It’s time for your daily hit for cannabis financial news for January 2, 2019
On The Site
Revenue for the quarter rose to $3.05 million, up roughly 223% from $1.8 million during the same period in the previous year. The bulk of the revenue increase was attributed packaging sales and rental income.
Likewise, the company’s net income rose to $696,746; a significant increase when compared to the loss of $815,188 during the second fiscal quarter of 2018. Adjusted EBITDA decreased slightly, falling from $1.1 million to $1.03 million. At the end of the period, Cannex had approximately $10.04 million in cash and cash equivalents.
In Other News
Xanthic Biopharma, Inc. (CSE : GGB) (OTCQB : GGBXF) officially changed its corporate name to Green Growth Brands Inc. The company had been operating under the trade name “Green Growth Brands” since the November 9, 2018 closing of its reverse take-over of the existing Xanthic entity. The new name is effective immediately and will be implemented across the company. The common shares will continue to trade on the Canadian Securities Exchange under the stock symbol “GGB” and on the OTCQB under the stock symbol “GGBXF”. The new CUSIP number of the Company’s common shares will be 39305B105 and the new ISIN number will be CA39305B1058.
The Supreme Cannabis Company, Inc. (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1), announced 7ACRES has 19 completed flowering rooms and is on track for all 25 flowering rooms to be completed in March 2019. Once completed, 7ACRES will have a greenhouse footprint of approximately 300,000 square feet, with the total facility reaching over 440,000 square feet. Supreme Cannabis expects 7ACRES to reach its estimated annual output of 50,000 kg by the middle of calendar 2019.
Sunniva Inc. (CSE:SNN) (OTCQB:SNNVF), a North American provider of cannabis products and services, announced today the closing of the previously reported 100% acquisition of LTYR Logistics, LLC a California-based cannabis distribution company.
Honeydrop Beverages announced a new partnership with Boulder, Colorado-based Evo Hemp to launch a line of Honeydrop Cold-Pressed CBD Lemonades. Made with 20 mg of premium U.S grown CBD sourced by Evo Hemp and a teaspoon of raw U.S. honey, the new CBD lemonades contain only 4 g of sugar per bottle and will be offered in three flavors: REVIVE (Matcha), RELAX (Lemon) and REHAB (Turmeric). The new line was conceived and crafted by Honeydrop’s SVP Mareill Kiernan, who is also a certified holistic natural foods chef and health coach.The products will initially be available in Southern California and the New York Tristate area via distributors Los Angeles Distributing and Doras Natural at an MSRP of $5.99. Nationwide shipping will also be available.