It’s time for your Daily Hit of cannabis financial news for July 15th, 2021.
On the Site
Harvest Health Leaves Oregon, Expands Florida Footprint
Harvest Health & Recreation Inc. (OTCQX: HRVSF) is done with Utah and expanding its Florida footprint. Harvest said it had completed the divestiture of its cultivation and processing operations in Utah for what it described as an immaterial amount of cash.
The company said that a local operator bought the cultivation and processing operations located in Ogden, Utah. Following the sale, Harvest no longer has operations in Utah.
The Valens Company Sees Q2 Revenue Increase
After the markets closed on Wednesday, The Valens Company Inc. (TSX: VLNS) (OTCQX: VLNCF) delivered its second-quarter financial results ending May 31, 2021. Valens reported that its revenue increased 16.1% to $20.5 million versus $17.6 million in the second quarter of 2020. The net loss was $8.6 million in the quarter versus $3.5 million for the same time period in 2020.
Timbaland, Nas Invest In Cannabis Company Pure Beauty
California-based boutique cannabis brand Pure Beauty reported it has successfully raised $5 million in convertible note fundraising from a consortium of investors led by Gron Ventures, Subversive Capital, Ceres Group Holdings, and notable celebrities including Timbaland, Nas, and director Tom Kuntz, among others.
SAFE Banking Is NOT About Rich People Getting Rich
Despite some chatter, SAFE Banking is not about rich people getting rich. The SAFE Banking Act would address the lack of safety in the cannabis space, as well as provide a pathway for cannabis businesses to establish banking relationships.
Psychedelic Fund Palo Santo Launches With $35 Million
U.S.-based psychedelic investment fund Palo Santo, has launched with an initial $35 million in capital raised and an active portfolio of 20 companies. The diversified venture fund said in a statement that it is focused on tackling the growing global mental health crisis by investing in innovative psychedelic-based and adjacent therapies that are poised to shape the future of psychiatry and fields beyond.
In Other News
Green Organic Dutchman Announces Q2 Revenue
The Green Organic Dutchman (TSX: TGOD) (US: TGODF) announced their preliminary unaudited revenue for the second quarter. The company achieved $11.7 million in preliminary unaudited revenue, representing a quarter-over-quarter revenue increase of 30% and a year-over-year 143% increase.
Neptune Reports Q4 Results
Canadian cannabinoid extraction company, Neptune, announced fourth quarter results this afternoon. (TSX: NEPT) The company reported $6.8 million in revenue, representing a 127% increase from the third quarter.
Neptune reported a fourth quarter gross profit loss of $24.8 million, compared to the profit loss of $1.1 million during the same period in 2020.
Reported fourth quarter gross profit loss of $24.8 million compared to a reported gross profit loss of $1.1 million in the comparable period in fiscal 2020 and reported fiscal year 2021 gross profit loss of $36.2 million compared to a gross profit loss of $1.8 million for the fiscal year 2020.