The Daily hit is a recap of the top business stories in the cannabis industry for March 1, 2022.
On The Site
Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) announced financial results for its fourth quarter and full fiscal year ended December 31, 2021. In the fourth quarter, Hydrofarm‘s net sales increased 26.3% to $110.4 million compared to $87.4 million. This beat the Yahoo Finance estimate for $105 million in revenues. The growth in the volume of products sold was related entirely to recently acquired brands, which offset a decline in organic sales. Read more here.
GrowGeneration Corp. (NASDAQ: GRWG) reported record fourth-quarter and full-year 2021 financial results. Revenues for GrowGen were $90.6 million in the fourth quarter of 2021 compared to $61.9 million in the same period last year. Same-store sales at 26 locations open for the same period in 2020 and 2021 were $40.3 million in the fourth quarter of 2021, compared to $46.0 million in the same period last year, representing a 12.3% year-over-year decline. Read more here.
Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) reported its financial results for the fourth quarter and full-year ended December 31, 2021. GTI delivered total revenue for the fourth quarter of 2021 was $243.6 million, up 37.4% from $177.2 million for the fourth quarter of 2020. Net income for the fourth quarter of 2021 was $22.8 million or $0.10 per basic and diluted share, compared to net income of $22.4 million, or $0.11 per share in the prior year. this also beat the Yahoo Finance average analyst estimates for earnings of $0.08. Read more here.
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) announced its 2021 fourth quarter and full-year business results. Cronos reported that in the fourth quarter it had net revenue of $25.8 million an increase of $8.7 million from the same time period last year. Cronos said the increase year-over-year was primarily driven by continued growth in the adult-use market in Canada and increased sales in the Israeli medical market. Once again though the company recorded an eye-popping net loss of $133 million in the quarter and earnings per share of ($0.36). The stock was slipping 2% in early trading to lately sell at $3.50, down from its year high of $11.67. Read more here.
After the market closed on Monday, The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) delivered its fourth quarter and fiscal year financial results for the period ending November 30, 2021. Valens reported total revenue of $23.3 million for the fourth quarter, which fell sequentially from the third quarter’s total revenue of $24.5 million. Read more here.
Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) reported audited results for the fiscal year ended October 31, 2021. Total revenue for Grown Rogue in 2021 grew to $9.3 million versus $4.2 million for 2020. The company had a net loss of $1 million, which dropped from the previous year’s net loss of $2.3 million. Read more here.
Village Farms International, Inc. (NASDAQ: VFF) announced its financial results for the three months and year ended December 31, 2021. Sales for the fourth quarter increased 55% to $72.8 million versus last year’s sales of $47.4 million for the same time period. This beat the average analyst estimate on Yahoo Finance for $70 million in revenue. The net income for the quarter was $2.1 million versus last year’s net income of $7 million. The company said it was the 13th consecutive quarter of positive adjusted EBITDA. The earnings per share for the quarter were $0.03, which beat the Yahoo Finance average analyst estimate of $0.02. Read more here.
In Other News
Jazz Pharmaceuticals plc (Nasdaq: JAZZ) announced financial results for the full year and fourth quarter of 2021 and provided financial guidance for 2022. Epidiolex/Epidyolex® year-over-year revenue growth1 of 29% underscores the blockbuster potential. Epidiolex/Epidyolex net product sales were $463.6 million in 2021, or $658.3 million on a proforma basis, and $193.8 million in 4Q21. On a proforma basis, these net product sales represent growth of 29% and 35% compared to 2020 and 4Q20 respectively. Read more here.
Acreage Holdings, Inc. (OTCQX: ACRHF, ACRDF) announced the appointment of Dennis Curran as the Company’s Chief Operating Officer. The Company also announced the resignation of James Doherty, General Counsel, effective April 30, 2022, and has launched a national search for his successor.
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) released its unaudited condensed interim consolidated financial statements and management’s discussion and analysis for the three and nine months ended December 31, 2021. Operating income (before equity method investees and fair value changes) in Q3 2022 was $0.1 million and primarily consisted of royalty and interest income (before provisions for expected credit losses) of $0.8 million generated from the Company’s debenture and royalty agreements with 10831425 Canada Ltd. d/b/a/ Greenhouse Juice Company and NOYA Cannabis Inc. respectively; offset by an increase in provision for expected credit losses on interest and royalty receivables of $0.7 million. Read more here.