The Daily Hit: August 4, 2021

It’s time for your Daily Hit of cannabis financial news for August 4, 2021.

On The Site


After the market closed on Tuesday, Jazz Pharmaceuticals plc (Nasdaq: JAZZ) announced financial results for the second quarter of 2021 and affirmed non-GAAP adjusted financial guidance for 2021. Jazz also said that it plans to expand the use of GW Pharmaceutical’s drug Epidiolex to other forms of epilepsy. Total revenues increased 34% to $751.8 Million in the second quarter of 2021 versus $562 million in 2020. This beat the Yahoo Finance average analyst estimate for $735 million. The GAAP net income (loss) for the second quarter of 2021 was ($363.3 million), or ($6.11) per diluted share, compared to $114.8 million, or $2.06 per diluted share, for the second quarter of 2020. The non-GAAP adjusted net income for the second quarter of 2021 was $240.6 million, or $3.90 per diluted share, compared to $207.3 million, or $3.71 per diluted share, for the second quarter of 2020. The average analyst estimate was $3.42. The average price target is $207 and the stock was moving higher in early trading to $171.

After the market closed on Tuesday, cannabis REIT Innovative Industrial Properties, Inc. (NYSE: IIPR)said that it closed on the acquisition of a property in Illinois, and entered into a long-term lease with a subsidiary of 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF). The purchase price for the property was $6.5 million (excluding transaction costs). 4Front is expected to construct approximately 250,000 square feet of industrial space at the property, for which IIP has agreed to provide reimbursement of up to $43.75 million. Assuming full reimbursement for the construction, IIP’s total investment in the property is expected to be $50.25 million (excluding transaction costs). 4Front intends to operate the property upon completion of construction as a licensed cannabis cultivation and processing facility.

Fire & Flower

Fire & Flower Holdings Corp.  (OTCQX: FFLWF) and its wholly-owned subsidiary Hifyre Inc. has purchased certain subsidiaries of Wikileaf Technologies Inc. (CSE: WIKI), an online platform for cannabis enthusiasts and consumers, as part of its innovative new digital strategy focused on enhancing the company’s proprietary data-driven retail platform.  It is an all-stock deal valued at $7.5 million. The website, associated domain names, e-mail subscriber database, social media channels, content generation platforms, trademarks and technology stack powering the Wikileaf platform generates significant online cannabis user traffic.


Jessica Billingsley, Chief Executive Officer and co-founder of Akerna, was announced as the Chair of the newly formed US Cannabis Council, a coalition of organizations, businesses, and individuals seeking to end federal prohibition of cannabis and create an equitable, values-driven cannabis industry in the United States. 

In Other News


Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) announced results for the quarter ended June 30, 2021.The company generated total revenues of approximately $48.9 million in the quarter, representing a 101% increase from the prior year’s second quarter. Recorded net income attributable to common stockholders of approximately $29.0 million for the quarter, or $1.17 per diluted share, and adjusted funds from operations (AFFO) of approximately $43.0 million, or $1.64 per diluted share (Note: AFFO per diluted share for the period includes the dilutive impact of the assumed full exchange of IIP’s $143.75 million of exchangeable senior notes (the Exchangeable Senior Notes) for shares of common stock). Paid a quarterly dividend of $1.40 per share on July 15, 2021 to common stockholders of record as of June 30, 2021, representing an approximately 32% increase over the second quarter 2020’s dividend.

Grown Rogue

Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) announced record revenues for its Michigan operations, through its partner Golden Harvests, of over US$0.7M and greater than 60% gross margin for the month of June. Golden Harvests’ 80,000 sq ft facility has 35,000 sq ft operational that can yield upwards of 5,000 pounds of high quality indoor “A” flower. Golden Harvests is currently operating eight individual flower rooms with weekly harvests. An additional 25,000 sq ft is expected to be operational by June of 2022 increasing annual yields to over 8,000lbs. Grown Rogue’s products are currently only available in approximately 10% of dispensaries in Michigan and the Company is actively expanding the sales team as production capacity increases to establish more market share.

Planet 13

Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) announced $11.9 million in sales during July. During the first month of operations, the new Orange County store generated ~$800 thousand in sales. The gross margin for the company during the month was in excess of 50%. “Based on the early results we’ve seen from the Orange County store we are confident in the trajectory of sales and the quality of service and product we are providing. Sales have grown week over week as we start to gain traction as one of the top dispensaries in Orange County,” said Bob Groesbeck, Co-CEO of Planet 13. “Looking back at the early days of Planet 13 Las Vegas is a good reminder that it takes time to build customer trust and awareness. We took that dispensary from generating around $3 million a month to now north of $9 million with gross margins above 50%, all by focusing on the customer and continuing to refine and improve the experience and product selection.”


Jushi Holdings Inc. ( CSE: JUSH ) ( OTCQX: JUSHF ) announced the appointment of Brendon Lynch as the Company’s Executive Vice President of Retail Operations, reporting directly to Jushi Chief Executive Officer, Chairman and Founder Jim Cacioppo . Brendon Lynch brings decades of retail expertise to Jushi that he refined and developed while working with companies such as Anthropologie, Rudy’s Barbershop, TOMS, David Yurman and the Gap.


Simplifya announced the appointment of one of the country’s top cannabis banking, financial services and compliance experts, Katrina Skinner, as the Company’s General Counsel and Chief Banking Officer, reporting directly to Simplifya CEO and Co-Founder Marion Mariathasan.


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.