It’s time for your Daily Hit of cannabis financial news for August 2, 2021.
On the Site
Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) decided to jump the gun with its good news and pre-announced its second-quarter 2021 financial results. Jushi reported that its revenue increased 14.6% sequentially to $47.7 million. This was a year-over-year increase of 219.7%. It was also within the range that had been forecast during the company’s last earnings report. At that time CEO Jim Cacioppo said, “For the second quarter of 2021, we expect revenues to be between $45 to $48 million and Adjusted EBITDA to be between $4 to $6 million.” The company delivered an adjusted EBITDA of $4.6 million, or 9.6% of revenue for the second quarter. Jushi also trimmed its net losses in the second quarter to $11.4 million from the first quarter’s net loss of $28 million.
Following the close of the market on Friday, ManifestSeven Holdings Corporation (OTC: MNFSF) reported its financial results for its fiscal second-quarter ending May 31, 2021, as revenue fell from last year and was flat sequentially. The total revenue for the quarter was $3.7 million, which dropped from last year’s $4.9 million for the same time period. It was flat from the first quarter’s revenue of $3.8 million. The net loss for the quarter increased from $1 million in 2020 to $1.7 million in 2021. M7 said it continued to optimize its cost structure, resulting in operating expenses of $2.7 million during the fiscal second quarter, representing a decrease of 23% from $3.5 million during the first fiscal quarter.
In Other News
Alternative Finance Network (AFN), an independent financing network serving cannabis and hemp companies in the United States and Canada, announced today that it has arranged a $10 million revolving credit facility for Jupiter Research, a subsidiary of TILT Holdings (OTCQX: TLLTF). TILT now has access to low rates for cannabis financing at prime plus 3.5 percent and this facility is secured with accounts receivable, inventory, and related property from Jupiter. With this credit facility, TILT is leading the way for the cannabis industry to start receiving rates that are more in line with what non-cannabis commercial businesses experience. The proceeds will be used for general corporate purposes and capital projects. The line has a two-year term and will continue for additional one-year terms unless ended by either party.
Wesana Health Holdings Inc. (CSE: WESA), an emerging data driven life sciences company focused on developing innovative approaches for better understanding, protecting and improving neurological health and performance, including through the advancement of psychedelic medicines, is pleased to announce that the company has received approval from the OTC Markets to begin trading on the OTCQB Venture Market as of August 2nd, 2021 under the ticker symbol “WSNAF”. The Company will continue to trade on the Canadian Securities Exchange under the ticker “WESA”.