Fiscal ’22 related to the Green Therapeutics business. Read more here.
Red White & Bloom Ekes Out of Debt, Tightens Spending
Red White & Bloom Brands Inc. (CSE: RWB) (OTC: RWBYF) delivered its fourth-quarter and full-year earnings report, as well as its first-quarter report. The news comes after the company postponed the release in May due to multiple delays in their year-end audit. All figures are in Canadian dollars. Read more here.
Hydrofarm Stock Plunges Along With Sales
Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) stock plunged by 28% in early trading to lately sell at roughly $2.35 after the hydroponic company reported declining sales following the market close on Tuesday. Hydrofarm said it is looking to shave down its costs and restructure as deflated earnings continue to tap its pockets. Read more here.
IN OTHER NEWS
The Valens Company Inc.
The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) a manufacturer of cannabis products, today announced the voting results from its annual general meeting of shareholders, held by way of live audio webcast on August 2, 2022. Six of the director nominees that were put forward by the company were elected by shareholders at the meeting to hold office until the next annual meeting of shareholders or until their successors are elected or appointed. Read more here.
Green Monké, Cookies
Green Monké maker of happy sodas for happy hour, today announced its global beverage partnership with Cookies, the most globally recognized cannabis brand. As part of the agreement, Green Monké and Cookies will co-create and co-brand cannabis infused drinks for sale at Cookies retail locations and anywhere Cookies products are sold. Additionally, Green Monké cannabis infused sodas are now available at Cookies stores in California with expansion later this year throughout the US, Canada and in Europe. Read more here.
Isracann Biosciences Inc.
Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) announced that it has closed the first tranche of its previously announced non-brokered private placement. The company issued 4,679,600 units at a price of $0.05 per unit for aggregate gross proceeds of $233,980. Read more here.
Cannara Biotech Inc., Exotic Genetix Ltd.
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of premium-grade cannabis and derivative products, today announced an exclusive brand partnership with 50-time award-winning US-based cannabis breeder, cultivator and hash maker, Exotic Genetix Ltd. This agreement will bring one of the most influential cannabis breeders and his brands from the US to Canada. Read more here.
TrufflezNFT, Elite/AB Hospitality Group
Trufflez, a vertically integrated cannabis company and droppLabs, a subsidiary of Dropp Group, today announced the world’s first NFT membership cannabis consumption lounge in New York. The companies partnered in March this year to launch TrufflezNFT, an NFT project that democratizes ownership of cannabis-related IP while providing a strong community focus on cannabis industry education. As an expansion of the project, TrufflezNFT project is announcing the launch of the world’s first NFT membership cannabis lounge in partnership with New York-based Elite/AB Hospitality Group. The Trufflez Lounge will open in Williamsburg in November, 2022 and will be accessible only to TrufflezNFT members. Read more here.
Small Pharma Inc.
Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announced that as of July 19, 2022, it has been granted patent no. 3104072 by the Canadian Intellectual Property Office. Read more here.
Braxia Scientific Corp.
Braxia Scientific Corp., (CSE: BRAX) (OTC: BRAXF) (FSE: 4960), a company in the treatment and research of mental health conditions, announced it has acquired 100% of the issued and outstanding stock of KetaMD, Inc. KetaMD is a U.S. based, privately-held telemedicine company, with a mission to address mental health challenges via access to technology-facilitated ketamine-based treatments. Read more here.