It’s time for your Daily Hit of cannabis news for January 23, 2019.
On The Site
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) released unaudited financial results for its fiscal 2019 second quarter ending December 29, 2018. Across the company’s operations in California, Nevada, New York, and Arizona, systemwide revenue increased 40% sequentially to $29.9 million. The company said that if it included pending acquisitions that revenue number would be $49.5 million. Official results will be posted in February.
The growth is mostly due to the company’s stores in Southern California. MedMen has eight retail locations there that reported a combined $23.7 million in revenue, which represents a 27% quarter-over-quarter increase. Cowen & Co.’s most recent estimate projects California will be a US$11 billion market by the end of 2030.
In Other News
HEXO Corp. (TSX:HEXO) said that its common shares have been approved for listing on the NYSE American LLC and will commence trading effective at the open of markets on January 23, 2019. HEXO’s shares will trade on the NYSE American under the ticker symbol “HEXO”, the same symbol the Company’s common shares currently trade under, and will continue to trade under, on the Toronto Stock Exchange. HEXO intends to cease the quotation of its shares on the OTC under the symbol “HYYDF”.
Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) has agreed to terminate the Contingent Asset Purchase Agreement for the company to acquire the multi-use “Sweet 16” license, as well as certain other assets. The agreement was originally announced on August 17, 2018.
TILT Holdings (TILT) closed the Jupiter and Blackbird transactions this week, substantially improving the company’s growth prospects and competitive position. The company said, “Through Jupiter, TILT has a “bird in the hand” vape hardware business expected to drive roughly $200m in revenues in 2019 as vape demand continues to accelerate. Blackbird brings wholesale distribution capabilities in CA and NV that can be propagated into additional markets as well as leveraged longer term with the company’s Baker CRM to expand TILT’s wholesale footprint.”