The Daily Hit: August 9, 2021

It’s time for your Daily Hit of cannabis financial  news for August 9, 2021

On the Site


Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) reported its financial and operating results for the second quarter ended June 30, 2021. Curaleaf revenue reached $312 million, increasing 20% sequentially and 166% YoY. The company’s net losses were trimmed from $17.2 million in the first quarter to just $7.2 million in the second quarter.


Cannabis online marketplace company Leafly Holdings Inc. and the SPAC (special purpose acquisition company) Merida Merger Corp. I (NASDAQ: MCMJ) sponsored by Merida Capital Holdings have signed a definitive agreement for a business combination. When the transaction is complete, Merida will adopt the Leafly name and its common stock is expected to be listed on the NASDAQ under the ticker symbol LFLY. The combined company’s transaction values at an implied, fully diluted enterprise value of approximately $385 million and equity value of approximately $532 million, subject to any redemptions by Merida stockholders. It is expected to close in the fourth quarter of 2021.

Village Farms

Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF) announced its financial results for the second quarter ended June 30, 2021. Total sales grew 166% to $34 million in the quarter versus last year’s $14.1 million for the same time period. Village Farms net income grew 270% from $800,000 in 2020 to $3.2 million in the second quarter of 2021. The company reported that produce sales decreased (4%) with higher production volumes offset by lower pricing as the tomato industry experienced one of the lowest pricing environments for tomatoes-on-the-vine and beefsteak varieties in the past ten years versus strong pricing due to elevated demand amidst pandemic-related restrictions in the second quarter of 2020. Village Farms said there were indications that pricing is moving back to historical levels, however, year-over-year comparisons remain challenging.


Cannabis biotech company Zynerba Pharmaceuticals, Inc. (Nasdaq: ZYNE) reported financial results for the second quarter ended June 30, 2021, and provided an overview of recent operational highlights and a pipeline update. Zynerba’s research and development expenses were $5.5 million for the second quarter of 2021, including stock-based compensation of $1.0 million. General and administrative expenses were $4.4 million in the second quarter of 2021, including stock-based compensation expenses of $0.9 million. The net loss for the second quarter of 2021 was $10.0 million, with a basic and diluted loss per share of $(0.25).


New Jersey-based Achari Ventures Holdings Corp. I is a newly organized blank check company or SPAC. The company said its initial focus will be on identifying acquisition opportunities in the cannabis industry. It will not invest in or consummate a business combination with a target business that we determine has been operating in violation of U.S. federal laws, including the Controlled Substances Act. The initial goal is to raise $100 million, but it could go as high as $115 million. The proposed NASDAQ symbol is AVHIU.

In Other News


Akerna (Nasdaq: KERN)  reported its unaudited financial results for the quarter ended June 30, 2021. Software revenue was $4.5 million, up 56% year over year. Total revenue was $4.9 million, up 63% year over year. Gross profit was $3.0 million, up 153% year over year. Net loss was $6.1 million, flat with the same period last year. 

Canada House
Montréal Cannabis Médical Inc., a Montréal-based “flower-first” Licensed Producer, and Canada House Wellness Group (CSE: CHV) have entered into a definitive share exchange agreement dated August 9, 2021  for Canada House’s acquisition of all of the issued and outstanding shares of MTL Cannabis. The Transaction is between arm’s length parties and constitutes a “reverse takeover” of the company, and it is anticipated that the company will operate under the MTL Cannabis corporate name with shares trading on the CSE under a related ticker symbol following the closing of the Transaction.


Poseidon, the leading venture capital firm in the cannabis industry with $200M in assets under management, today announced plans to host Poseidon GreenShoots™ Pitch Forum, a 90-minute virtual cannabis pitch forum to connect top-performing companies with accredited investors, on August 31st, 2021. Five cannabis companies will be chosen to deliver a 3-minute pitch to an audience of accredited investors, followed by a Q&A from the panel of judges. Companies from all sectors and stages of growth are welcome, from ancillary services to licensed operators. Judges will score each company team, market opportunity, concept/competitive advantage and ability to raise capital to determine the best pitch. The company that gives the best pitch will win a spot to pitch on stage during MJUnpacked in Las Vegas October 21-22, three months of free membership to Poseidon Mastermind and consulting time from the judges.

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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


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