It’s time for your Daily Hit of cannabis financial news for April 1, 2021.
On the Site
New Mexico is one step away from becoming the 17th state to legalize cannabis for adult use and the fourth state to adopt a legalization policy by passing a bill through its state legislature. The last stop is Democratic Governor Michelle Lujan Grisham’s desk for signing. New Mexico follows New York state, which also took this route to full legalization. Illinois and Vermont chose the legislator path while 13 other states have legalized by voter initiative.
Members of the New Mexico House and Senate gave their final approval on Wednesday to two separate measures amending the state’s marijuana laws. The first legalizes and regulates marijuana possession, production, and sales for adults. The second facilitates the automatic review and expungement of the records of those convicted of low-level marijuana offenses.
iAnthus Capital Holdings, Inc . (OTCPK: ITHUF) reported its financial results for the fourth quarter and year ending December 31, 2020. The company delivered revenue of $46.0 million for the quarter with a net loss of $27.3 million, or a loss of $0.16 per share. For the full year, iAnthus delivered revenue of $151.7 million, up 93.5% from the prior year with a net loss of $309.8 million, or a loss of $1.81 per share.
Zenabis Global Inc. (OTC: ZBISF) announced its financial results for the year and quarter ending December 31, 2020. Zenabis reported that net revenue for the quarter decreased by 16% sequentially from $19 million in the third quarter to $15 million in the fourth quarter. It was an improvement over 2019’s fourth-quarter revenue of $10.9 million. The company said the drop was due to decreased wholesale bulk sales to some export markets which were temporarily delayed due to regulatory changes, partially offset by an increase in recreation sales.
In Other News
Agrify Corporation (Nasdaq:AGFY) reported financial results for its fourth quarter and year ended December 31, 2020. Total revenue increased 195.7% to $12.1 million and reported a net loss of $21 million for the year. Raised approximately $147 million in total net proceeds from our initial public offering and a subsequent secondary offering, including two over-allotments.
Gage Cannabis announced that the company’s subordinate voting shares will begin trading on the Canadian Securities Exchange under the symbol “GAGE” on Tuesday, April 6th, 2021. “We are humbled by all the support we have received from our shareholders, customers, strategic partners, and those that have cheered us on from the sidelines in anticipation of our public listing,” said Fabian Monaco, CEO of Gage. “As a publicly traded entity, this milestone will increase our visibility, allow us to attract new investors, increase our brand awareness, and open doors to exciting new business opportunities.”