The Daily Hit: February 10, 2021

It’s time for your Daily Hit of cannabis financial news for February 10, 2021.

On the Site

Turning Point

Zig-Zag maker Turning Point Brands, Inc. (NYSE: TPB) announced financial results for the fourth quarter and full-year ending December 31, 2020. For the fourth quarter, the company said net sales increased 31.2% to $105.3 million and the net income increased from $25.0 million to $12.7 million. The adjusted EBITDA increased 80.9% to $25.8 million and the diluted EPS of $0.65 and the adjusted diluted EPS of $0.84 as compared to $(0.62) and $0.41 in the year-ago period, respectively. Turning Point beat expectations as the average analyst estimate for the quarter according to Yahoo Finance was $0.76 and the average estimate for revenues was $101 million.

Canopy Rivers

Canopy Rivers Inc. (OTC: CNPOF) released its unaudited condensed interim consolidated financial statements and management’s discussion and analysis for the third quarter ending December 31, 2020. Canopy Rivers reported an operating income of $3.0 million for the quarter. The company said this included royalty, interest, and lease income (before provisions for credit losses) of $5.9 million. The net income was $1.4 million.  Operating expenses were $3.4 million for the quarter, compared with $3.9 million for the same period last year. Other comprehensive income was $80.8 million for the quarter, driven by the increase, net of tax, in the fair value of financial assets that are reported at fair value through other comprehensive income.


On February 5th, state lawmakers voted to legalize cannabis in Virginia and establish a recreational market. Both chambers’ initiative would legalize possession of an ounce of marijuana or less, and begin the process of expunging certain cannabis-related misdemeanors on July 1st. Retail sales are predicted to start in 2024, per the plans of both the House and Senate.  Virginia already has a medical marijuana program, but it’s limited compared to most states. Even so, the medical program is expected to be valued at $50 million in sales by 2024, and the adult-use market is poised to grow even bigger. 

Social Media

Can a social media profile improve a company’s stock performance? The market saw what happened on Reddit boards with Gamestop stock as traders chatted with each other about shorting the stock. Could a company that is active in social media, without any specific call to action regarding the stock, influence the interest in the company’s stock? “If investors are looking to determine the popularity of a company or demand for its product, they can analyze the brand’s social media. If they see great engagement on posts, high account following, or virality, high re-share of a brand’s content, they may make an assumption that this company will be even a greater hit with consumers in the future,” said Amra Beganovich.


With the constant advancement of technology, people can easily access what they need with a touch of a button. Over the last two decades, we have seen an increase in the number of digital services available through digital apps. Food delivery, transportation, and prescription medication refills are just some examples of types of services available online. While there are many apps that focus on medical marijuana card applications or dispensary locations, Tetragram provides something different. Tetragram, a black-owned business, is a free app that allows users to record their medical marijuana products via a digital journal.

In Other News

Power REIT (NYSE: PW) announced the closing of its previously announced rights offering on February 5, 2021. At the closing of the rights offering, the Trust sold and issued an aggregate of 1,383,394 shares of the Trust’s common shares at the subscription price of $26.50, pursuant to the exercise of rights issued to the Trust’s shareholders of record on December 28, 2020. The company raised aggregate gross proceeds of $36,659,941 from the Rights Offering. 

MINDCURE (OTCQB: MCURF)  just announced the closing of a $23 million bought deal offering, including full exercise of over-allotment option. The net proceeds of the Offering will be used by the Company for product research, development and expansion, to further the Company’s technological offerings and capabilities, including the build-out of its iSTRYM application and refinement of its bioinformatics statistical analysis platform PsyCollage, marketing expenditures related to company investor relations and product awareness, as well as working capital and general corporate purposes. Kelsey Ramsden, President & CEO of Mind Cure said “We are delighted to have the trust and support of the investment community as we continue with our mission to advance psychedelic medicine through research into novel and classic psychedelic molecules and therapies as well as pioneering and building iSTRYM, the digital infrastructure necessary to deliver these life-transforming therapies at scale.” 

Zenabis Global Inc. (TSX:ZENA) announced that it has established an at-the-market equity program that allows the Company to issue up to C$15,000,000 of common shares in the capital of the Company from treasury to the public from time to time, at the Company’s discretion. Any Common Shares sold through the ATM Program will be sold through the Toronto Stock Exchange or any other marketplace on which the Common Shares are listed, quoted or otherwise traded, at the prevailing market price at the time of sale.

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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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