The Daily Hit is a recap of cannabis business news for August 29, 2022.
ON THE SITE
Khiron Revenues Tick Down As It Gears Up For Germany
Khiron Life Sciences Corp. (TSXV: KHRN, OTCQX: KHRNF) posted healthy margins during the second quarter despite revenues dropping slightly amid the company’s international expansion. Khiron’s second-quarter revenue totaled $4.47 million, down 3% from the same period last year. Read more here.
Cansortium’s Revenue is Rising, Along With Forecast
Cansortium (CSE: TIUM.U, OTCQX: CNTMF) revenue increased 36% to $22.4 million in the second quarter compared with last year’s $16.5 million for the same time period. This beat the Yahoo Finance average analyst estimate for revenue of $18 million. What’s driving it? According to the company, its Florida revenue, which increased 33% to $18.8 million compared to $14.2 million. Read more here.
Entourage Health Revenue Dips On Production Issues
Entourage Health Corp. (OTCQX: ETRGF, TSXV: ENTG) saw its second-quarter revenue dip, which company management blames on a “temporary product shortfall of some of our prized cultivars,” according to CEO George Scorsis. Entourage reported second quarter total revenue of $13.2 million, down 5% versus the same time last year. Read more here.
Why is this Pontiac Building Listed at $1,563 per square foot? Cannabis
A medical marijuana license has driven the owner of a Pontiac Michigan building to put it on the market at a rich valuation. Read more here.
Jushi Delivers Solid Quarter With Help From Nevada
Jushi Holdings (CSE: JUSH, OTCQX: JUSHF) reported second quarter 2022 revenue increased 52.4% to $72.8 million. Retail revenue increased 16.1% to $67.3 million, and wholesale revenue increased 42.1% to $5.5 million from the first quarter. This beat the Yahoo Finance average analyst estimate for revenue of $68 million. CEO Jim Cacioppo cited development of the company’s “footprint in Nevada” as a key driver. Read more here.
IN OTHER NEWS
San Diego and Toronto-based StateHouse Holdings reported increased revenue of $34.6 million for the second quarter ended June 30, 2022. Read more here.
Simply Better Brands Corp.
CBD manufacturer Simply Better Brands Corp. expanded its reach by launching a gummy focused on weight loss. Many CBD companies have been looking for ways to stabilize revenue in the wake of the price volatility. The company also released its latest earnings report. Read more here.
Global Legal Marijuana Market Size
According to Facts and Factors, the demand analysis of Global Legal Marijuana Market size & share revenue is likely to grow about $97 billion by 2026, at a compound annual growth rate of approximately 28% between 2021 and 2026. Read more here.