It’s time for your Daily Hit of cannabis financial news for March 10, 2020.
On The Site
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US: TGODF) reported its financial results for the fourth quarter and fiscal year ending December 31, 2019. TGOD’s quarterly revenue was $3.25 million and $11.16 million for the year. This revenue consisted of hemp-derived product sales in Europe of $2.56 million for the quarter and $9.88 million for the year. Sales from cannabis products in Canada were only $0.69 million for the quarter and $1.28 million for the year.
The company delivered a quarterly net loss of $144.75 million in the quarter and a net loss of $195.75 million for the year including non-cash impairment charges of $127.74 million for the quarter.
Psychedelic medicine company Mindbloom has opened its first location in New York City. Located in the NoMad neighborhood of Manhattan, the company is offering. The company has plans to expand rapidly, with a new state-of-the-art flagship space set to open in the city later this year. Additional Mindbloom locations are planned for Los Angeles, San Diego, San Francisco, and Austin.
The treatment at this time offers physician-supervised ketamine treatments. Currently, when it comes to psychedelic medicines, MDMA and psilocybin treatments are still undergoing clinical trials for FDA approval. Ketamine is the only psychedelic medicine that can currently be prescribed in the U.S. The company said that at lower doses, ketamine can induce physical sensations and thought patterns described as psychedelic.
Vireo Health International, Inc. (CNSX: VREO)(OTCQX: VREOF) closed on the first tranche of a non-brokered private placement offering of 13,651,574 units of the company at a price per Unit of C$0.77 for up to a total amount of $10 million. The stock moved higher by 2% on the news and was lately trading at 53 cents.
“This financing reflects the confidence of the capital markets in the potential growth of sales and margin for Vireo,” said Executive Chairman, Bruce Linton, who is a director and insider at Vireo. “There are significant opportunities across our existing footprint to leverage increasing scale to improve sales growth and operating performance, especially considering that we anticipate as many as seven of our medical-only state markets could enact recreational-use legislation over the near- to mid-term future.”
Cannabis pharmaceutical company Zynerba Pharmaceuticals, Inc. (ZYNE) stock was moving higher in premarket trading after the company reported financial results for the fourth quarter and full-year ending December 31, 2019.
The company had no revenue for 2019 as it is currently developing drugs. The net loss for the fourth quarter of 2019 was $10.7 million with a basic and diluted net loss per share of $(0.46). The net loss for the full year of 2019 was $32.9 million with a basic and diluted net loss per share of $(1.50).
The company said it has $70.1 million in cash. Zynerba believes that the cash runway is sufficient to fund operations and capital requirements beyond the expected NDA submission and potential approval of Zygel in FXS and into the second half of 2021.
In Other News
Columbia Care Reports Fourth Quarter and Full Year 2019 Financial Results. Fourth quarter and full year 2019 adjusted revenue of $24.5 million and $78.8 million, an increase of 123% and 100%, respectively, from prior year period. The net loss for the quarter was $28 million and the net loss for the year was $106 million. “2019 was a historic year for Columbia Care. We delivered a third straight quarter of triple-digit revenue growth as well as 100% top line revenue growth for the year.” said Nicholas Vita, chief executive officer at Columbia Care. The company expects to have a total of 14 dispensaries in operation by the end of Q1 2020, with an additional six to eight temporary pickup locations available throughout the state.
CV Sciences, Inc. (OTCQB:CVSI) announced that it will now release financial results for the year ended December 31, 2019, after the stock market closes on Monday, March 16, 2020. The Company will hold a conference call with the investment community at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) that same day. The Company is rescheduling the timing of its full year 2019 financial results conference call to provide additional time to complete the finalization of its fiscal 2019 income tax provision.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) announced that Khadijah Tribble will become Vice President, Corporate Social Responsibility effective March 16, 2020. Khadijah Tribble is a respected expert on equity and inclusion in the cannabis industry. She has advised cannabis investors, government regulators, entrepreneurs, and businesses on policy, business development, and community impact. In partnership with Chief Marketing Officer Jason White and the marketing team, Tribble will oversee the Company’s efforts to build an eco-system of impact, policy and business that aligns with the greater good of the cannabis industry and the communities in which Curaleaf operates and serves. She will also lead the company’s diversity, equity and inclusion initiatives.