It’s time for your Daily Hit of cannabis financial news for June 15, 2020.
On The Site
Multi-state operator 4Front Ventures (OTC:FFNTF) reported its fourth-quarter and full-year fiscal 2019 results, plus the company gave preliminary first-quarter numbers. The fourth-quarter revenue increased 525% to $17.5 million over last year’s revenue for the same time period. 2019 revenue increased 786% to $31 million over 2018’s revenue of $3 million.
The company delivered a fourth-quarter net loss of $5.4 million and included a non-cash impairment charge of $146.3m related to the timing of the closing of the Cannex transaction. 4FRont delivered a 2019 net loss of $180 million. The company reported a net loss per share of $0.43 for the year versus a net loss of $0.03. The company did say that demand was robust despite the COVID-19 pandemic. The company though isn’t out of the woods just yet. Its balance sheet had cash and equivalents of $11.5 million with total debt of $80.1 million.
MJardin Group, Inc. (OTCQX: MJARF) reported results for its fourth quarter and fiscal year ending December 31, 2019, with revenue falling to $26.7 million versus $27.5 million in 2018. In addition to the drop in revenue, MJardin delivered a 2019 net loss of $267.5 million versus $81.4 million in 2018. This loss included a $207 million impairment related to goodwill, intangibles, PP&E and a principal promissory note in 2019 and $21 million in 2018.
Mydecine (MYCO.CN) (NLBIF) is quickly upping its fungi authority. The mycology-focused company has signed an agreement with Applied Pharmaceutical Innovation (API), a translational commercial drug institute at the University of Alberta’s Faculty of Pharmacy and Pharmaceutical Sciences.
Mydecine is a fungi and mushroom cultivator/product development company offering unique research and expertise in their field. Their partnership with API will quickly upgrade their value and already existing knowledge in the mycology arena. API is a sea of experts in this field, and the collaboration will provide the company with the ability to fast track its product development.
In Other News
Charlotte’s Web Holdings, Inc is undertaking an overnight marketed public offering of units of the Company. The Offering is expected to be priced in the context of the market, with the final terms of the Offering to be determined at the time of pricing. There can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering. The closing of the Offering will be subject to market and other customary conditions, including approvals of the Toronto Stock Exchange and the applicable securities regulatory authorities.