The Daily Hit: April 29, 2021

It’s time for your Daily Hit of cannabis financial news for April 29, 2021.

On The Site


Hydroponic company Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) has had a busy week including reporting its quarterly earnings and announcing a huge offering that intends to raise $269 million. First things first, the earnings for the quarter ending March 31, 2021. Hydrofarm said it expects to deliver net sales in the range of $109 million to $111 million versus $66.9 million for the same time period in 2020. The company attributed the 65% in growth to higher net sales across multiple geographies, product categories, and its brand segments (its proprietary, preferred, and distributed brands).


Michigan-based Gage Growth Corp.  (CSE: GAGE) reported its financial results for the three and twelve months ended December 31, 2020. Gage said revenue increased 615% to $10.5 million in the fourth quarter over last year. Gage also reported that its revenue increased 1,972% for the full year to $39.9 million versus $1.9 million in fiscal year 2019. The company also trimmed its net losses to $29.8 million from 2019’s net loss of $75 million. the company had a stellar 420 holiday and logged revenue of over $505,000 in a single day with average basket size of $171 and 2,956 total transactions.

Sol Global

SOL Global Investments Corp.  (OTCPK: SOLCF) provided its investors with unaudited financials for the first quarter ended February 28, 2021, and a general operational update concerning its assets and investments. Sol Global recorded a positive net income of $208 million versus quarter-end February 29, 2020, of $2.9 million. The increase was due to the company selling Bluma Wellness to Cresco Labs Inc. in an all-stock transaction valued at $213 million. As of February 28, 2021, the company had $18 million in cash.

In Other News


Tryp Therapeutics Inc. (CSE: TRYP) announced its interim financial results for the three and six-month periods ended February 28, 2021. The Company’s total assets as of February 28, 2021 were $7.5 million, including $6.7 million in cash. Net and comprehensive losses for the three and six months ended February 28, 2021 were both $2.4 million. The net loss for the period was partially due to a $956,360 write down to intangible assets, a non-cash expense resulting from a deliberate restructuring of the Company’s intellectual property portfolio. Tryp is prioritizing its intellectual property prosecution activities on a provisional patent filed in March 2021 that describes novel methods for the formulation, delivery, and dosing of psychedelics resulting in a potential reduction in the time spent by patients in the dissociative state. The Company expects to submit additional provisional patents in 2021 related to the manufacturing and formulating of psilocybin, among other innovations.


The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US: TGODF) provided a corporate update on its operations and progress on its strategic business plan. TGOD initiated the process of monetizing underutilized assets, especially at its cultivation and processing facility in Valleyfield, Quebec. In doing so, the Company hopes to increase its financial flexibility in order to reduce its debt and capitalize on future opportunities. The Company continues to review other strategic initiatives to maximize shareholder value. This includes the potential sale or spin-off for an Initial Public Offering of HemPoland, its wholly owned subsidiary, for which TGOD has retained Canaccord Genuity as an advisor, and the potential for mergers and acquisitions in the Canadian cannabis LP sector.


AFC Gamma, Inc. (NASDAQ:AFCG) announced it has provided a credit facility of $13 million to a Missouri medical cannabis operator (the “Borrower”). The credit facility is designed to provide capital to allow the Borrower to build out its cultivation and dispensary operations in the state of Missouri.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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