The Daily Hit is a recap of cannabis business news for August 11, 2022.
ON THE SITE
Cannabis Consumption on Track to Beat Alcohol
As talks revolving around the federal legalization of cannabis splinter in Congress, the question of whether cannabis can eat beverage alcohol’s margins remains a growing one. In a report, titled, “Is Cannabis a Threat to Alcohol Sales?” BDSA Consumer Insights contends that while the crop is as popular as ever, any real breakthrough of consumer participation in adult-use and medical markets remains stymied in D.C. – casualties of political animosity and procedural acrobatics aimed at slowing progress. Read more here.
Akerna Misses on Revenue, Bookings Down
Akerna Corp. (Nasdaq: KERN) posted less than positive results as it missed expectations — showing that mixed demand and weaker sales are rippling through the sector. The cannabis tech firm released its second-quarter financial report card ending June 30, 2022. Read more here.
Aleafia Watches Revenues Rise in Canada, Looks Across the Pond
Aleafia Health Inc. (OTCQX: ALEAF) delivered positive results on Thursday as it continues to cut costs and find more profit in the Canadian legal market and overseas. The Canadian cannabis company reported its financial results for the three months ending June 30, 2021. Aleafia Health releases its financial report card on a 15-month fiscal year with five quarters versus a standard 12-month year with four quarters. Read more here.
Goodness Growth Beats on Revenue, Sees Sales in Emerging States
Goodness Growth Holdings, Inc. (CSE: GDNS) (OTCQX: GDNSF) posted positive results on Thursday — driven by new retail store sales and new regulatory changes in nascent state markets. The multi-state cannabis company reported financial results for its second quarter ended June 30, 2022. Read more here.
Why Psychedelic Cannabis is a Thing Now
The idea of a cannabis product creating a sort of psychedelic experience is not a new one. There was a prevailing, fictional description back in the early part of the last century—encouraged by the 1936 film “Reefer Madness”—where people feared that was what all cannabis did. It freaked you out. Caused you to do unspeakable things. Run amok. Destroy property. Read more here.
IN OTHER NEWS
Leafly Holdings, Inc.
Leafly Holdings, Inc. (NASDAQ: LFLY), an online cannabis discovery marketplace and resource for cannabis consumers, today announced financial results for its second quarter ended June 30, 2022. “Revenue in the quarter was $12.1 million, up 13.8% over Q2 last year, and up 5.5% over Q1 as we continue to build on the investments we’ve made in the first half of this year.” Read more here.
Clever Leaves Holdings Inc.
Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW), a multinational operator and licensed producer of pharmaceutical-grade cannabinoids, is reporting financial and operating results for the second quarter ended June 30, 2022. All financial information is provided in US dollars unless otherwise indicated. Read more here.
Forian Inc. (Nasdaq: FORA), a provider of technology, analytics and data science driven solutions for the healthcare and cannabis industries, today announced results for the quarter ended June 30, 2022. Read more here.
Schwazze, (OTCQX: SHWZ) (NEO: SHWZ), today announced financial results for the second quarter ended June 30, 2022. Revenues of $44.3 million increased 44% compared to $30.7 million in second quarter ended June 30, 2021. Read more here.
CEA Industries Inc.
CEA Industries Inc. (NASDAQ: CEAD, CEADW) a company in controlled environment agriculture (CEA) systems engineering and technologies, is reporting results for the three months ended June 30, 2022. Read more here.
Agra Ventures Ltd.
Agra Ventures Ltd. (CSE: AGRA) (Frankfurt: PU31) (OTCPK: AGFAF), a growth-oriented and diversified company focused on the international cannabis industry, announced that its Board of Directors has approved the Company’s issuance of 240,420 common shares at a deemed price of approximately $0.12 per Share as payment of the portion of the quarterly amount of interest due in Shares on a loan entered into in December of 2020. Read more here.
Ayr Wellness Inc.
Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a vertically integrated U.S. multi-state cannabis operator, announced that the Massachusetts Cannabis Control Commission (CCC) has granted a final license for adult-use cannabis at its Sira Naturals dispensary in Somerville. The company also received approval to open the first phase of its cultivation expansion in Milford, Massachusetts. The CCC voted to approve both measures during its meeting on August 11, 2022. Read more here.
Cookies today announced its in Florida’s medical cannabis market with the opening of Cookies Miami, the brand’s 52nd dispensary, in a location convenient to the airport and downtown. The new 3,100 square-foot location will host a unique menu featuring Cookies’ highly sought-after genetics and custom Cookies SF local reserve merchandise. Read more here.
Christina Lake Cannabis Corp.
Christina Lake Cannabis Corp. (CSE: CLC) recapped its second quarter financial results for the six-month period ended May 31, 2022. All amounts are expressed in Canadian dollars unless otherwise noted. Read more here.
Allied Corp. (OTCQB: ALID), as a part of the previously announced export approval of 7100kgs of Colombia-grown cannabis, Allied has today shipped 1728kgs to Switzerland. This will be followed by 1500kgs weekly until the 7100kg threshold is met. Read more here.
Pyxus International, Inc.
Pyxus International, Inc. (OTC Pink: PYYX), a global value-added agricultural company, today announced results for its fiscal quarter ended June 30, 2022. Read more here.
Reunion Neuroscience Inc.
Reunion Neuroscience Inc., (formerly, Field Trip Health Ltd.) (TSX: FTRP, Nasdaq: FTRP) and Field Trip Health & Wellness Ltd. announced the closing of the plan of arrangement spinout transaction, including the corporate reorganization effected thereby, effective August 11, 2022. Pursuant to the arrangement, holders of common shares of the company exchanged their company shares for one new common share of the company and received 0.85983356 of a Field Trip H&W common share. Read more here.