The Daily Hit is a recap of cannabis business news for August 10, 2022.
ON THE SITE
Trulieve Reports Rising Revenue, But Gives Cautious Outlook
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) delivered its results for the quarter ending June 30, 2022, with revenue increasing 49% year over year to $320.3 million from $215.1 million and 1% sequentially. This was in line with the Yahoo Finance average analyst estimates for revenues of $320 million. Read more here.
New Lake Capital Meets Expectations, Looks for ‘Quality Over Quantity’
Cannabis REIT NewLake Capital Partners, Inc. (OCTQX: NLCP) posted positive results on Wednesday as it continues to inject capital into the cannabis real estate landscape. The real estate trust released results for the second quarter ending June 30, 2022. Read more here.
Zynerba Nets Positive Second-Quarter Results, Fortifies Research Goal
Zynerba Pharmaceuticals, Inc. (Nasdaq: ZYNE) posted positive results as the company continues to further its research and development goals — with signs of a FDA approval looming in the distance. The cannabis biotech company reported financial results for the second quarter ending June 30, 2021. Read more here.
Lowell Farms Misses on Revenue, as it Moves Into Eastern Markets
Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF) second-quarter results missed expectations — showing how producers have been eating their own margins by lowering prices, as many have pivoted toward crisis mode amid a lack of regulatory action and a tightening economic landscape. The company released its financial results for the second quarter ending June 30, 2022. Read more here.
Parallel’s Investors Argue Wrigley Doesn’t Have Get Out of Jail Card
Parallel Cannabis, also known as Surterra Wellness, had hoped to get its investor lawsuit dismissed, but the investors say not so fast. The latest chapter in the ongoing case has the defendants TradeInvest Asset Management Company (BVI) Ltd., First Ocean Enterprises SA, and Techview Investments Ltd. understandably opposing the request to dismiss the case. Read more here.
IN OTHER NEWS
Akerna (Nasdaq: KERN), an enterprise software company and developer of technology infrastructures, ecosystems, and compliance engines powering the global cannabis industry, today reported its unaudited financial results for the quarter ended June 30, 2022. Read more here.
WM Technology, Inc.
WM Technology, Inc. (Nasdaq: MAPS), a marketplace and technology solutions provider to the cannabis industry, today announced the launch of Weedmaps for Business. Formerly WM Business, the company’s reconfiguration and renaming of its SaaS offerings better reflects the comprehensive B2B and B2C suite of products that affords cannabis retailers and brands of all sizes with fully integrated tools to run their businesses. Read more here.
Auxly Cannabis Group Inc.
Auxly Cannabis Group Inc. (TSX: XLY), a consumer packaged goods company in the cannabis products market, announced today that the company has closed the sale of its Auxly Annapolis OG Inc. outdoor cultivation facility located in Hortonville, Nova Scotia to a private purchaser for total proceeds to the company of $4.1 million. As previously announced by the company, Auxly closed both its cultivation facilities located in Nova Scotia in February 2022 and sold its Auxly Annapolis indoor cultivation facility in July 2022 for total proceeds to the company of $6 million. The company intends to apply the proceeds from both sales to support Auxly’s ongoing operations. Read more here.
Puration, Inc. (OTC Pink: PURA) today announced a new development that creates new opportunity for the company and could alter the course of the company in a new direction. The new development announced today is a provisional cannabis cultivation license in the State of New York announced yesterday by PURA’s sister company, North American Cannabis Holdings, Inc. (OTC Pink: USMJ). Read more here.
Optimi Health Corp.
Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN), a Canadian-based company licensed by Health Canada to produce natural, scalable, and accessible psychedelic and functional mushrooms, as well as synthetic formulations, for transformational human experiences, announced the launch of Blue Serenity, Canada’s first natural therapeutic psilocybin product, in collaboration with psilocybin patient advocate Thomas Hartle. Read more here.
Toronto’s Center for Addiction and Mental Health
Toronto’s Center for Addiction and Mental Health (CAMH) just received the first-ever federal grant to study whether the active component of “magic” mushrooms can be used to treat depression. Researchers will explore whether the psychoactive effects are necessary to relieve treatment-resistant depression in adults. According to CAMH’s lead investigator, clinical trials suggest that psilocybin, combined with psychotherapy, can produce “sustained antidepressant effects” in individuals living with severe depression. Read more here.