It’s time for your Daily Hit of cannabis financial news for June 28, 2021.
On The Site
Flower One Holdings Inc. (CSE: FONE) (OTCQX: FLOOF) released its financial and operating results for the first quarter ending March 31, 2021, with revenue rising 53% to $13.9 million over last year’s $8.8 million. This topped the previous guidance from Flower One of $13.5 million and was a big jump sequentially over the fourth quarter’s $9.7 million. Flower One reported an income from operations of $3.8 million and a net loss of $10.6 million. The company said the net loss resulted from $9.5 million of finance expenses, fair value losses on derivatives, losses on note modifications, and foreign exchange losses.
TPCO Holding Corp. also known as The Parent Company (OTCQX: GRAMF) is buying a West Hollywood, CA dispensary named Calma West Hollywood in a deal valued at $11.5 million. It is expected to close in the third quarter of 2021. The transaction is made up of $8.5 million in cash and $3.0 million in shares of The Parent Company. Calma is located in the Los Angeles metropolitan area, with a population of approximately 18.7 million people and a cannabis retailer density of approximately one store for every 194k people in the region. The 3,250 square foot dispensary is one of only ten stores in the West Hollywood area that is licensed for both delivery and storefront retail.
Cybin Inc. (NEO:CYBN) (OTCQB:CLXPF) released financial and business highlights for its financial year ended March 31, 2021. The company noted that it had a net loss of $32.2 million for the year ended March 31, 2021 of which non-cash expenses totaled $13.1 million and cash-based operating expenses totaled $19,120,000. Cybin also reported that it had cash and cash equivalents of $64 million as of March 31, 2021. The company had closed an upsized bought deal financing for gross proceeds of $30 million, with a total of approximately $90 million raised since 2019 through private and public financings.
In Other News
Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) announced preliminary unaudited revenue results for the three-month period ended May 31, 2021.
- The Company expects total revenue, net of excise tax, for the third quarter ended May 2021 to be approximately $7.1 million, representing a $5.1 million increase compared to the second quarter of 2021.
- Cannabis revenue, net of excise tax, from products destined for retail is expected to be in the range of $3.2 to $3.4 million for the quarter.
- Cannabis revenue from wholesale supply agreements is expected to be in the range of $2.8 to $2.9 million up from $1.1 million the previous quarter.
Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) announces Project Change Lives, a U.S. focused research initiative, whereby the Company has pledged to contribute up to $25 million retail value of medical cannabis products to any eligible U.S. organization to help advance scientific research into the potential medical benefits of cannabinoids. By sponsoring Project Change Lives, Clever Leaves is offering to provide a historic amount of pharmaceutical-grade cannabis to leading research institutions in one of the most advanced pharmaceutical markets in the world.