Its time for your Daily Hit of cannabis financial news for December 17th, 2019.
On the Site
Fire & Flower Revenue Grows As Company Reports Net Income For The Third Quarter
Fire & Flower Holdings Corp. (TSX: FAF) announced that its third-quarter 2019 revenue increased 443% to $13.7 million for the quarter ending November 2 over last year’s $2.5 million for the same time period. It was also higher sequentially over the 2019 second-quarter total revenue of $11.1 million. The company also delivered a net income of $10.2 million over last year’s net loss of $22.5 million for the same time period. It was just a note, but one of the most important items in the company’s announcement was that it closed the strategic investment with Alimentation Couche-Tard Inc. The company said that the strategic investment would result in Couche-Tard obtaining a controlling interest in Fire & Flower if all securities issued in connection with the strategic investment are converted/exercised in full.
New Jersey Kicks Full Legalization To The Voters In 2020
On Monday, lawmakers in New Jersey’s Senate and Assembly approved a resolution for full legalization in November 2020. The politicians came close in 2019 to writing legislation that would legalize adult-use cannabis, but ultimately failed and were unable to pass any laws. By punting, the voters will now decide whether to legalize cannabis for adults’ use in November 2020. Steve Hawkins, executive director at the Marijuana Policy Project said, “Legalizing, taxing, and regulating marijuana is the cannabis policy New Jersey deserves. It is unacceptable to accept the status quo of prohibition that continues to negatively impact countless lives and communities. I am hopeful that New Jerseyans will vote in favor of adult-use legalization in 2020.”
In Other News
Tilray Announces New Cannabis Products
High Park Holdings Ltd., a wholly-owned subsidiary of Tilray, Inc. introduced its phase two adult-use cannabis products today. The products will launch across Canada in 2020. The line includes edibles and confectionary, beverages, and vape products. High Park is based in Toronto and all of their products are in line with Health Canada’s standards for safety and quality.
Cansortium Inc. Announces Definitive Plan to Sell Non-Core Operations
Canasortium Inc. announced the signing of separate definitive agreements to sell their non-core operations in Canada and Puerto Rico. The terms of the sales were not disclosed. Canastortium Inc. is based in Florida and operates under the Fluent brand. The company is committed to being the highest quality cannabis company in Florida, focusing on excellence from seed to sale.
Health Canada Recalls Zenabis CBD Gel Capsules Containing THC
Zenabis released incorrectly labeled cannabis gel capsules under their Namaste brand and they are being recalled by Health Canada. The label indicates the product is “CBD Light gelcaps” but the product contains THC. The label is said to show each pill contains 0.19 mg of THC and 6.13 mg of CBD. Health Canada said the actual values are 2.247 mg of THC and 0 mg of CBD.