The Daily Hit: February 11th, 2021

It’s time for your Daily Hit of cannabis financial news for February 11th, 2021. 

On the Site

How CBD Products Work to Improve Your Help

This article talks about the benefits of CBD, and how regularly using it can improve your health. It goes into the endocannabinoid system, and how it can manage stress and anxiety, promote bone health, aid in epilepsy treatment, etc. 

GFive Cultivation Breaking Barriers, Giving Back

Green Market Report highlighted Larry Smith, the CEO and co-founder of GFive Cultivation. He’s the first African-American to have a medical cannabis facility in Clark County, Nevada. He is committed to empowering young men and women in his community and breaking the barriers that prevent others from participating in this booming cannabis industry.

Columbia Care Expects to Sell C$25 Million of Stock to One Investor

Columbia Care Inc. (OTCQX: CCHWF) has entered into an agreement with Canaccord Genuity Corp. to purchase for resale, on a bought deal private placement basis, 2,800,000 common shares at a price of C$9.00 per share for aggregate gross proceeds of C$25,200,000. It is expected that the offering will be primarily sold to one large institutional investor. The deal is expected to close on or about February 25, 2021. The net proceeds will be used for working capital and general corporate purposes.

In Other News 

Supreme

The Supreme Cannabis Company, Inc.  (OTCQX: SPRWF) announced its financial and operating results for the three months ended December 31, 2020. Overall net revenue increased 54% to $18.3 million in Q2 2021 from $11.9 million in Q1 2021. Recreational net revenue rose to $12.7 million, an increase of 70% quarter-over-quarter as a result of distribution gains, improved fulfilment and higher sales as the Company’s products continue to be well received by the recreational cannabis consumer. In particular, a 98% increase in sales volumes and a 3% higher average selling price per gram from the Company’s dried flower and pre-rolls drove the increased recreational net revenue. The company reported a net loss of $7.9 million.

Beena Goldenberg, President and CEO of Supreme Cannabis, said, “Supreme Cannabis continued to execute on its strategy of accelerating revenue and controlling our costs in the second quarter of fiscal 2021, which resulted in record revenue and EBITDA performance. Consolidated net revenue grew by 54% compared to Q1 to $18.3 million, while recreational net revenue – which is a significant area of focus for the Company – grew by 70% compared to last quarter to $12.7 million. Our revenue growth was attributable to distribution gains, improved fulfilment and an overall strengthening of our internal processes. We continued to exercise disciplined cost control across the business, resulting in Supreme Cannabis generating positive Adjusted EBITDA of $3.6 million, up from $0.3 million in the first quarter of fiscal 2021.”

Wholesale net revenue, which includes the Company’s sales in the international medical cannabis segment, in Q2 2021 was $5.6 million, up 28% quarter-over-quarter, driven by a 14% increase in average selling price per gram and a larger contribution from international flower sales volumes.

 

Short Sellers

Short Sellers Have Lost $4.3B in Cannabis Stocks in 2021 

MSN reported that, as of Wednesday, these five cannabis stocks are in the largest short positions, with Tilray’s stock being sent 150% higher last week after a short squeeze: 

  • Canopy Growth Corp. (NASDAQ: CGC): $1.49 billion in short interest 
  • Tilray (NASDAQ: TILRY): $1.33 billion in short interest 
  • Aphria (NASDAQ: APHA): $402.6 million in short interest 
  • GW Pharmaceuticals (NASDAQ: GWPH): $401 million in short interest 
  • Aurora Cannabis (NYSE: ACB): $385.7 million in short interest 

Hempire Direct Launches Mobile App for Hemp & Delta 8

Hempire Direct released a first-of-its kind mobile app serving as an online marketplace for smokable flower, edibles, vape cartridges, and other hemp-derived products. The app will also have Delta 8 products, which is currently trending in the hemp-derived product space. 

Through Hempire Direct’s mobile app, farmers and brand manufacturers can list cannabis products on their app. It’s essentially an Amazon for hemp products.

Kaitlin Domangue

Kaitlin is a 23-year-old wife and mom to three children. She is a financial reporter for the Green Market Report and a freelance writer for other businesses in the cannabis space.


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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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