The Daily Hit is a recap of the top cannabis business stories for June 15, 2022.
ON THE SITE
Hightide’s Revenue Jumps 98%
After the market closed on Tuesday, High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) released its financial results for the second fiscal quarter of 2022 ending April 30, 2022. Revenue for High Tide increased to $81.0 million versus $40.9 million in the same quarter last year. Sequentially, revenue increased by 12% compared to the first fiscal quarter. This represents the second-highest quarterly revenue figure generated by a Canadian cannabis company reporting in Canadian dollars. The net loss was trimmed by 33% to $8 million in the quarter versus last year’s net loss of $12 million for the same time period. Read more here.
Large CBD Pain Study Delivers Positive Results
Radicle Science, an AI-driven healthtech B-corp company reported strong positive results from one of the largest clinical trials on pain treated with cannabinoids. The study involved over 1,600 participants from across the U.S. It was a randomized and controlled clinical trial done in partnership with Open Book Extracts (OBX). All the formulations in the trial led to statistically significant and clinically meaningful improvements in pain after just 4 weeks—all with minimal side effects. Read more here.
Awakn is Hopeful for Addiction Treatment Milestones in 2022
Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) reported its financial results for the first quarter ending April 30, 2022. Awakn recorded revenue of $253,154 via Awakn’s clinics versus zero in the prior year. This represents a 23.9% or $48,834 versus the three months ended January 31, 2022. Read more here.
IN OTHER NEWS
Icanic Brands Company, Inc.
Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF), a multi-state brand operator of premium cannabis brands in California, is pleased to announce that it has changed its year-end from July 31 to December 31. For the transition year, the Company will provide audited financial statements for the 17-month period from August 1, 2021 to December 31, 2022. The reason for the change of year-end is to align the Company’s year-end with the year-end of LEEF Holdings, Inc. (“LEEF”), a California based extractions company that the Company acquired on April 20, 2022. Read more here.
Chalice Brands Ltd.
Chalice Brands Ltd. (CSE: CHAL) (OTCQB: CHALF), a consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, announced that further to its news release on May 3, 2022, the filing of its audited annual financial statements for the fiscal year ended December 31, 2021 and the related management’s discussion and analysis, as well at the financial statements for the three months ended March 31, 2022 and the related management’s discussion and analysis continues to be delayed. Read more here.
springbig, Tuatara Capital Acquisition Corporation
springbig, a leading provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs to the cannabis industry, and Tuatara Capital Acquisition Corporation today announced that they have completed their previously announced business combination. The Business Combination was approved at a special general meeting of TCAC shareholders on June 9, 2022. Read more here.
Body and Mind Inc.
Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ), a multi-state US cannabis operator, is pleased to provide an update on the extension and amendments to its loan agreement entered into between the company, DEP Nevada, Inc., a wholly owned subsidiary of the company, the guarantors as set forth in the Loan Agreement, FG Agency Lending LLC and Bomind Holdings LLC, dated July 19, 2021, as amended on November 30, 2021. The Company has entered into a second amendment to the Loan Agreement to extend the maturity date by one year to July 19, 2026. Read more here.
Entourage Health Corp.
Entourage Health Corp. (TSX-V:ENTG) (OTCQX:ETRGF) (FSE:4WE), a Canadian producer and distributor of cannabis products, is pleased to announce that shareholders overwhelmingly approved all proposed resolutions at its annual general and special meeting of shareholders held virtually in Toronto, Ontario on June 10, 2022. Read more here.
AFC Gamma, Inc.
AFC Gamma, Inc. (NASDAQ:AFCG) today announced its dividend for the quarter ending June 30, 2022.The Board of Directors of AFC Gamma declared a quarterly dividend of $0.56 for the quarter ending June 30, 2022, per outstanding share of common stock, payable on July 15, 2022 to the common stockholders of record on June 30, 2022. The June quarterly dividend represents the fourth consecutive increase of AFC Gamma’s quarterly dividend and a 47.4% year-over-year dividend increase. Read more here.
HEXO Corp. (TSX: HEXO; NASDAQ: HEXO) is pleased to announce that at its special meeting of shareholders held yesterday, holders of common shares of HEXO overwhelmingly approved the previously announced equity purchase agreement with 2692106 Ontario Inc. and KAOS Capital Ltd. A total of 73,880,016 Common Shares (approximately 16.12% of the issued and outstanding Common Shares) were represented at the Meeting in person by virtual attendance or by proxy. Read more here.
NewLake Capital Partners, Inc.
NewLake Capital Partners, Inc. (OTCQX: NLCP), a leading provider of real estate capital to state-licensed cannabis operators, today announced that its board of directors has declared a second quarter 2022 cash dividend of $0.35 per share of common stock. The dividend is equivalent to an annualized dividend of $1.40 per common share, and is the Company’s fifth consecutive quarterly dividend increase. The dividends are payable on July 15, 2022, to stockholders of record at the close of business on June 30, 2022. Read more here.