The Daily Hit: February 8, 2022

It’s time for your Daily Hit of cannabis financial news for February 8, 2022.

On The Site

Illinois

Cannabis sales in Illinois for the month of January grew 32% over last year but fell sequentially by 14% from December. Last Friday, the Illinois Department of Professional and Financial Regulation released cannabis monthly sales figures and then on Monday, the Illinois Department of Public Health (IDPH) released its latest statistics for the medical cannabis program. So far in 2022, 2,645,046 items were sold in January. In-state residents spent over $81 million while out-of-state residents spent roughly $35 million for a total of $117 million. In January 2021, sales were $88.8 million in total, while December sales topped $137 million. The state saw a slight growth in sales between 2020’s December and 2021’s January so there was no precedent for this drop.

InterCure

Israeli-based InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) announced its preliminary financial results for the fourth quarter of 2021. All amounts are expressed in Canadian dollars ($) or New Israeli Shekels (NIS). Revenue is estimated to be over $31 million, three times greater than the fourth quarter of 2020 and representing sequential growth of over 24%. The company did not disclose whether there was a net income or loss. The company also stated that it expects the full-year revenue to be $87 million, almost 250% growth year-over-year (YOY). Revenue growth is expected to continue throughout 2022.

Tilray

Tilray Brands, Inc. (Nasdaq: TLRY) is combining its medical marijuana brands and naming it Tilray Medical. Tilray said it is bringing together the medical divisions from Aphria and Tilray for one global medical platform. Tilray Medical will feature the brands with one strategy, mission, and vision. “Tilray is the global leader in the advancement of cannabinoid-based medicine, with a focus on providing research-backed medical cannabis products to physicians, pharmacies, and patients,” said Denise Faltischek, Head of International and Chief Strategy Officer. “By unifying the global medical divisions of Tilray and Aphria under a cohesive strategy and mission, Tilray Medical emerges as the premier global supplier of a portfolio of high-quality, effective medical cannabis brands and products for patients in need around the world.” Tilray acquired Aphria and officially closed the deal in May of 2021.

Psychedelics

Psychedelics are going legitimate, looking to trade a reputation as illicit, illegal party drugs for legal, approved treatments for medical problems like depression, anxiety, post-traumatic stress disorder and traumatic brain injury. At the vanguard is ketamine. Patients are piling into a host of ketamine clinics, including Toronto-based Field Trip Health (OTC: FTRP) and Chicago-based Wesana Health. The drug is taking its place alongside marijuana as once-illegal markets that are now growing industries. Other psychedelics and psychoactive compounds are waiting in the wings. Read more here…

In Other News

Canopy Growth

Law360 reported that Canopy Growth Corp. (NASDAQ: CGC)  has reached a $13 million settlement with a class of investors who say it misled them about the strength of the Canadian cannabis market, according to a court filing urging a New Jersey federal court to give its initial approval of the deal. “Taking into account nearly four years of litigation, the risks and uncertainties of continued litigation, and the significant amount of the recovery, the settlement here is certainly reasonable and should be preliminarily approved,” the investors said.

Sundial

Sundial Growers Inc. (Nasdaq: SNDL) announced that it has received an extension of 180 calendar days to regain compliance with Nasdaq’s minimum bid price requirement. The extension will allow the company to regain compliance if the bid price for the Company’s common shares closes at or above US$1.00 per share for a minimum of 10 consecutive trading days before August 8, 2022.

Flora

Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, announced today the addition of Vessel founder and CEO, James Choe, to its executive team. Choe takes on the role of Chief Strategy Officer of Flora where he will focus on the development of three core pillars – people, design, and community.

One comment

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    February 9, 2022 at 4:52 am

    Thank you for posting such a great article! It contains wonderful and helpful posts. Keep up the good work

    Reply

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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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