The Daily Hit: August 29, 2018

It’s time for your Daily Hit of cannabis financial news for August 29, 2018.

On The Site

PLUS Products

Early this week, Plus Products filed a preliminary prospectus for its IPO, and is planning to list shares on the Canadian Securities Exchange once it achieves the listing requirements.

The prospectus seeks to raise $15 million through the offering, for which the lead underwriters are PI Financial and Canaccord Genuity.

Plus Products plans to use 40% of the capital raised to expand capacity, within the California market only where they have seen a tremendous amount of growth. Their products rank as the fourth most popular edible in all of California, according to BDS Analytics. The company’s mission is to “make cannabis safe and affordable”, offering options in low-dose edibles.

Green Thumb Industries

Green Thumb Industries (GTBIF) announced today its financial results for the second quarter, which ended on June 30, 2018. Revenue for the quarter rose by 25% from $10.9 million to $13.6 million, driven mostly by the increased wholesale distribution of its finished branded products to retail customers in Illinois and Maryland, as well as increased traffic at the company’s retail stores.

The company’s net income was roughly $400,000, up from a loss of $1.6 million in the first quarter. EBITDA was negative $4.7 million, up from $1.3 million during the same period last year. However, the adjusted EBITDA, which excluded non-cash and one-time expenses related to the company’s reverse takeover of Bayswater Uranium, was approximately $500,000.

Tilray Inc.

Tilray (TLRY) reported that its revenues in the second quarter increased to $9.7 million, an increase of 95.2% over last year’s $4.9 million for the same time period. The company said that the jump was due to increased patient demand in Canada, sales to licensed producers and international sales.

The net loss for the quarter rose substantially to $12.8 million versus last year’s $2.4 million for the same time period. The higher losses were blamed on costs related to going public, increased operating expenses to fuel growth and the expansion of international teams. The company also reported an adjusted EBITDA loss of $4.7 million compared to a loss of $1.9 million for the second quarter of 2017. The net loss included non-cash stock compensation charges of $5.6 million compared to a $35 thousand charged in the prior year period.

In Other News

Golden Leaf Holdings Ltd.

Golden Leaf Holdings Ltd. announced financial results for the fiscal second quarter ended June 30, 2018. Record quarterly revenues of US$3.7 million for Q2 2018, compared to $2.1 million for Q2 2017. Adjusted EBITDA for the second quarter of 2018 was a loss of $3.2M, primarily driven by transaction costs and corporate expenses. The company opened a Chalice Farms dispensary, located in Happy Valley, Oregon and signed a letter of intent to acquire a cannabis dispensary operation in Northern California.

On August 10, 2018, the Company signed a definitive agreement to acquire the assets of Tahoe Hydroponics Company and 11T Corp. following the signing of an LOI in May.

True Leaf Medicine International Ltd.

True Leaf Medicine International Ltd. (TRLFF) announced its best quarter ever for the three months ended June 30, 2018. The record-setting revenues were generated from sales of the Company’s legal hemp-based True Leaf Pet products. Sales of the products totaled $491,334 (CAD) in the quarter, an increase of 70 percent over the $289,494 recorded for the same period last year. This figure also represents an increase of 28 percent over revenue of $383,844 for the three months ended March 31, 2018.

Revenue growth has been fueled by the Company’s investment in its international sales team. The expanded team of pet industry sales experts in Canada, the United States, and Europe have significantly increased the reach of the Company’s True Leaf Pet division to new locations in-store and online.

FluroTech Ltd.

FluroTech Ltd. (TSXV: TEST) announced results for its second quarter ended June 30, 2018. Interest income of $53,853 for the three-month period ended June 30, 2018, resulted from the cash proceeds from the January 2018 private placement and the February 2018 private placement being invested in GIC’s. Cash received from financing activities in the six-month period ending June 30, 2018, was $7,397,771, and the Company used $1,704,578 in operations during the same period.

MedMen Enterprises

MedMen (MMNFF) has announced the appointment of former Los Angeles Mayor Antonio Villaraigosa to their Board of Directors. Villaraigosa joins a high-profile advisory board which also includes Jay Brown, Jay-Z’s RocNation Co-Founder and CEO, and Stacey Hallerman, Pfizer veteran and current executive at Richemont North America, Inc. Villaraigosa brings over two decades of public service experience and national influence to the cannabis company’s rapidly-expanding reign on the global cannabis industry.

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up

About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


Recent Tweets

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.