The Daily Hit: April 6, 2021

This is your Daily Hit of cannabis financial news for April 6, 2021.

On the Site


Organigram Holdings Inc. (NASDAQ: OGI) has acquired The Edibles & Infusions Corporation in a deal valued at $35 million consisting of $22.0 million, plus up to an additional $13.0 million in shares (payable upon the EIC business achieving certain earnout milestones. Organigram said that the EIC Acquisition will expand its product offerings and provide an operational footprint in Western Canada.


Slang Worldwide Inc. (OTCQB: SLGWF) delivered preliminary, unaudited, selected financial results for the full year and three months ended December 31, 2020. The fourth-quarter revenue was $9.6 million, which grew sequentially from the third-quarter revenue of $7.9 million and topped last year’s revenue of $8.7 million for the same time period. For the full year of 2020 Slang said its revenue would be $26,819,576, which is a decline from 2019’s revenue of $29.2 million. The adjusted EBITDA loss is said to be in the range of ($900,000) to ($1,400,000), which would be lower than 2019’s loss of $6.5 million for the year. All figures are stated in Canadian dollars.


Cannabis tech company Fyllo announced it has closed an oversubscribed Series B round totaling $30M co-led by JW Asset Management and Sol Global. The company has raised nearly $60 million since 2019. 60% of the funds raised in the Series B came from outside of the cannabis industry,  including companies like K2, Entourage Effect Capital, George Steinbrenner IV, Arcadian Capital Management, Salveo Capital, and 2 NRP Managers, LLC an investment group led by Ben Lurie. In addition to the capital raise, Fyllo said that Peter S Kraus, chairman and, CEO of Aperture Investors and former AllianceBernstein CEO is joining its Board of Directors.


Akerna (Nasdaq: KERN) closed on its acquisition of Viridian Sciences, a cannabis business management software system built on SAP Business One. The all-stock deal is accretive to revenue and earnings and is expected to contribute cost synergies. Akerna stock was moving higher by over 1% on the news to lately trade at $4.85.

In Other News

4Front Ventures Corp. (OTCQX: FFNTF) announced its financial results for the fourth quarter and fiscal year ended December 31, 2020 . “4Front’s strong fiscal 2020 performance is validation that our core strategy of replicating low-cost production methods, developed and refined within our Washington facilities, combined with our steadfast focus on execution is working,” said Leo Gontmakher , Chief Executive Officer of 4Front. “We ended 2020 with tremendous business momentum that we have carried into the new year, as we scaled and replicated our operations across the growing adult-use markets of Massachusetts , Illinois and California .”

Fourth Quarter 2020 (“Q4 2020”) Financial Results Highlights

  • Systemwide Pro Forma Revenue was $25.0 million
  • GAAP-reported revenue was $17.0 million
  • Adjusted EBITDA was $5.9 million

Fiscal Year 2020 (“FY 2020”) Financial Results Highlights

  • Systemwide Pro Forma Revenue was $88.1 million
  • GAAP-reported revenue was $57.6 million , a 203% increase compared to the prior year
  • Adjusted EBITDA was $5.9 million

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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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