The Daily Hit is a recap of the top cannabis business stories for April 26, 2022.
ON THE SITE
FIRE & FLOWER HOLDINGS
Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWD) announced its financial results for the fiscal year and the fourth quarter ended January 29, 2022. In the fourth quarter, Fire & Flower reported that revenue dropped slightly by 1% from the previous year to $42.7 million. Fire & Flower said that retail revenue for the fourth quarter, decreased 5% to $31.7 million from $33.2 million in the prior year’s comparative period. Read more here.
PHARMATHER HOLDINGS LTD.
Ketamine pharmaceutical company PharmaTher Holdings Ltd. (OTCQB: PHRRF) (CSE: PHRM) reported financial results for its third quarter ended February 28, 2022, and provided recent business highlights and updates. The company doesn’t have any revenue to report at this time but did note that it has nearly C$12 million in cash and investment. Read more here.
Anyone undergoing psychedelics psychotherapy is putting themselves at risk. They are surrendering to a power dynamic between themselves and the therapist in which they have little or no control. Read more here.
IN OTHER NEWS
CANOPY GROWTH ANNOUNCES COST REDUCTIONS
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC), a diversified cannabis, hemp, and cannabis device company, today announced that the Company is undertaking a series of initiatives to reduce costs and drive efficiency in order to accelerate its path to profitability. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated. Read more here.
AKERNA 420 DATA
Akerna (Nasdaq: KERN), an enterprise software company and the developer of comprehensive technology infrastructures, ecosystems, and compliance engines powering the global cannabis industry, today announced that April 20, 2022, broke all previous cannabis retail records, bringing in a total of $154.4 million in adult-use and medicinal sales. Read more here.
CHALICE BRANDS LTD.
Chalice Brands Ltd. (CSE: CHAL) (OTCQB: CHALF), a cannabis company specializing in retail, production, processing, wholesale, and distribution, announced the launch of Chalice Metaverse on 4/20 resulting in a 25% increase in recorded daily revenue over the previous year and a 40.6% increase in vertical sales at Chalice Farms and Homegrown retail stores. Read more here.
COVA SOFTWARE 420 DATA
Cannabis retail sales on 4/20 continued to increase industry-wide, even as profit-per-store saw decreases from pre-pandemic and 2021 sales numbers, according to Cova Software, a cannabis Point of Sale (POS) company in North America. Americans spent an estimated $128M+ on cannabis this year on 4/20, while Canadians spent just a little over $16M. Although average sales per store did not match pre-pandemic levels, 4/20 still proved to be one of the most significant holidays in terms of cannabis sale totals and store traffic. Read more here.
4FRONT VENTURES CORP.
4Front Ventures Corp. (CSE: FFNT) (QTCQX: FFNTF), a vertically integrated, multi-state cannabis operator and retailer, announced it has closed on the purchase of Island Global Holdings, Inc., a California-based producer of pre-rolls, flower and concentrate products. The transaction was first announced in the Company’s press release dated March 30, 2022. Read more here.
LUCID GREEN, GRON VENTURES, GOTHAM GREEN PARTNERS
Lucid Green, a UPC platform company, announced today its $10 million Series B funding round led by Gron Ventures, with participation by Gotham Green Partners. Lucid Green also announced three new pricing levels for brands, with varying levels of support to accommodate businesses of all sizes. Read more here.
BC CRAFT SUPPLY COMPANY LTD.
BC Craft Supply Co Ltd. announced the unanimous approval of the company’s proposal to its creditors at the meeting of certain of its creditors. The proposal was approved by 100% in number of Affected Creditors who represent 100% in value of the eligible voting claims of Affected Creditors who were present and voted in person or by proxy on the Proposal at the Meeting and who were entitled to vote at the Meeting in accordance with the Proposal and Bankruptcy and Insolvency Act. Read more here.