It’s time for your Daily Hit of cannabis financial news for August 11, 2021.
On the Site
Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) reported its financial results for the second quarter ending June 30, 2021, with total revenue jumping by 85% to $221.9 million. Green Thumb’s revenue rose 14.1% sequentially and beat the average analyst estimate per Yahoo Finance of $205 million. Net income for the second quarter was $22.1 million or $0.10 per basic and diluted share, compared to a net loss of $12.9 million, or a loss of $0.06 per basic and diluted share in the prior year. This beat the average analyst estimate per Yahoo Finance which was $0.07. GTI said that the revenue growth was primarily driven by increased scale in the Consumer Packaged Goods and Retail businesses, especially in Illinois and Pennsylvania. Overall performance was driven by the expanded distribution of Green Thumb’s branded products, 10 additional stores, and increased traffic in the Company’s 58 open and operating retail stores. In the second quarter of 2021, Green Thumb generated revenue from all 12 of its markets: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio and Pennsylvania. The Company continued to invest in expanding its cultivation and manufacturing capabilities.
Following the close of the market on Tuesday, Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) reported its financial results for the second-quarter ending in June 2021. Ascend delivered total revenue of $97.5 million which increased 28.5% quarter-over-quarter and 236.2% year-over-year. Net revenue, which excludes intercompany sale of wholesale products, increased 26.1% quarter-over-quarter to $83.4 million. In addition to the solid revenue gains, Ascend said it was increasing its full-year guidance for 2021 from a range of $320 million to $340 million to a range of $330 million to $350 million. This revised range represents growth of approximately 130% to 145% year-over-year.
Compass Pathways plc (Nasdaq: CMPS) reported its financial results for the second quarter of 2021 and gave an update on recent progress across its business. Compass reported a net loss for the three months ending June 2021 was $17.5 million, or $0.44 loss per share, (after including non-cash share-based compensation expense of $1.9 million) compared with $16.2 million, or $1.65 loss per share, during the same period in 2020 (after including non-cash share-based compensation expense of $9.7 million).
Cannabis fans are hopeful that the resignation of Governor Andrew Cuomo will mean legalization efforts will get back on track. The Governor often signaled he was in favor of full legalization, but often behind the scenes, he seemed to slow the process. While the incoming governor Luitenant Governor Kathy Hochul hasn’t signaled whether it will be a key issue for her, many are feeling positive that the April 2022 goal may be back in play. She does come from the more conservative area of the state, but she is also a pragmatic politician and one known for getting things done.
In Other News
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US: TGODF) reported its unaudited interim financial results for the quarter ended June 30, 2021. Earned quarterly consolidated revenues of $11.82 million in Q2-2021 compared to $8.98 million in Q1-2021, representing a quarter-over-quarter increase of 32%. Sales from cannabis products in Canada of $10.4 million for Q2-2021 and hemp-derived product sales in Europe of $1.42 million for Q2-2021. A net loss of $32.48 million for the quarter comprised primarily of the loss on the assets held for sale (Quebec Facility) of $17.69 million and a loss from operations of $9.08 million . However, the cash used in operating activities was only $5.8 million in comparison to $8.29 million for the same period in the prior year. The Company expects to achieve positive monthly operating cash flow before the end of 2021.
Surfside, an end-to-end marketing platform turning first party customer data into personalized marketing for the cannabis industry, today announced it has raised $4 million in Seed funding. Casa Verde led the round and Karan Wadhera, the firm’s Managing Partner, will join Surfside’s Board of Directors. Surfside launched at the beginning of 2019 and has quickly become the leading technology to help cannabis brands and dispensaries reach customers by delivering advertisements across connected devices. The technology is the only purpose-built engine to enable privacy-safe data onboarding and management of customer first-party data, allowing advertisers to build audiences based on their existing customers, tap into Surfside’s customer graph of cannabis consumers, and tie a