It’s time for your Daily Hit of cannabis financial news for April 15, 2021.
On The Site
TILT Holdings Inc. (OTCQB: TLLTF) reported its financial and operating results for the fourth quarter and year ending December 31. Revenue for the quarter increased 8.1% sequentially to $42.3 million from $39 million and increased 35.4% over last year’s $31 million for the same time period. Tilt beat analyst estimate for revenue and fell within its own forecast. The net loss for the quarter was a whopping $92 million versus last year’s net loss of $32 million. The net losses stemmed from the discontinued operations due to the sale of Blackbird, which closed in November 2020.
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 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.
A new study published in the New England Journal of Medicine tested the use of psilocybin for depression treatment. Unfortunately for the psychedelic community, the results weren’t overwhelmingly different for psilocybin. The goal of the study was to compare the effects of psilocybin with a six-week course of escitalopram, which is a selective serotonin reuptake inhibitor (SSRI), for MDD. The Journal wrote that this trial did not show a significant difference in antidepressant effects between psilocybin and escitalopram in a selected group of patients. On a positive note, secondary outcomes generally favored psilocybin over escitalopram, but the report said that the analyses of these outcomes lacked correction for multiple comparisons.
In Other News
HEXO Corp (TSX: HEXO; NYSE: HEXO) announced it has filed a new preliminary short form base shelf prospectus with securities regulators in each of the provinces and territories of Canada and a corresponding shelf registration statement on Form F–10 with the United States Securities and Exchange Commission. The offering is valued at $1.2 billion.
Dr. Jason Dyck has joined Australis Capital as Chief Science Officer and Chairman of the Scientific Advisory Board. Previously, Dr. Dyck led the research and science team at Aurora Cannabis in its formative years, playing a significant role in helping it become the medical cannabis industry leader that it is today. The move signals Australis’ future in new innovative high potency cannabis products.