The Daily Hit: August 13th, 2020

It’s time for your Daily Hit of cannabis financial news for August 13th, 2020. 

On the Site

5 Powerful Uses for Cannabis

This article is discussing the benefits of cannabis and using it for pain relief, stress reduction, epilepsy treatment, fighting addiction, as an alternative to less desirable habits. 

Grow Generation Stock Pops as Company Beats Analyst Estimates

GrowGeneration Corp. (NASDAQ: GRWG) reported revenues of $43.5 million for the second quarter of 2020 and is raising its guidance for 2020 revenue. GrowGeneration‘s new forecasted range for revenue is $170 million–$175 million and the adjusted EBITDA is estimated to be $17.0 million–$18.0million. Revenue guidance for  2021 is $245M–$260M. Adjusted EBITDA guidance for 2021 is $26M–$28M.

C21 Revenue Increases Despite Covid Challenges

C21 Investments Inc. (OTCQB: CXXIF) announced unaudited results for its first quarter ending April 30, 2020, with revenue of $8.15 million, an increase of 5% over the same time period for last year. The revenue jumped 86% over the fourth quarter.

Emerald Health Reports Drop In Pure Sunfarm Sales as Prices Fall

Emerald Health Therapeutics, Inc. (OTCQX: EMHTF) reported preliminary, unaudited financial results for the second quarter of 2020 for its 41.3%-owned joint venture, Pure Sunfarms. Gross sales fell from C$32 million ($24 million) in the second quarter of 2019 to C$19 million ($14 million)  in the second quarter of 2020. The company attributed the 40% decrease to a lower average selling price per gram of dried flower.

In Other News

Icanic Brands Closes $2 Million Private Placement

Cannabis company Icanic Brands has closed the second and final tranche of a $2 million private placement. The company issued 3,710,000 units at a price of $0.25 per Unit for aggregate gross proceeds of $927,500 during the most recent closing phase and 8,000,000 units at $0.25 in total, amounting to gross proceeds of $2,000,000. 

Formerly Medicine Man Technologies, Schwazze, Announces Q2 Results 

The cannabis company’s total revenue for the second quarter was $5,424,329 and represented an increase of 208.6% as compared to last years’ $1,757,819. Schwazze’s product sales increased 263.3%. 

Kaitlin Domangue

Kaitlin Domangue

Kaitlin is a 23-year-old wife and mom to three children. She is a financial reporter for the Green Market Report and a freelance writer for other businesses in the cannabis space.


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