It’s time for your Daily Hit of cannabis financial news for March 10,2020.
On The Site
Acreage Holdings, Inc. (OTCQX: ACRHF, ACRDF) reported financial results for the fourth quarter and full-year ended December 31, 2020, after the market close on Tuesday. The fourth-quarter revenue for Acreage increased 50% to $31.5 million, while the net loss was $36.9 million. The stock was lately down over 3% to $6.71.
The full-year revenue increased 55% to $114.5 million, while the net loss for the year was a whopping $286 million. The operating expenses for the year fell from $56 million in 2019 to $50 million in 2020. However, the impairment losses were $188 million in 2020. In addition to that, the company spent roughly $91 million in 2020 on equity-based compensation plans according to the company’s presentation. Acreage also laid off 11 employees last week.
Aurora Cannabis Inc. (NYSE: ACB) has filed a new preliminary short form base shelf prospectus to offer up to $1 billion in securities. The company said that the shelf includes common shares, preferred shares, warrants, subscription receipts and debt securities and will be effective for a 25-month period. Management said that it believes the filing of this new Base Shelf Prospectus is in the best interest of shareholders and provides maximum flexibility to pursue strategic initiatives, which may include acquisitions or partnerships pursuant to the company’s previously stated global growth strategy. The stock fell over 4% on the news and was closed at $9.85. Shares have dropped by 17% over the past 12 months.
The Green Organic Dutchman Holdings Ltd. (OTC: TGODF) reports its results after the market close on Tuesday for the fourth quarter and fiscal year ended December 31, 2020. In the fourth-quarter, TGOD said its revenues increased 236% to $10.92 million versus $3.25 million in Q4-2019. This was also a 91% increase over the third-quarter revenue of $5.71 million. The Green Organic Dutchman fourth-quarter net loss improved to $23.68 million versus $144.75 million for the same period in 2019. The company attributed it to a loss from operations and a write-down of $8.65 million in goodwill related to HemPoland.
Biotech company Zynerba Pharmaceuticals, Inc. (Nasdaq: ZYNE) reported its fourth-quarter and full-year results for the period ending in December. The company has no revenues to report at this time. The research and development expenses were $5.6 million for the fourth quarter of 2020, including stock-based compensation of $0.6 million. General and administrative expenses were $4.6 million in the fourth quarter of 2020, including stock-based compensation expense of $0.6 million. The net loss for the fourth quarter of 2020 was $9.6 million with a basic and diluted loss per share of $(0.33). Zynerba beat estimates which were ($0.38).
In Other News
Green Thumb Industries, a leading national cannabis consumer packaged goods company and retailer, today announced it will open Essence Pasadena on March 10 with a guest appreciation-focused grand opening on March 20. Essence Pasadena is Green Thumb’s first retail location in California and 53 rd store in the nation. Profits from March 10 and March 20 will be donated to the Pasadena Chamber of Commerce Foundation with funds earmarked for the organization’s Minority Small Business Initiative which offers support to minority and women-owned businesses.
Tilray, Inc . (NASDAQ: TLRY), a global pioneer in cannabis research, cultivation, production, and distribution, today announced that it has received the necessary approvals from New Zealand’s Ministry of Health and the Medicinal Cannabis Agency to launch Tilray medical cannabis products across the country. Tilray is one of the leading providers of medical cannabis in Australia and New Zealand for commercial, compassionate access, and research purposes and the first Licensed Producer to legally export medical cannabis from North America to Australia and New Zealand from its Good Manufacturing Practices (GMP)-certified facility in Canada.