The Daily Hit: July 31, 2018

It’s time for your Daily Hit of cannabis financial news for July 31, 2018.

On the Site

Scotts Miracle-Gro

Regulatory changes in California and an over-production of cannabis in the state put pressure on revenue in the Hawthorne segment of business for Scotts Miracle-Gro (SMG). The lawn and garden company that is known for its pesticides and fertilizers released its fiscal third-quarter results after the market close on Tuesday.

Company-wide sales increased 2% to $994.6 million versus $973.4 million last year for the same time period. At first glance, the Hawthorne business looked okay as sales jumped 2% to $74.2 million from last year’s $72.4 million, but excluding company acquisitions sales actually dropped 37%. Those acquisitions include the recently acquired Sunlight Supply.

Isodiol International Inc.

Isodiol International Inc. (ISOLF) reported its annual earnings with a gross profit of C$8.8 million for the year ending March 31, 2018, which was well above last year’s gross profit of C$126,715. However, the net losses were tremendous at C$36 million versus last year’s net loss of C$4 million as the company embarked on numerous acquisitions. Revenues for the year logged in at C$19 million, well above last year’s C$355,959. The cost of goods sold was C$10 million for the year versus last year’s C$229,243.

 

In Other News

MedMen Enterprises Inc.

MedMen Enterprises Inc. (MMEN) announced today that RocNation Co-founder and CEO Jay Brown had joined its Board of Directors. With years of experience, Brown is one of the most powerful executives in the music industry and has had a hand in the success of several Grammy-nominated and award-winning artists throughout his lifetime. “Marijuana today is less about smoking a joint, and much more about lifestyle and culture. It is about healthier, safer choices for mind and body, and community,” said MedMen Co-founder and CEO Adam Bierman in a statement. “For more than two decades, Jay Brown has had his finger on the pulse of pop culture. We are honored to have him on our Board and look forward to working with him as MedMen continues on its mission to mainstream marijuana.”

Aphria Inc.

Aphria Inc. (APHQF) announced that on July 27, 2018, the company secured $25 million in debt financing from WFCU Credit Union (WFCU). The five-year loan has an interest of 4.68% and is the second loan that the company has received from WFCU. The previous loan was also a $25 million five-year loan and was secured on May 9, 2017. “We are delighted to once again have the support of WFCU Credit Union as Aphria continues to execute on its long-term strategic plan,” said Aphria CEO Vic Neufeld. “Our diversified approach to innovation, strategic partnerships and global expansion are driving long-term shareholder value, and as our company and industry evolve we are always looking for opportunities to normalize our debt to equity structure.”

Starbuds

10330698 Canada Ltd., holder of Starbuds Canada (Starbuds), announced today that it has secured several dispensary locations in Ontario and has entered into multiple operational agreements to obtain more. Starbuds Canada is the result of a joint venture between Compass Cannabis Clinic and Starbuds U.S. The initial dispensary locations will be in Whitby and Windsor, Ontario. To increase the speed of their expansion, 10330698 Canada Ltd. is launching a private placement for investors. “We’re thrilled to have an opportunity for our joint venture to expand into Ontario. Consumers should have options in who they purchase cannabis from, and this expansion only strengthens our position as a leading provider across not only Canada but North America as well,” said Brian Ruden, Founder and CEO of Starbuds U.S. “Our goal is to provide fantastic customer service combined with educational support for patrons in Ontario, along with further investment opportunities for our stakeholders.”

William Sumner

William Sumner

William Sumner is a freelance writer specializing in the legal cannabis industry. You can follow William on Twitter @W_Sumner or on Medium.


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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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