It’s time for your Daily Hit of cannabis financial news for April 28, 2021.
On the Site
Turning Point Brands
For a company that mostly sells papers, Turning Point Brands (NYSE: TPB) is turning into a behemoth in the cannabis industry. During its recent earnings results, the company announced that it was increasing its guidance for 2021 net sales to a range of $422 million to $440 million. This is up from the previous guidance of $412 million to $432 million. This increase includes net sales of $103 million to $109 million in the second quarter. Adjusted EBITDA for the full year is now expected to be $103 million to $108 million, up from previous guidance of $99 million to $105 million.
MindMed (NASDAQ: MNMD) shareholders have been taken on quite a trip over the last few days as the company uplisted from the Over The Counter Market to the big time at the NASDAQ. The stock jumped to over $5 a share in its last days at the OTC Markets, only to move to midtown Manhattan and see the shares plunge 29% in its debut. The stock closed at $4.02 on Tuesday. Some buyers look like they are jumping back in as early trading on Wednesday is seeing a 10% increase in price.
In Other News
Namaste Technologies Inc. (OTCMKTS: NXTTF) reported gross revenue for Q1 2021 was $6.15 million ($5.46 million Q1 2020), representing an increase of 13% while operating expenses decreased by 10.9% over the same period. Cannabis revenue increased by 113% vs the same quarter last year and maintained its strong position at 47% of total net revenues, the second-highest percentage for cannabis revenue out of total net revenue achieved in the last four quarters. The company’s working capital position remains strong at $31 million as at February 28, 2021 bolstered by the closing of a bought deal financing of $23 million.
Akerna (Nasdaq: KERN) reported that Tuesday, April 20, was the highest sales day for retail cannabis ever recorded, with approximately $111,815,824 in medical and adult-use sales. The 5-day period surrounding the holiday (4/16 – 4/20) grossed over $373,787,685.