It’s time for your Daily Hit of cannabis financial news for April 30th, 2020.
On the Site
Fire & Flower Revenue Grows, Net Losses Remain Elevated
Fire & Flower Holdings Corp. (NASDAQ:FFLWF) reported its fourth-quarter and 2019 financial results. The full-year revenue increased 294% to $51 million versus 2018’s full-year revenue of $12 million. The net loss for the year fell by 14% to $32 million from 2018’s net loss of $37 million.
The fourth quarter’s revenue increased by 61% to $16 million from 2018’s fourth-quarter$22 revenue of $10 million. The fourth-quarter net loss increased by 160% to $22 million from 2018’s fourth-quarter net loss of $8 million.
BudTrader To Go Public In Reverse Takeover
The cannabis e-commerce online vendor BudTrader is going public in a reverse takeover with Lake Victoria Mining, Inc. (OTCPINK:LVCA)
The takeover expands the alliance between the two southern California firms which was first made public on April 1, 2020, when the firms announced a license agreement between the two companies. Since that time, the firms have worked closely implementing the logistics of the license, and in the course of that work the concept of the acquisition developed into a general plan for the Acquisition culminating in the execution of the LOI. At the conclusion of the acquisition, Grapefruit’s founders and management team will own approximately 20% of post-acquisition LVCA/BudTrader.
In Other News
Trulieve Launches New Product
Cannabis giant Trulieve Cannabis Corp. (CSE: TRUL & OTC: TCNNF) has added a new product to its portfolio. The company announced the launch of its Blue River Rosin Cart, due to their partnership with Blue River. Blue River™ Rosin is a strain-specific, full-spectrum, solventless hash oil.