It’s time for your Daily Hit of cannabis financial news for August 19, 2021.
On The Site
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) reported its financial results for the second quarter period ending June 30, 2021 as revenues increased 72% to $58.7 million over last year’s $32.4 million. Sales grew 10% sequentially over the first-quarter sales of $53.4 million. TerrAscend reported a net loss of $23 million, which the company said was largely impacted by a non-cash loss on the fair value of warrants of $20 million, a non-cash impairment of intangibles of its Arise Bioscience CBD division of $8.6 million, and an unrealized foreign exchange loss of $3 million primarily related to USD cash balances held in Canada.
As the cannabis industry matures, companies are demonstrating the will to fight for patents and trademarks. Since the industry was born of one that operated mostly illegally, many companies operated with the idea that “rules are made for breaking.” That idea is being tested as entrepreneurs are losing patience with broken deals and copycat issues. Apparently, imitation is not the highest form of flattery.
In Other News
Flora Growth Corp. (NASDAQ:FLGC) reported selected financial and operating results for the six-month period ending June 30, 2021. Flora Growth generated revenues of +$2M with a gross profit of 60% (unaudited), as compared to revenues of ~$100K for 2020. The operating expenses for the first half were $6M, yielding a net loss of $4M (unaudited). However, these results were heavily affected by almost $3M of one-time IPO related expenses (unaudited).
Weedmaps announced today a multi-year agreement with Kevin Durant and Thirty Five Ventures as well as a sponsorship deal with Boardroom. As part of Weedmaps’ mission to power a transparent and inclusive global cannabis economy, this strategic partnership will aim to further deconstruct the negative stereotypes associated with cannabis while elevating the conversation around the plant’s potential for athlete wellness and recovery.