The Daily Hit: February 16, 2021

It’s time for your Daily Hit of cannabis financial news for February 16, 2021.

On The Site

GWPH

GW Pharmaceuticals plc (Nasdaq: GWPH) announced that the total revenue for the fourth quarter ending December 31, 2020, was $148.2 million versus $109.1 million for the quarter ended December 31, 2019. This beat the analyst estimates according to Yahoo Finance by $3.66 million. The net loss for the quarter ended December 31, 2020, was $29.1 million versus a net loss of $24.9 million for the quarter ended December 31, 2019. The fourth quarter GAAP EPS for GW Pharmaceuticals was -$0.08 which missed analyst estimates by two cents.

The total revenue for the full-year 2020 was $527.2 million, a 69% increase compared to $311.3 million for the prior-year period. The company said in a statement that cash and cash equivalents on December 31, 2020, were $486.8 million.

Verano

Verano Holdings Corp. (CSE: VRNO) is set to begin trading on February 17 after closing the reverse takeover of Majesta Minerals Inc. and the merger with Alternative Medical Enterprises LLC, Plants of Ruskin GPS, LLC, RVC 360, LLC, and affiliated companies better known as AltMed and sometimes referred to as AME. The company noted that the Subordinate Voting Shares would begin trading on the CSE, but that the Proportionate Voting Shares will not be listed for trading. 

Leafly

Leafly’s fifth annual cannabis jobs report showed the cannabis industry to support 321,000 full-time equivalent jobs in 2021! An incredible number for an amazing and highly-deserving industry. Cannabis jobs aren’t accurately reported to the Department of Labor because it’s federally illegal, so in partnership with Whitney Economics, Leafly has been filling that gap since 2017! The result is a goldmine of knowledge, and always filled with incredible cannabis job data. 

National brand

The cannabis space is red hot right now, with newly powerful Democratic leaders saying they plan to make reform legislation a key priority in the current Congress. Over the past year of the pandemic, the industry has seen massive gains as many states with “stay in place” mandates identified the category as an “essential service.” Nevertheless, we have yet to see a major national player emerge as a ubiquitous brand, either on the retail or product level. If you work or heavily consume in the space, you might have become familiar with some of the players—but there’s no Pepsi or Kleenex in the industry by any stretch of the imagination.

There’s a good reason for that, of course: Cannabis is still prohibited at the federal level. However, it would be silly to think that major players aren’t eyeing this space and aligning themselves for the inevitable moment when that all changes. And rest assured, when this space moves, it’s going to move fast.

In Other News

Hexo

Canadian cannabis company Hexo Corp. is acquiring Zenabis Global Inc. in an all-stock deal valued at about C$235 million ($185.2 million). Under the terms of the deal, Ottawa-based Hexo will pay the shareholders of Vancouver-based Zenabis 0.01772 of a Hexo share for each Zenabis share (ZBISF) owned, equal to a premium of about 19% based on the 20-day volume-weighted average price of Zenabis common shares and HEXO common shares on the Toronto Stock Exchange, as of February 12, 2021.

Supreme

The Supreme Cannabis Company, Inc. (OTCQX: SPRWF) has entered into an agreement with BMO Capital Markets, on behalf of a syndicate of underwriters, under which the underwriters have agreed to buy on bought deal basis 72,600,000 units, at a price of $0.31 per Unit for gross proceeds of approximately $22.5 million. 

Aleafia

Aleafia Health Inc. (OTC: ALEAF) has entered into an agreement with Cantor Fitzgerald Canada Corporation, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, pursuant to which the Underwriters have agreed to purchase 18,000,000 units of the Company, on a “bought deal” basis pursuant to a short form prospectus offering, subject to all required regulatory approvals, at a price per Unit of $0.83 for gross proceeds of $14,940,000.

Field Trip

Field Trip Health Ltd. (OTCQX: FTRPF) reported its third fiscal quarter results for the three and nine months ended December 31, 2020. Q3 2021 patient services revenues of $316,329 represented a 235% increase over the previous quarter. Net loss for our third fiscal quarter of $8,275,669 was primarily due to general and administration expenses of $2,989,160, listing expenses of $2,131,109 relating to the Transaction, research and development expenses of $1,064,744, patient services expenses of $668,911, sales & marketing expenses of $534,848, depreciation and amortization of $375,745, occupancy costs of $288,452 and realized foreign exchange loss of $454,475.

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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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