The Daily Hit: August 18th, 2020

It’s time for your Daily Hit of cannabis financial news for 2020. 

On the Site

How to Incorporate CBD Oils in Your Daily Routine

CBD has been a trending item since it became accepted and legalized in 2018. The many health claims and benefits associated with CBD have intrigued people around the world who want to try the product for themselves. This article talks about different ways to take CBD, such as edibles, oils, and salves. 

Curaleaf Gives Robust Guidance During Earnings Call

Despite the challenges of COVID-19 in Massachusetts and Nevada, Curaleaf (OTC:CURLF) reported an impressive quarter and gave an even sunnier forecast. CEO Joe Lusardi said on the company’s earnings call that it took a $25 million hit to revenue in the quarter as a result of the pandemic.

Chief Financial Officer Mike Carlotti said on the call, “Based on current trends in our business and the ongoing recovery in Massachusetts and somewhat challenged recovery in Nevada due to COVID-19, pro forma Q3 revenue is expected to be approximately $205 million to $215 million. We expect to generate Q3 managed revenue of approximately $190 million to $200 million, which includes the partial Q3 benefit of the recently acquired Grassroots assets from the period of July 23 to September 30.”

Former Senior Executive of Altria Group, Inc. Joins CannaDips CBD as CEO

In another move away from tobacco and toward the healthier alternative of hemp CBD,  Boldt Runners Corp. (the “Company”), the exclusive licensee of Cannadips CBD, the Original Smokeless Dip Pouch with CBD, announced the appointment of former Altria senior executive, Peter Diatelevi, as Chief Executive Officer.  

Mydecine Launches World’s First Natural-Sourced cGMP Psilocybin Extraction Program

Under the coverage of a Health Canada Schedule 1 Controlled Drugs and Substances Dealer’s License, Mydecine Innovations Group, Inc., (CSE:MYCO) (OTC:MYCOF) (FSE:0NFA) (“Mydecine™” or the “Company”) announced that it is the first organization to exercise its cGMP capabilities under a special license to legally produce, transfer, sell, and export pharmaceutical-grade psilocybin, naturally derived from whole-mushroom extraction.

Mydecine™ has the full range of capabilities to extract fungi’s natural psychedelic compounds, such as psilocybin and psilocin from certain species of fruiting body mushrooms all the way through to distribution.

In Other News

Sundial Growers Announces Closing of Underwritten Registered Offering of $20 Million

The Canadian cannabis cultivation company announced today their closing of a best efforts underwritten offering. The Series A units each consisted of one common share and a single Series A warrant to purchase one common share. Series B contained 14,280,000 units each consisting of one pre-funded Series B warrant and a Series A warrant to purchase one common share. 

Each individual Series A will be sold at a price of $0.50 per unit and each Series B unit will be sold at a price of $0.50 per unit. The gross proceeds of this closing were approximately $20 million before deductions and other related expenses. 

Golden Leaf Holdings Announces Q2 Results

Golden Leaf Holdings is a vertically integrated cannabis company focused on all aspects of the industry. Their brands include Chalice Farms, Golden, Jackpot, Elysium Fields, and RXO. They have seven dispensaries in Oregon and serve other areas of the United States, as well. The MSO announced their second quarter results and reported a revenue of $5.5 million for the second quarter. This is an impressive 40% increase over the same period last year, with a 16% growth over the first quarter of 2020. Their retail presence is quickly growing, with a 16% increase in total tickets as well as a 16% increase in ticket sizes compared to the second quarter of 2019. This increase was led by Chalice Farms retail revenues of $3.7 million. 

The cannabis company reported a record year-to-date revenue of $10.2 million, presenting a 40% increase from the first half of 2019, supported primarily by Chalice Farms’ retail revenues and Oregon’s wholesale revenues. Oregon’s wholesale revenue is up 96% year over year and clocked out at $0.5 million. 

The gross profit before fair value items was $1.5 million.  

Avicanna Closes Private Placement Raising Over $2 Million

Canadian biopharmaceutical cannabis company, Avicanna, announced the closing of a $2.7 million private placement. The company is focused on developing, manufacturing, and commercializing organic and plant-derived cannabinoid-based products. Avicanna primarily conducts R&D research in the Johnson & Johnson Innovation Centre. 

The company’s non-brokered private placement issued an offering of 1,952,410 units at a price of CAD$1.40, equalling the aggregate gross proceeds of approximately $2.7 million. 

Setu Purohit, President of Avicanna commented, “We are very grateful for the continued support from our long-term and strategic investors who continue to demonstrate confidence in our business model and management team, especially in this challenging socio-economic environment. With this financing, we are able to strengthen our balance sheet, which coupled with our efforts to lower costs and see increased revenues gives us the bandwidth to continue to execute our business model.”

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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